-----BEGIN PRIVACY-ENHANCED MESSAGE-----
Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
Originator-Key-Asymmetric:
 MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen
 TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB
MIC-Info: RSA-MD5,RSA,
 APrAjG6QBDttu0kOJldgbFYPo53iajAap0hvULisDwnrbhrI0tH9KTcYK/Gg1OHa
 uZ1RL4jGs6P0Ah6sevwdzw==

<SEC-DOCUMENT>0000930413-06-006587.txt : 20060907
<SEC-HEADER>0000930413-06-006587.hdr.sgml : 20060907
<ACCEPTANCE-DATETIME>20060907100711
ACCESSION NUMBER:		0000930413-06-006587
CONFORMED SUBMISSION TYPE:	N-CSRS
PUBLIC DOCUMENT COUNT:		6
CONFORMED PERIOD OF REPORT:	20060630
FILED AS OF DATE:		20060907
DATE AS OF CHANGE:		20060907
EFFECTIVENESS DATE:		20060907

FILER:

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

	FILING VALUES:
		FORM TYPE:		N-CSRS
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-21835
		FILM NUMBER:		061078243

	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-CSRS
<SEQUENCE>1
<FILENAME>c43931_ncsrs.htm
<TEXT>

<HTML>
<HEAD>
   <TITLE></TITLE>
</HEAD>

<BODY bgcolor="#ffffff">
<A name="page_1"></A>

<P align="center">
<FONT face="serif">UNITED STATES <br>
SECURITIES AND EXCHANGE COMMISSION <br>
Washington, D.C. 20549 </FONT></P>
<P align="center">
<B><FONT size=4 face="serif">FORM N-CSR</FONT></B></P>
<P align="center">
<B><FONT face="serif">CERTIFIED SHAREHOLDER REPORT OF REGISTERED <br>
MANAGEMENT INVESTMENT COMPANIES </FONT></B></P>
<P align="left">
<FONT face="serif">Investment Company Act file number:_____ 811-21835 ________________________</FONT></P>
<P align="center">
<FONT face="serif">____BlackRock Long-Term Municipal Advantage Trust____ <br>
(Exact name of registrant as specified in charter) </FONT></P>
<br>

<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD width=60% align=center><center>
        <FONT face="serif">100 Bellevue Parkway, Wilmington, DE</FONT>&nbsp;
    </center></TD>
    <TD><center>
    </center></TD>
    <TD align=center><center>
        <FONT face="serif">19809</FONT>&nbsp;
    </center></TD>
  </TR>
  <TR>
    <TD><HR align="center" size=1 noshade>
    </TD>
    <TD><hr align="center" size="1" noshade>
    </TD>
    <TD><HR align="center" size=1 noshade>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD align=right><center>
        <FONT face="serif">(Address of principal executive offices)</FONT>&nbsp;
    </center></TD>
    <TD><center>
    </center></TD>
    <TD align=right><center>
        <FONT face="serif">(Zip code)</FONT>&nbsp;
    </center></TD>
  </TR>
</TABLE><br>

<center>
  <FONT face="serif">Robert S. Kapito, President </FONT><BR>
  <FONT face="serif"> </FONT><FONT face="sans-serif"><b>BlackRock Long-Term Municipal Advantage Trust</b></FONT><b><FONT face="serif"> </FONT></b><BR>
  <FONT face="serif"> 40 East 52nd Street, New York, NY 10022 </FONT> <FONT face="serif"> </FONT>
</center>
<hr align="center" size="1" noshade>
<center>
  <FONT face="serif">(Name and address of agent for service) </FONT>
</center>

<P>
<FONT face="serif">Registrant's telephone number, including area code: </FONT><U><FONT face="serif">888-825-2257</FONT></U><FONT face="serif">_____________ </FONT></P>
<P>
<FONT face="serif">Date of fiscal year end:___</FONT><U><FONT face="serif">December 31, 2006</FONT></U><FONT face="serif">__________________________________</FONT></P>
<P>
<FONT face="serif">Date of reporting period:__</FONT><U><FONT face="serif"> June 30, 2006</FONT></U><FONT face="serif">_________________________________</FONT></P>

<HR noshade  width="100%" size=4>

<P align="left" style="page-break-before:always"></P><PAGE>
<A name="page_2"></A>

<P>
<B><FONT face="serif">Item 1. Reports to Stockholders.</FONT></B><FONT face="serif"> </FONT></P>


<P align="justify">
<FONT size=1 face="sans-serif">FIXED INCOME&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LIQUIDITY&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; EQUITIES &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ALTERNATIVES &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BLACKROCK SOLUTIONS</FONT></P>
<hr align="left" width="550" size="1" noshade>

<P align="justify"><FONT size=5 face="sans-serif">BlackRock</FONT><BR>
  <FONT size=5 face="sans-serif">Closed-End Funds</FONT><BR>
  <FONT size=5 face="sans-serif">Semi-Annual Report</FONT><BR>
  <br>
<FONT size=2 face="sans-serif">JUNE 30, 2006 (UNAUDITED)</FONT></P>
<hr align="left" width="550" size="6" noshade>
<P align="justify">&nbsp;</P>
<P align="justify"><FONT size=2 face="sans-serif">BlackRock Insured Municipal 2008 Term Trust (BRM)</FONT><BR>
  <BR>
  <FONT size=2 face="sans-serif">BlackRock Insured Municipal Term Trust (BMT)</FONT><BR>
  <BR>
  <FONT size=2 face="sans-serif">BlackRock Municipal 2018 Term Trust (BPK)</FONT><BR>
  <BR>
  <FONT size=2 face="sans-serif">BlackRock Municipal 2020 Term Trust (BKK)</FONT><BR>
  <BR>
  <FONT size=2 face="sans-serif">BlackRock Municipal Target Term Trust (BMN)</FONT><BR>
  <BR>
  <FONT size=2 face="sans-serif">BlackRock Strategic Municipal Trust (BSD)</FONT><BR>
  <BR>
  <FONT size=2 face="sans-serif">BlackRock California Insured Municipal 2008 Term Trust (BFC)</FONT><BR>
  <BR>
  <FONT size=2 face="sans-serif">BlackRock California Municipal 2018 Term Trust (BJZ)</FONT><BR>
  <BR>
  <FONT size=2 face="sans-serif">BlackRock Florida Insured Municipal 2008 Term Trust (BRF)</FONT><BR>
  <BR>
  <FONT size=2 face="sans-serif">BlackRock Florida Municipal 2020 Term Trust (BFO)</FONT><BR>
  <BR>
  <FONT size=2 face="sans-serif">BlackRock New York Insured Municipal 2008 Term Trust (BLN)</FONT><BR>
  <BR>
  <FONT size=2 face="sans-serif">BlackRock New York Municipal 2018 Term Trust (BLH)</FONT><BR>
  <BR>
  <FONT size=2 face="sans-serif">BlackRock Pennsylvania Strategic Municipal Trust (BPS)</FONT><BR>
  <BR>
  <FONT size=2 face="sans-serif">BlackRock Long-Term Municipal Advantage Trust (BTA)</FONT><BR>
</P>
<hr align="left" width="550" size="1" noshade>
<P align="justify">&nbsp; </P>
<p>&nbsp;</p>
<p>&nbsp;</p>
<p>&nbsp;</p>
<p align="right"><IMG src="cleanx1x1.jpg" border=0></p>
<P align="justify">
<FONT size=1 face="sans-serif">NOT FDIC INSURED</FONT><BR>
<FONT size=1 face="sans-serif">MAY LOSE VALUE</FONT><BR>
<FONT size=1 face="sans-serif">NO BANK GUARANTEE</FONT></P>

<HR noshade align="center" width="100%" size=4>




<P STYLE="page-break-before:always"></P><PAGE>


<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD align=left nowrap> <center>
          <B><FONT face="serif">TABLE OF CONTENTS</FONT></B>&nbsp;
    </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
<FONT face="serif">Letter to Shareholders</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT face="serif">1</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
<FONT face="serif">Trusts&#146; Summaries</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT face="serif">2</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
<FONT face="serif">Portfolios of Investments</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT face="serif">16</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
<FONT face="serif">Financial Statements</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
 &nbsp; &nbsp; &nbsp;<FONT face="serif">Statements of Assets and Liabilities</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT face="serif">61</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
 &nbsp; &nbsp; &nbsp;<FONT face="serif">Statements of Operations</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT face="serif">64</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
 &nbsp; &nbsp; &nbsp;<FONT face="serif">Statements of Changes in Net Assets</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT face="serif">67</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
<FONT face="serif">Financial Highlights</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT face="serif">72</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
<FONT face="serif">Notes to Financial Statements</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT face="serif">86</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
<FONT face="serif">Board Review of Investment Management Agreements</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT face="serif">93</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
<FONT face="serif">Dividend Reinvestment Plans</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT face="serif">98</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
<FONT face="serif">Additional Information</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT face="serif">98</FONT>&nbsp;
        </TD>
</TR>
</TABLE>
<p>&nbsp;</p>
<p>&nbsp;</p>
<p>&nbsp;</p>
<div style="border:1px solid #000000; padding:10px">
  <center>
    <br>
    <b><font size=2 face="serif">Privacy Principles of the
            Trusts</font></b>
  </center>
  <p align="left"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font size=2 face="serif">The
        Trusts are committed to maintaining the privacy of shareholders and to
        safeguarding their non-public personal information. The following information
        is provided to help you understand what personal information the Trusts
        collect, how we protect that information and why, in certain cases, we
        may share information with select other parties.</font></p>
    <p align="left"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font size=2 face="serif">Generally,
        the Trusts do not receive any non-public personal information relating
        to their shareholders, although certain non-public personal information
        of shareholders may become available to the Trusts. The Trusts do not
        disclose any non-public personal information about their shareholders
        or former shareholders to anyone, except as permitted by law or as is
        necessary in order to service shareholder accounts (for example, to a
        transfer agent or third party administrator).</font></p>
    <p align="left"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font size=2 face="serif">The
        Trusts restrict access to non-public personal information about their
        shareholders to BlackRock employees with a legitimate business need for
        the information. The Trusts maintain physical, electronic and procedural
        safeguards designed to protect the non-public personal information of
        their shareholders.</font></div>
<P align="left"><FONT size=2 face="serif"></FONT></P>

<HR noshade align="center" width="100%" size=4>




<P STYLE="page-break-before:always"></P><PAGE>


<P align="center">
<B><FONT face="serif">LETTER TO SHAREHOLDERS</FONT></B></P>
<P align="right">
<FONT size=2 face="serif">June 30, 2006</FONT></P>
<P align="justify">
<FONT size=2 face="serif">Dear Shareholder:</FONT><BR>
</P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">We are pleased to report that during the semi-annual period, the Trusts provided monthly income, as well as the opportunity to invest in various portfolios of municipal securities. This report
contains the Trusts&#146; unaudited and audited financial statements and a listing of the portfolios&#146; holdings.</FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">The portfolio management team continuously monitors the municipal bond market and adjusts the portfolios in order to gain exposure to various issuers, revenue sources and security types. This
strategy enables the Trusts to move among different sectors, credits and coupons to capitalize on changing market conditions. </FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">The following table shows the Trusts&#146; current yields, tax-equivalent yields, closing market prices per share and net asset values (&#147;NAV&#148;) per share as of June 30, 2006.</FONT></P>
<div style="border-bottom:1px solid #000000">&nbsp;</div>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

          <center>
    </center></TD>
        <TD align=left nowrap>

          <center>
    </center></TD>
        <TD>
          <center>
    </center></TD>
        <TD colspan="2" align=left nowrap>      <center>
          <B><FONT size=2 face="serif">Tax-</FONT></B>
    </center></TD>
        <TD>
          <center>
    </center></TD>
        <TD>      <center>
        <B><FONT size=2 face="serif">Closing</FONT></B>&nbsp;
    </center></TD>
        <TD align=center nowrap><center>
    </center></TD>
        <TD align=left nowrap>

          <center>
    </center></TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD colspan=2 align=right nowrap>
      <center>
        <B><FONT size=2 face="serif">Current </FONT></B>&nbsp;
            </center></TD>
        <TD align=right nowrap><center>
    </center></TD>
        <TD colspan=2 align=right nowrap>         <center>
            <B><FONT size=2 face="serif">Equivalent </FONT></B>
      </center></TD>
        <TD align=right nowrap><center>
    </center></TD>
        <TD align=right nowrap>      <center>
    <B><FONT size=2 face="serif">Market</FONT></B>      </center></TD>
        <TD align=right nowrap><center>
    </center></TD>
        <TD align=left nowrap>

          <center>
    </center></TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="serif">Trust (Ticker)</FONT></B>&nbsp;
        </TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD colspan="2" align=center nowrap style="border-bottom:1px solid #000000;">
      <center>
        <B><FONT size=2 face="serif">Yield</FONT></B><B><SUP><FONT size=2 face="serif">1</FONT></SUP></B>
            </center></TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
          <center>
    </center></TD>
        <TD colspan="2" align=center nowrap style="border-bottom:1px solid #000000;">
      <center>
        <B><FONT size=2 face="serif">Yield</FONT></B><B><SUP><FONT size=2 face="serif">1</FONT></SUP></B>
            </center></TD>
        <TD style="border-bottom:1px solid #000000;">
          <center>
    &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    </center></TD>
        <TD style="border-bottom:1px solid #000000;">      <center>
        <B><FONT size=2 face="serif">Price</FONT></B>&nbsp;
    </center></TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;"><center>
    &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        </center></TD>
        <TD style="border-bottom:1px solid #000000;">
      <center>
        <B><FONT size=2 face="serif">NAV</FONT></B>&nbsp;
            </center></TD>
  </TR>
<TR valign="bottom">
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
 &nbsp; &nbsp;<FONT size=2 face="serif">BlackRock Insured Municipal 2008 Term Trust (BRM)</FONT>&nbsp;
        </TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">5.24</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">%</FONT>&nbsp;
        </TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">8.07</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">%</FONT>&nbsp;
        </TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
      <center>
        <FONT size=2 face="serif">&#36;15.16</FONT>&nbsp;&nbsp;
                </center></TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
      <center>
        <FONT size=2 face="serif">&#36;15.45&nbsp;&nbsp;</FONT>&nbsp;
                    </center></TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
 &nbsp; &nbsp;<FONT size=2 face="serif">BlackRock Insured Municipal Term Trust (BMT)</FONT>&nbsp;
        </TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">3.89</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">5.98</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
      <center>
        <FONT size=2 face="serif">&nbsp;&nbsp;9.39</FONT>&nbsp;
                        </center></TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
      <center>
        <FONT size=2 face="serif">10.16</FONT>&nbsp;
            </center></TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
 &nbsp; &nbsp;<FONT size=2 face="serif">BlackRock Municipal 2018 Term Trust (BPK)</FONT>&nbsp;
        </TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">5.79</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">8.91</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
      <center>
        <FONT size=2 face="serif">15.64</FONT>&nbsp;
            </center></TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
      <center>
        <FONT size=2 face="serif">15.58</FONT>&nbsp;
            </center></TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
 &nbsp; &nbsp;<FONT size=2 face="serif">BlackRock Municipal 2020 Term Trust (BKK)</FONT>&nbsp;
        </TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">5.40</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">8.30</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
      <center>
        <FONT size=2 face="serif">14.73</FONT>&nbsp;
            </center></TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
      <center>
        <FONT size=2 face="serif">15.15</FONT>&nbsp;
            </center></TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
 &nbsp; &nbsp;<FONT size=2 face="serif">BlackRock Municipal Target Term Trust (BMN)</FONT>&nbsp;
        </TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">3.76</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">5.79</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
      <center>
        <FONT size=2 face="serif">&nbsp;&nbsp;9.93</FONT>&nbsp;
                        </center></TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
      <center>
        <FONT size=2 face="serif">10.11</FONT>&nbsp;
            </center></TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
 &nbsp; &nbsp;<FONT size=2 face="serif">BlackRock Strategic Municipal Trust (BSD)</FONT>&nbsp;
        </TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">6.43</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">9.90</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
      <center>
        <FONT size=2 face="serif">17.09</FONT>&nbsp;
            </center></TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
      <center>
        <FONT size=2 face="serif">15.29</FONT>&nbsp;
            </center></TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
 &nbsp; &nbsp;<FONT size=2 face="serif">BlackRock California Insured Municipal 2008 Term Trust (BFC)</FONT>&nbsp;
        </TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">5.07</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">7.80</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
      <center>
        <FONT size=2 face="serif">15.24</FONT>&nbsp;
            </center></TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
      <center>
        <FONT size=2 face="serif">15.37</FONT>&nbsp;
            </center></TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
 &nbsp; &nbsp;<FONT size=2 face="serif">BlackRock California Municipal 2018 Term Trust (BJZ)</FONT>&nbsp;
        </TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">4.84</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">7.44</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
      <center>
        <FONT size=2 face="serif">15.20</FONT>&nbsp;
            </center></TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
      <center>
        <FONT size=2 face="serif">14.97</FONT>&nbsp;
            </center></TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
 &nbsp; &nbsp;<FONT size=2 face="serif">BlackRock Florida Insured Municipal 2008 Term Trust (BRF)</FONT>&nbsp;
        </TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">3.22</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">4.96</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
      <center>
        <FONT size=2 face="serif">13.96</FONT>&nbsp;
            </center></TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
      <center>
        <FONT size=2 face="serif">14.69</FONT>&nbsp;
            </center></TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
 &nbsp; &nbsp;<FONT size=2 face="serif">BlackRock Florida Municipal 2020 Term Trust (BFO)</FONT>&nbsp;
        </TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">5.10</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">7.85</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
      <center>
        <FONT size=2 face="serif">13.09</FONT>&nbsp;
            </center></TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
      <center>
        <FONT size=2 face="serif">14.73</FONT>&nbsp;
            </center></TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
 &nbsp; &nbsp;<FONT size=2 face="serif">BlackRock New York Insured Municipal 2008 Term Trust (BLN)</FONT>&nbsp;
        </TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">3.71</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">5.70</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
      <center>
        <FONT size=2 face="serif">14.76</FONT>&nbsp;
            </center></TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
      <center>
        <FONT size=2 face="serif">15.33</FONT>&nbsp;
            </center></TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
 &nbsp; &nbsp;<FONT size=2 face="serif">BlackRock New York Municipal 2018 Term Trust (BLH)</FONT>&nbsp;
        </TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">4.81</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">7.41</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
      <center>
        <FONT size=2 face="serif">15.27</FONT>&nbsp;
            </center></TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
      <center>
        <FONT size=2 face="serif">16.01</FONT>&nbsp;
            </center></TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
 &nbsp; &nbsp;<FONT size=2 face="serif">BlackRock Pennsylvania Strategic Municipal Trust (BPS)</FONT>&nbsp;
        </TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">5.35</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">8.22</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
      <center>
        <FONT size=2 face="serif">16.95</FONT>&nbsp;
            </center></TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
      <center>
        <FONT size=2 face="serif">15.00</FONT>&nbsp;
            </center></TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap><div style="border-bottom:1px solid #000000"> &nbsp; &nbsp;<font size=2 face="serif">BlackRock
    Long-Term Municipal Advantage Trust (BTA)</font>&nbsp; </div></TD>
        <TD><div style="border-bottom:1px solid #000000">&nbsp;</div>
        </TD>
        <TD align=right nowrap><div style="border-bottom:1px solid #000000"> <font size=2 face="serif">6.37</font> </div></TD>
        <TD align=left nowrap><div style="border-bottom:1px solid #000000">&nbsp;</div>

        </TD>
        <TD><div style="border-bottom:1px solid #000000">&nbsp;</div>
        </TD>
        <TD align=right nowrap><div style="border-bottom:1px solid #000000"> <font size=2 face="serif">9.79</font> </div></TD>
        <TD align=left nowrap><div style="border-bottom:1px solid #000000">&nbsp;</div>

        </TD>
        <TD><div style="border-bottom:1px solid #000000">&nbsp;</div>
        </TD>
        <TD align=right nowrap><div style="border-bottom:1px solid #000000">
          <center>
            <font size=2 face="serif">12.96</font>&nbsp;
            </center>
        </div></TD>
        <TD><div style="border-bottom:1px solid #000000">&nbsp;</div>
        </TD>
        <TD align=right nowrap><div style="border-bottom:1px solid #000000">
          <center>
            <font size=2 face="serif">13.58</font>&nbsp;
            </center>
        </div></TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap colspan=11>
<SUP><FONT size=1 face="serif">1</FONT></SUP><FONT size=1 face="serif">Yields
are based on closing market price. Tax-equivalent yield assumes the maximum Federal
tax rate of 35%. Past performance does not guarantee future results.</FONT>&nbsp;
        </TD>
</TR>
</TABLE>
<BR>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">BlackRock, Inc. (&#147;BlackRock&#148;), a world leader in asset management, has a proven commitment to the municipal bond market. As of June 30, 2006, BlackRock managed over &#36;25 billion in
municipal bonds, including seven open-end and 38 closed-end municipal bond funds. BlackRock is recognized for its emphasis on risk management and proprietary analytics and for its reputation managing money for the world&#146;s largest institutional
investors. BlackRock Advisors, Inc., and its affiliate, BlackRock Financial Management, Inc., which manage the Trusts, are wholly owned subsidiaries of BlackRock.</FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">On behalf of BlackRock, we thank you for your continued trust and assure you that we remain committed to excellence in managing your assets.</FONT></P>

<p><font size="2">Sincerely,</font></p>
<TABLE width="39%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD colspan="3" align=left nowrap><img src="cleanx3x1.jpg" width="487" height="63" border=0></TD>
  </TR>
<TR valign="bottom">
        <TD align=left width=31% nowrap>
<FONT size=2 face="serif">Laurence D. Fink</FONT>&nbsp;
        </TD>
        <TD width=40%>&nbsp;
        </TD>
        <TD align=left width=29% nowrap>
<FONT size=2 face="serif">Ralph L. Schlosstein</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left width=31% nowrap>
<FONT size=2 face="serif">Chief Executive Officer</FONT>&nbsp;
        </TD>
        <TD width=40%>&nbsp;
        </TD>
        <TD align=left width=29% nowrap>
<FONT size=2 face="serif">President</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left width=31% nowrap>
<FONT size=2 face="serif">BlackRock Advisors, Inc.</FONT>&nbsp;
        </TD>
        <TD width=40%>&nbsp;
        </TD>
        <TD align=left width=29% nowrap>
<FONT size=2 face="serif">BlackRock Advisors, Inc.</FONT>&nbsp;
        </TD>
</TR>
</TABLE>
<BR>
<P align="center">
<FONT size=2 face="serif">1</FONT></P>

<HR noshade align="center" width="100%" size=4>




<P STYLE="page-break-before:always"></P><PAGE>
<P align="justify">
<B><FONT face="serif">TRUST SUMMARIES (unaudited)</FONT></B><BR>
<B><FONT face="serif">JUNE 30, 2006</FONT></B></P>
<P align="justify">
<B><FONT size=2 face="serif">BlackRock Insured Municipal 2008 Term Trust (BRM)</FONT></B></P>
<P align="center">
<B><FONT size=2 face="serif">Trust Information</FONT></B></P>
<div style="border-bottom:1px solid #000000">&nbsp;</div>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD width=72% align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">Symbol on New York Stock Exchange:</FONT>&nbsp;
        </TD>
        <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD colspan="2" align=right nowrap style="border-bottom:1px solid #000000;">
      <center>
        <FONT size=2 face="serif">BRM</FONT>
            </center></TD>
  </TR>
<TR valign="bottom">
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">Initial Offering Date:</FONT>&nbsp;
        </TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD colspan="2" align=center nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">September 18, 1992</FONT>
        </TD>
  </TR>
<TR valign="bottom">
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">Termination Date (on or about):</FONT>&nbsp;
        </TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD colspan="2" align=center nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">December 31, 2008</FONT>
        </TD>
  </TR>
<TR valign="bottom">
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">Closing Market Price as of 6/30/06:</FONT>&nbsp;
        </TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD width=15% align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">&#36;15.16</FONT>
        </TD>
        <TD width=11% align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">Net Asset Value as of 6/30/06:</FONT>&nbsp;
        </TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">&#36;15.45</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">Yield on Closing Market Price as of 6/30/06 (&#36;15.16):</FONT><SUP><FONT size=2 face="serif">1</FONT></SUP>&nbsp;
        </TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">5.24</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">%</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">Current Monthly Distribution per Common Share:</FONT><SUP><FONT size=2 face="serif">2</FONT></SUP>&nbsp;
        </TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">&#36;0.06625</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">Current Annualized Distribution per Common Share:</FONT><SUP><FONT size=2 face="serif">2</FONT></SUP>&nbsp;
        </TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">&#36;0.79500</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">Leverage as of 6/30/06:</FONT><SUP><FONT size=2 face="serif">3</FONT></SUP>&nbsp;
        </TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">39</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">%</FONT>&nbsp;
        </TD>
</TR>
</TABLE>
<BR>

<SUP><FONT size=1 face="serif">1 </FONT></SUP><FONT size=1 face="serif">Yield
on closing market price is calculated by dividing the current annualized distribution
per share by the closing market price. <br>
Past performance does not guarantee future
 results.</FONT>
<P align="justify">
<SUP><FONT size=1 face="serif">2 </FONT></SUP><FONT size=1 face="serif">The distribution is not constant and is subject to change. </FONT></P>
<P align="justify">
<SUP><FONT size=1 face="serif">3 </FONT></SUP><FONT size=1 face="serif">As a percentage of managed assets (as defined in Note 2 of the Notes to Financial Statements).</FONT></P>
<P align="justify">
<FONT size=2 face="serif">The table below summarizes the changes in the Trust&#146;s market price and NAV:</FONT></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD align=center nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD colspan="2" align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
      <center>
        <B><FONT size=2 face="serif">6/30/06</FONT></B>&nbsp;
            </center></TD>
        <TD align=center nowrap style="border-bottom:1px solid #000000;">
      <center>
        <B><FONT size=2 face="serif">12/31/05</FONT></B>&nbsp;
            </center></TD>
        <TD colspan="2" align=right nowrap style="border-bottom:1px solid #000000;">
      <center>
        <B><FONT size=2 face="serif">Change</FONT></B>
            </center></TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
      <center>
        <B><FONT size=2 face="serif">High</FONT></B>&nbsp;
            </center></TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
 <center>
   <B><FONT size=2 face="serif">Low</FONT></B>&nbsp;
    </center></TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">Market Price</FONT>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
      <center>
        <FONT size=2 face="serif">&#36;15.16</FONT>&nbsp;
            </center></TD>
        <TD align=center nowrap style="border-bottom:1px solid #000000;">
      <center>
        <FONT size=2 face="serif">&#36;15.30</FONT>&nbsp;
            </center></TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">      <div align="right"><FONT size=2 face="serif">(0.92</FONT>
    </div></TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">      <div align="left"><FONT size=2 face="serif">)%</FONT>&nbsp;
    </div></TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
      <center>
        <FONT size=2 face="serif">&#36;15.72</FONT>&nbsp;
            </center></TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
      <center>
        <FONT size=2 face="serif">&#36;</FONT><FONT size=2 face="serif">15.02</FONT>&nbsp;
            </center></TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">NAV</FONT>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
      <center>
        <FONT size=2 face="serif">&#36;15.45</FONT>&nbsp;
            </center></TD>
        <TD align=center nowrap style="border-bottom:1px solid #000000;">
      <center>
        <FONT size=2 face="serif">&#36;15.89</FONT>&nbsp;
            </center></TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">      <div align="right"><FONT size=2 face="serif">(2.77</FONT>
    </div></TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">      <div align="left"><FONT size=2 face="serif">)%</FONT>&nbsp;
    </div></TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
      <center>
        <FONT size=2 face="serif">&#36;15.92</FONT>&nbsp;
            </center></TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
      <center>
        <FONT size=2 face="serif">&#36;</FONT><FONT size=2 face="serif">15.44</FONT>&nbsp;
            </center></TD>
</TR>
</TABLE>
<BR>
<P align="justify">
<FONT size=2 face="serif">The following chart shows the portfolio composition of the Trust&#146;s long-term investments: </FONT></P>
<P align="center">
<B><FONT size=2 face="serif">Sector Breakdown</FONT></B></P>
<div style="border-bottom:1px solid #000000">&nbsp;</div>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD width=44% align=left nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="serif">Sector</FONT></B>&nbsp;
        </TD>
        <TD width=3% style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD colspan="2" align=center nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="serif">June 30, 2006</FONT></B>
        </TD>
        <TD width=3% style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD colspan="2" align=center nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="serif">December 31, 2005</FONT></B>
        </TD>
  </TR>
<TR valign="bottom">
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">City, County &amp; State</FONT>&nbsp;
        </TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD width=12% align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">29</FONT>
        </TD>
        <TD width=10% align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">%</FONT>&nbsp;
        </TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD width=15% align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">31</FONT>
        </TD>
        <TD width=13% align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">%</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">Power</FONT>&nbsp;
        </TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">25</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">24</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">Education</FONT>&nbsp;
        </TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">11</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">10</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">Industrial &amp; Pollution Control</FONT>&nbsp;
        </TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">9</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">9</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">Lease Revenue</FONT>&nbsp;
        </TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">7</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">7</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">Transportation</FONT>&nbsp;
        </TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">7</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">6</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">Tax Revenue</FONT>&nbsp;
        </TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">6</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">6</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">Hospital</FONT>&nbsp;
        </TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">3</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">4</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">Water &amp; Sewer</FONT>&nbsp;
        </TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">3</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">3</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
</TR>
</TABLE>
<BR>
<P align="justify">
<FONT size=2 face="serif">As of June 30, 2006, and December 31, 2005, all long-term investments had ratings of AAA/Aaa by Standard &amp; Poor&#146;s (&#147;S&amp;P&#148;), Moody&#146;s Investors Service (&#147;Moody&#146;s&#148;) or Fitch&#146;s
Ratings (&#147;Fitch&#148;).</FONT></P>
<P align="center">
<FONT size=2 face="serif">2</FONT></P>

<HR noshade align="center" width="100%" size=4>




<P STYLE="page-break-before:always"></P><PAGE>
<P align="justify">
<B><FONT face="serif">TRUST SUMMARIES (unaudited)</FONT></B><BR>
<B><FONT face="serif">JUNE 30, 2006</FONT></B></P>
<P align="justify">
<B><FONT size=2 face="serif">BlackRock Insured Municipal Term Trust (BMT)</FONT></B></P>
<P align="center">
<B><FONT size=2 face="serif">Trust Information</FONT></B></P>
<div style="border-bottom:1px solid #000000">&nbsp;</div>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD width=72% align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">Symbol on New York Stock Exchange:</FONT>&nbsp;
        </TD>
        <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD colspan="2" align=right nowrap style="border-bottom:1px solid #000000;">
      <center>
        <FONT size=2 face="serif">BMT</FONT>
            </center></TD>
  </TR>
<TR valign="bottom">
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">Initial Offering Date:</FONT>&nbsp;
        </TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD colspan="2" align=center nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">February 20, 1992</FONT>
        </TD>
  </TR>
<TR valign="bottom">
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">Termination Date (on or about):</FONT>&nbsp;
        </TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD colspan="2" align=center nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">December 31, 2010</FONT>
        </TD>
  </TR>
<TR valign="bottom">
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">Closing Market Price as of 6/30/06:</FONT>&nbsp;
        </TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD width=15% align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">&#36;9.39</FONT>
        </TD>
        <TD width=11% align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">Net Asset Value as of 6/30/06:</FONT>&nbsp;
        </TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">&#36;10.16</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">Yield on Closing Market Price as of 6/30/06 (&#36;9.39):</FONT><SUP><FONT size=2 face="serif">1</FONT></SUP>&nbsp;
        </TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">3.89</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">%</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">Current Monthly Distribution per Common Share:</FONT><SUP><FONT size=2 face="serif">2</FONT></SUP>&nbsp;
        </TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">&#36;0.030417</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">Current Annualized Distribution per Common Share:</FONT><SUP><FONT size=2 face="serif">2</FONT></SUP>&nbsp;
        </TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">&#36;0.365004</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">Leverage as of 6/30/06:</FONT><SUP><FONT size=2 face="serif">3</FONT></SUP>&nbsp;
        </TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">39</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">%</FONT>&nbsp;
        </TD>
</TR>
</TABLE>
<BR>
<SUP><FONT size=1 face="serif">1 </FONT></SUP><FONT size=1 face="serif">Yield
on closing market price is calculated by dividing the current annualized distribution
per share by the closing market price. <br>
Past performance does not guarantee future
  results.</FONT>
<P align="justify">
<SUP><FONT size=1 face="serif">2 </FONT></SUP><FONT size=1 face="serif">The distribution is not constant and is subject to change. </FONT></P>
<P align="justify">
<SUP><FONT size=1 face="serif">3 </FONT></SUP><FONT size=1 face="serif">As a percentage of managed assets (as defined in Note 2 of the Notes to Financial Statements).</FONT></P>
<P align="justify">
<FONT size=2 face="serif">The table below summarizes the changes in the Trust&#146;s market price and NAV:</FONT></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD>&nbsp;</TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD align=center nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
      <center>
        <B><FONT size=2 face="serif">6/30/06</FONT></B>&nbsp;
            </center></TD>
        <TD align=center nowrap style="border-bottom:1px solid #000000;">
      <center>
        <B><FONT size=2 face="serif">12/31/05</FONT></B>&nbsp;
            </center></TD>
        <TD colspan="2" align=right nowrap style="border-bottom:1px solid #000000;">
      <center>
        <B><FONT size=2 face="serif">Change</FONT></B>
            </center>

          <center>
      </center></TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
      <center>
        <B><FONT size=2 face="serif">High</FONT></B>&nbsp;
            </center></TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;"> <center>
          <B><FONT size=2 face="serif">Low</FONT></B>&nbsp;
    </center></TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">Market Price</FONT>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
      <center>
        <FONT size=2 face="serif">&#36;&nbsp;&nbsp;9.39</FONT>&nbsp;
                    </center></TD>
        <TD align=center nowrap style="border-bottom:1px solid #000000;">
      <center>
        <FONT size=2 face="serif">&#36;10.36</FONT>&nbsp;
            </center></TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">      <div align="right"><FONT size=2 face="serif">(9.36</FONT>
    </div></TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">      <div align="left"><FONT size=2 face="serif">)%</FONT>&nbsp;
    </div></TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;"> <center>
          <FONT size=2 face="serif">&#36;</FONT><FONT size=2 face="serif">10.83</FONT>&nbsp;
    </center></TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
      <center>
        <FONT size=2 face="serif">&#36;&nbsp;&nbsp;</FONT><FONT size=2 face="serif">9.33</FONT>&nbsp;
                    </center></TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">NAV</FONT>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
      <center>
        <FONT size=2 face="serif">&#36;10.16</FONT>&nbsp;
            </center></TD>
        <TD align=center nowrap style="border-bottom:1px solid #000000;">
      <center>
        <FONT size=2 face="serif">&#36;10.51</FONT>&nbsp;
            </center></TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">      <div align="right"><FONT size=2 face="serif">(3.33</FONT>
    </div></TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">      <div align="left"><FONT size=2 face="serif">)%</FONT>&nbsp;
    </div></TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
      <center>
        <FONT size=2 face="serif">&#36;</FONT><FONT size=2 face="serif">10.53</FONT>&nbsp;
            </center></TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
      <center>
        <FONT size=2 face="serif">&#36;</FONT><FONT size=2 face="serif">10.14</FONT>&nbsp;
            </center></TD>
</TR>
</TABLE>
<BR>
<P align="justify">
<FONT size=2 face="serif">The following chart shows the portfolio composition of the Trust&#146;s long-term investments: </FONT></P>
<P align="center">
<B><FONT size=2 face="serif">Sector Breakdown</FONT></B></P>
<div style="border-bottom:1px solid #000000">&nbsp;</div>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD width=36% align=left nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="serif">Sector</FONT></B>&nbsp;
        </TD>
        <TD width=3% style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD colspan="2" align=center nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="serif">June 30, 2006</FONT></B>
        </TD>
        <TD width=3% style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD colspan="2" align=center nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="serif">December 31, 2005</FONT></B>
        </TD>
  </TR>
<TR valign="bottom">
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">City, County &amp; State</FONT>&nbsp;
        </TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD width=13% align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">32</FONT>
        </TD>
        <TD width=12% align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">%</FONT>&nbsp;
        </TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD width=18% align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">32</FONT>
        </TD>
        <TD width=15% align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">%</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">Education</FONT>&nbsp;
        </TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">17</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">17</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">Water &amp; Sewer</FONT>&nbsp;
        </TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">15</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">15</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">Power</FONT>&nbsp;
        </TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">13</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">13</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">Hospital</FONT>&nbsp;
        </TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">8</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">8</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">Transportation</FONT>&nbsp;
        </TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">7</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">7</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">Lease Revenue</FONT>&nbsp;
        </TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">6</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">6</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">Tax Revenue</FONT>&nbsp;
        </TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">2</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">2</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
</TR>
</TABLE>
<BR>
<P align="center">
<B><FONT size=2 face="serif">Credit Breakdown</FONT></B><B><SUP><FONT size=2 face="serif">4</FONT></SUP></B></P>
<div style="border-bottom:1px solid #000000">&nbsp;</div>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD width=28% align=left nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="serif">Credit Rating</FONT></B>&nbsp;
        </TD>
        <TD width=11% style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD colspan="2" align=center nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="serif">June 30, 2006</FONT></B>
        </TD>
        <TD width=3% style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD colspan="2" align=right nowrap style="border-bottom:1px solid #000000;">
      <center>
        <B><FONT size=2 face="serif">December 31, 2005</FONT></B>
            </center></TD>
  </TR>
<TR valign="bottom">
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">AAA/Aaa</FONT>&nbsp;
        </TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD width=13% align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">99</FONT>
        </TD>
        <TD width=12% align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">%</FONT>&nbsp;
        </TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD width=18% align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">100</FONT>
        </TD>
        <TD width=15% align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">%</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">A</FONT>&nbsp;
        </TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">1</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">&#151;</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
</TR>
</TABLE>
<BR>
<P align="justify">
<SUP><FONT size=1 face="serif">4 </FONT></SUP><FONT size=1 face="serif">Using the higher of S&amp;P, Moody or Fitch&#146;s rating.</FONT></P>
<P align="center">
<FONT size=2 face="serif">3</FONT></P>

<HR noshade align="center" width="100%" size=4>




<P STYLE="page-break-before:always"></P><PAGE>
<P align="justify">
<B><FONT face="serif">TRUST SUMMARIES (unaudited)</FONT></B><BR>
<B><FONT face="serif">JUNE 30, 2006</FONT></B></P>
<P align="justify">
<B><FONT size=2 face="serif">BlackRock Municipal 2018 Term Trust (BPK)</FONT></B></P>
<P align="center">
<B><FONT size=2 face="serif">Trust Information</FONT></B></P>
<div style="border-bottom:1px solid #000000">&nbsp;</div>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD width=72% align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">Symbol on New York Stock Exchange:</FONT>&nbsp;
        </TD>
        <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD colspan="2" align=right nowrap style="border-bottom:1px solid #000000;">
      <center>
        <FONT size=2 face="serif">BPK</FONT>
            </center></TD>
  </TR>
<TR valign="bottom">
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">Initial Offering Date:</FONT>&nbsp;
        </TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD colspan="2" align=center nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">October 26, 2001</FONT>
        </TD>
  </TR>
<TR valign="bottom">
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">Termination Date (on or about):</FONT>&nbsp;
        </TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD colspan="2" align=center nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">December 31, 2018</FONT>
        </TD>
  </TR>
<TR valign="bottom">
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">Closing Market Price as of 6/30/06:</FONT>&nbsp;
        </TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD width=15% align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">&#36;15.64</FONT>
        </TD>
        <TD width=11% align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">Net Asset Value as of 6/30/06:</FONT>&nbsp;
        </TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">&#36;15.58</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">Yield on Closing Market Price as of 6/30/06 (&#36;15.64):</FONT><SUP><FONT size=2 face="serif">1</FONT></SUP>&nbsp;
        </TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">5.79</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">%</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">Current Monthly Distribution per Common Share:</FONT><SUP><FONT size=2 face="serif">2</FONT></SUP>&nbsp;
        </TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">&#36;0.0755</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">Current Annualized Distribution per Common Share:</FONT><SUP><FONT size=2 face="serif">2</FONT></SUP>&nbsp;
        </TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">&#36;0.9060</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">Leverage as of 6/30/06:</FONT><SUP><FONT size=2 face="serif">3</FONT></SUP>&nbsp;
        </TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">36</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">%</FONT>&nbsp;
        </TD>
</TR>
</TABLE>
<BR>

<SUP><FONT size=1 face="serif">1 </FONT></SUP><FONT size=1 face="serif">Yield
on closing market price is calculated by dividing the current annualized distribution
per share by the closing market price. <br>
Past performance does not guarantee future
 results.</FONT>
<P align="justify">
<SUP><FONT size=1 face="serif">2 </FONT></SUP><FONT size=1 face="serif">The distribution is not constant and is subject to change.</FONT></P>
<P align="justify">
<SUP><FONT size=1 face="serif">3 </FONT></SUP><FONT size=1 face="serif">As a percentage of managed assets (as defined in Note 2 of the Notes to Financial Statements).</FONT></P>
<P align="justify">
<FONT size=2 face="serif">The table below summarizes the changes in the Trust&#146;s market price and NAV:</FONT></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD>&nbsp;</TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD align=center nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD colspan="2" align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
      <center>
        <B><FONT size=2 face="serif">6/30/06</FONT></B>&nbsp;
            </center></TD>
        <TD align=center nowrap style="border-bottom:1px solid #000000;">
      <center>
        <B><FONT size=2 face="serif">12/31/05</FONT></B>&nbsp;
            </center></TD>
        <TD colspan="2" align=right nowrap style="border-bottom:1px solid #000000;">
      <center>
        <B><FONT size=2 face="serif">Change</FONT></B>
            </center></TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
      <center>
        <B><FONT size=2 face="serif">High</FONT></B>&nbsp;
            </center></TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;"> <center>
          <B><FONT size=2 face="serif">Low</FONT></B>&nbsp;
    </center></TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">Market Price</FONT>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
      <center>
        <FONT size=2 face="serif">&#36;15.64</FONT>&nbsp;
            </center></TD>
        <TD align=center nowrap style="border-bottom:1px solid #000000;">
      <center>
        <FONT size=2 face="serif">&#36;15.71</FONT>&nbsp;
            </center></TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">(0.45</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">)%</FONT>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;"> <center>
          <FONT size=2 face="serif">&#36;</FONT><FONT size=2 face="serif">16.20</FONT>&nbsp;
    </center></TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
      <center>
        <FONT size=2 face="serif">&#36;</FONT><FONT size=2 face="serif">15.36</FONT>&nbsp;
            </center></TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">NAV</FONT>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
      <center>
        <FONT size=2 face="serif">&#36;15.58</FONT>&nbsp;
            </center></TD>
        <TD align=center nowrap style="border-bottom:1px solid #000000;">
      <center>
        <FONT size=2 face="serif">&#36;15.71</FONT>&nbsp;
            </center></TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">(0.83</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">)%</FONT>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
      <center>
        <FONT size=2 face="serif">&#36;</FONT><FONT size=2 face="serif">15.82</FONT>&nbsp;
            </center></TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
      <center>
        <FONT size=2 face="serif">&#36;</FONT><FONT size=2 face="serif">15.54</FONT>&nbsp;
            </center></TD>
</TR>
</TABLE>
<BR>
<P align="justify">
<FONT size=2 face="serif">The following charts show the portfolio composition and credit quality allocations of the Trust&#146;s long-term investments: </FONT></P>
<P align="center">
<B><FONT size=2 face="serif">Sector Breakdown</FONT></B></P>
<div style="border-bottom:1px solid #000000">&nbsp;</div>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD width=43% align=left nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="serif">Sector</FONT></B>&nbsp;
        </TD>
        <TD width=3% style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD colspan="2" align=center nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="serif">June 30, 2006</FONT></B>
        </TD>
        <TD width=3% style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD colspan="2" align=center nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="serif">December 31, 2005</FONT></B>
        </TD>
  </TR>
<TR valign="bottom">
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">Hospital</FONT>&nbsp;
        </TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD width=12% align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">23</FONT>
        </TD>
        <TD width=10% align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">%</FONT>&nbsp;
        </TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD width=15% align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">24</FONT>
        </TD>
        <TD width=14% align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">%</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">Industrial &amp; Pollution Control</FONT>&nbsp;
        </TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">23</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">22</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">City, County &amp; State</FONT>&nbsp;
        </TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">21</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">22</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">Housing</FONT>&nbsp;
        </TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">11</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">12</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">Education</FONT>&nbsp;
        </TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">5</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">5</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">Transportation</FONT>&nbsp;
        </TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">5</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">5</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">Tax Revenue</FONT>&nbsp;
        </TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">4</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">4</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">Lease Revenue</FONT>&nbsp;
        </TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">3</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">3</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">Power</FONT>&nbsp;
        </TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">3</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">3</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">Tobacco</FONT>&nbsp;
        </TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">2</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">&#151;</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
</TR>
</TABLE>
<BR>
<P align="center">
<B><FONT size=2 face="serif">Credit Breakdown</FONT></B><B><SUP><FONT size=2 face="serif">4</FONT></SUP></B></P>
<div style="border-bottom:1px solid #000000">&nbsp;</div>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD width=28% align=left nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="serif">Credit Rating</FONT></B>&nbsp;
        </TD>
        <TD width=18% style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD colspan="2" align=center nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="serif">June 30, 2006</FONT></B>
        </TD>
        <TD width=3% style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD colspan="2" align=center nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="serif">December 31, 2005</FONT></B>
        </TD>
  </TR>
<TR valign="bottom">
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">AAA/Aaa</FONT>&nbsp;
        </TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD width=12% align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">22</FONT>
        </TD>
        <TD width=10% align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">%</FONT>&nbsp;
        </TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD width=15% align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">21</FONT>
        </TD>
        <TD width=14% align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">%</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">AA/Aa</FONT>&nbsp;
        </TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">10</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">5</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">A</FONT>&nbsp;
        </TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">22</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">25</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">BBB/Baa</FONT>&nbsp;
        </TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">29</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">28</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">BB/Ba</FONT>&nbsp;
        </TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">1</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">5</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">B</FONT>&nbsp;
        </TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">5</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">2</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">Not Rated</FONT><SUP><FONT size=2 face="serif">5</FONT></SUP>&nbsp;
        </TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">11</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">14</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
</TR>
</TABLE>
<BR>
<P align="justify">
<SUP><FONT size=1 face="serif">4 </FONT></SUP><FONT size=1 face="serif">Using the higher of S&amp;P, Moody or Fitch&#146;s rating.</FONT></P>
<P align="justify">
<SUP><FONT size=1 face="serif">5 </FONT></SUP><FONT size=1 face="serif">The investment advisor has deemed certain of these non-rated securities to be of investment grade quality. As of June 30, 2006, and December 31, 2005, the market value of these
securities was &#36;5,609,740 representing 1.5% and &#36;5,795,231 representing 1.6%, respectively, of the Trust&#146;s long-term investments.</FONT></P>
<P align="center">
<FONT size=2 face="serif">4</FONT></P>

<HR noshade align="center" width="100%" size=4>




<P STYLE="page-break-before:always"></P><PAGE>
<P align="justify">
<B><FONT face="serif">TRUST SUMMARIES (unaudited)</FONT></B><BR>
<B><FONT face="serif">JUNE 30, 2006</FONT></B></P>
<P align="justify">
<B><FONT size=2 face="serif">BlackRock Municipal 2020 Term Trust (BKK)</FONT></B></P>
<P align="center">
<B><FONT size=2 face="serif">Trust Information</FONT></B></P>
<div style="border-bottom:1px solid #000000">&nbsp;</div>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD width=72% align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">Symbol on New York Stock Exchange:</FONT>&nbsp;
        </TD>
        <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD colspan="2" align=right nowrap style="border-bottom:1px solid #000000;">
      <center>
        <FONT size=2 face="serif">BKK</FONT>
            </center></TD>
  </TR>
<TR valign="bottom">
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">Initial Offering Date:</FONT>&nbsp;
        </TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD colspan="2" align=center nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">September 30, 2003</FONT>
        </TD>
  </TR>
<TR valign="bottom">
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">Termination Date (on or about):</FONT>&nbsp;
        </TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD colspan="2" align=center nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">December 31, 2020</FONT>
        </TD>
  </TR>
<TR valign="bottom">
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">Closing Market Price as of 6/30/06:</FONT>&nbsp;
        </TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD width=15% align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">&#36;14.73</FONT>
        </TD>
        <TD width=11% align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">Net Asset Value as of 6/30/06:</FONT>&nbsp;
        </TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">&#36;15.15</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">Yield on Closing Market Price as of 6/30/06 (&#36;14.73):</FONT><SUP><FONT size=2 face="serif">1</FONT></SUP>&nbsp;
        </TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">5.40</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">%</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">Current Monthly Distribution per Common Share:</FONT><SUP><FONT size=2 face="serif">2</FONT></SUP>&nbsp;
        </TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">&#36;0.06625</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">Current Annualized Distribution per Common Share:</FONT><SUP><FONT size=2 face="serif">2</FONT></SUP>&nbsp;
        </TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">&#36;0.79500</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">Leverage as of 6/30/06:</FONT><SUP><FONT size=2 face="serif">3</FONT></SUP>&nbsp;
        </TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">37</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">%</FONT>&nbsp;
        </TD>
</TR>
</TABLE>
<BR>
<P align="justify"><SUP><FONT size=1 face="serif">1 </FONT></SUP><FONT size=1 face="serif">Yield on closing market price is calculated by dividing the current annualized distribution per share by the closing market price. </FONT></P>
<P align="justify"><SUP><FONT size=1 face="serif">2
</FONT></SUP><FONT size=1 face="serif">The distribution is not constant and is subject to change. Past performance does not guarantee future results.</FONT></P>
<P align="justify">
<SUP><FONT size=1 face="serif">3 </FONT></SUP><FONT size=1 face="serif">As a percentage of managed assets (as defined in Note 2 of the Notes to Financial Statements).</FONT></P>
<P align="justify">
<FONT size=2 face="serif">The table below summarizes the changes in the Trust&#146;s market price and NAV:</FONT></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD>&nbsp;</TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD align=center nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD colspan="2" align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
      <center>
        <B><FONT size=2 face="serif">6/30/06</FONT></B>&nbsp;
            </center></TD>
        <TD align=center nowrap style="border-bottom:1px solid #000000;">
      <center>
        <B><FONT size=2 face="serif">12/31/05</FONT></B>&nbsp;
            </center></TD>
        <TD colspan="2" align=right nowrap style="border-bottom:1px solid #000000;">
      <center>
        <B><FONT size=2 face="serif">Change</FONT></B>
            </center></TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
      <center>
        <B><FONT size=2 face="serif">High</FONT></B>&nbsp;
            </center></TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;"> <center>
          <B><FONT size=2 face="serif">Low</FONT></B>&nbsp;
    </center></TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">Market Price</FONT>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
      <center>
        <FONT size=2 face="serif">&#36;14.73</FONT>&nbsp;
            </center></TD>
        <TD align=center nowrap style="border-bottom:1px solid #000000;">
      <center>
        <FONT size=2 face="serif">&#36;14.00</FONT>&nbsp;
            </center></TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">5.21</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">%</FONT>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
      <center>
        <FONT size=2 face="serif">&#36;</FONT><FONT size=2 face="serif">15.02</FONT>&nbsp;
            </center></TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;"> <center>
          <FONT size=2 face="serif">&#36;</FONT><FONT size=2 face="serif">14.00</FONT>&nbsp;
    </center></TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">NAV</FONT>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
      <center>
        <FONT size=2 face="serif">&#36;15.15</FONT>&nbsp;
            </center></TD>
        <TD align=center nowrap style="border-bottom:1px solid #000000;">
      <center>
        <FONT size=2 face="serif">&#36;15.28</FONT>&nbsp;
            </center></TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">(0.85</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">)%</FONT>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;"> <center>
          <FONT size=2 face="serif">&#36;</FONT><FONT size=2 face="serif">15.49</FONT>&nbsp;
    </center></TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
      <center>
        <FONT size=2 face="serif">&#36;</FONT><FONT size=2 face="serif">15.09</FONT>&nbsp;
            </center></TD>
</TR>
</TABLE>
<BR>
<P align="justify">
<FONT size=2 face="serif">The following charts show the portfolio composition and credit quality allocations of the Trust&#146;s long-term investments: </FONT></P>
<P align="center">
<B><FONT size=2 face="serif">Sector Breakdown</FONT></B></P>
<div style="border-bottom:1px solid #000000">&nbsp;</div>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD width=44% align=left nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="serif">Sector</FONT></B>&nbsp;
        </TD>
        <TD width=3% style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD colspan="2" align=center nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="serif">June 30, 2006</FONT></B>
        </TD>
        <TD width=3% style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD colspan="2" align=center nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="serif">December 31, 2005</FONT></B>
        </TD>
  </TR>
<TR valign="bottom">
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">City, County &amp; State</FONT>&nbsp;
        </TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD width=12% align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">24</FONT>
        </TD>
        <TD width=9% align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">%</FONT>&nbsp;
        </TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD width=16% align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">29</FONT>
        </TD>
        <TD width=13% align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">%</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">Hospitals</FONT>&nbsp;
        </TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">18</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">17</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">Industrial &amp; Pollution Control</FONT>&nbsp;
        </TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">18</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">16</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">Tobacco</FONT>&nbsp;
        </TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">11</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">5</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">Housing</FONT>&nbsp;
        </TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">8</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">8</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">Education</FONT>&nbsp;
        </TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">7</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">6</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">Tax Revenue</FONT>&nbsp;
        </TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">5</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">4</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">Transportation</FONT>&nbsp;
        </TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">5</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">6</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">Power</FONT>&nbsp;
        </TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">4</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">4</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">Lease Revenue</FONT>&nbsp;
        </TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">&#151;</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">5</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
</TR>
</TABLE>
<BR>
<P align="center">
<B><FONT size=2 face="serif">Credit Breakdown</FONT></B><B><SUP><FONT size=2 face="serif">4</FONT></SUP></B></P>
<div style="border-bottom:1px solid #000000">&nbsp;</div>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD width=44% align=left nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="serif">Credit Rating</FONT></B>&nbsp;
        </TD>
        <TD width=3% style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD colspan="2" align=center nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="serif">June 30, 2006</FONT></B>
        </TD>
        <TD width=3% style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD colspan="2" align=center nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="serif">December 31, 2005</FONT></B>
        </TD>
  </TR>
<TR valign="bottom">
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">AAA/Aaa</FONT>&nbsp;
        </TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD width=12% align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">20</FONT>
        </TD>
        <TD width=9% align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">%</FONT>&nbsp;
        </TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD width=15% align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">19</FONT>
        </TD>
        <TD width=14% align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">%</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">AA/Aa</FONT>&nbsp;
        </TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">7</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">5</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">A</FONT>&nbsp;
        </TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">16</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">15</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">BBB/Baa</FONT>&nbsp;
        </TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">37</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">41</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">BB/Ba</FONT>&nbsp;
        </TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">1</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">1</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">B</FONT>&nbsp;
        </TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">5</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">4</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">Not Rated</FONT>&nbsp;
        </TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">14</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">15</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
</TR>
</TABLE>
<BR>
<P align="justify">
<SUP><FONT size=1 face="serif">4 </FONT></SUP><FONT size=1 face="serif">Using the higher of S&amp;P, Moody or Fitch&#146;s rating.</FONT></P>
<P align="center">
<FONT size=2 face="serif">5</FONT></P>

<HR noshade align="center" width="100%" size=4>




<P STYLE="page-break-before:always"></P><PAGE>
<P align="justify">
<B><FONT face="serif">TRUST SUMMARIES (unaudited)</FONT></B><BR>
<B><FONT face="serif">JUNE 30, 2006</FONT></B></P>
<P align="justify">
<B><FONT size=2 face="serif">BlackRock Municipal Target Term Trust (BMN)</FONT></B></P>
<P align="center">
<B><FONT size=2 face="serif">Trust Information</FONT></B></P>
<div style="border-bottom:1px solid #000000">&nbsp;</div>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD width=72% align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">Symbol on New York Stock Exchange:</FONT>&nbsp;
        </TD>
        <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD colspan="2" align=right nowrap style="border-bottom:1px solid #000000;">
      <center>
        <FONT size=2 face="serif">BMN</FONT>
            </center></TD>
  </TR>
<TR valign="bottom">
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">Initial Offering Date:</FONT>&nbsp;
        </TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD colspan="2" align=center nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">September 27, 1991</FONT>
        </TD>
  </TR>
<TR valign="bottom">
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">Termination Date (on or about):</FONT>&nbsp;
        </TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD colspan="2" align=center nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">December 31, 2006</FONT>
        </TD>
  </TR>
<TR valign="bottom">
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">Closing Market Price as of 6/30/06:</FONT>&nbsp;
        </TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD width=15% align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">&#36;9.93</FONT>
        </TD>
        <TD width=11% align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">Net Asset Value as of 6/30/06:</FONT>&nbsp;
        </TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">&#36;10.11</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">Yield on Closing Market Price as of 6/30/06 (&#36;9.93):</FONT><SUP><FONT size=2 face="serif">1</FONT></SUP>&nbsp;
        </TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">3.76</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">%</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">Current Monthly Distribution per Common Share:</FONT><SUP><FONT size=2 face="serif">2</FONT></SUP>&nbsp;
        </TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">&#36;0.031125</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">Current Annualized Distribution per Common Share:</FONT><SUP><FONT size=2 face="serif">2</FONT></SUP>&nbsp;
        </TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">&#36;0.373500</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

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

<SUP><FONT size=1 face="serif">1 </FONT></SUP><FONT size=1 face="serif">Yield
on closing market price is calculated by dividing the current annualized distribution
per share by the closing market price. <br>
Past performance does not guarantee future
 results.</FONT>
<P align="justify">
<SUP><FONT size=1 face="serif">2 </FONT></SUP><FONT size=1 face="serif">The distribution is not constant and is subject to change.</FONT></P>
<P align="justify">
<SUP><FONT size=1 face="serif">3 </FONT></SUP><FONT size=1 face="serif">As a percentage of managed assets (as defined in Note 2 of the Notes to Financial Statements).</FONT></P>
<P align="justify">
<FONT size=2 face="serif">The table below summarizes the changes in the Trust&#146;s market price and NAV:</FONT></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD>&nbsp;</TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD align=center nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD colspan="2" align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
      <center>
        <B><FONT size=2 face="serif">6/30/06</FONT></B>&nbsp;
            </center></TD>
        <TD align=center nowrap style="border-bottom:1px solid #000000;">
      <center>
        <B><FONT size=2 face="serif">12/31/05</FONT></B>&nbsp;
            </center></TD>
        <TD colspan="2" align=right nowrap style="border-bottom:1px solid #000000;">
      <center>
        <B><FONT size=2 face="serif">Change</FONT></B>
            </center></TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
      <center>
        <B><FONT size=2 face="serif">High</FONT></B>&nbsp;
            </center></TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
      <center>
        <B><FONT size=2 face="serif">Low</FONT></B>&nbsp;
            </center></TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">Market Price</FONT>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
      <center>
        <FONT size=2 face="serif">&#36;&nbsp;&nbsp;9.93</FONT>&nbsp;
                    </center></TD>
        <TD align=center nowrap style="border-bottom:1px solid #000000;">
      <center>
        <FONT size=2 face="serif">&#36;&nbsp;&nbsp;9.91</FONT>&nbsp;
                    </center></TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">0.20</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">%</FONT>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;"> <center>
          <FONT size=2 face="serif">&#36;</FONT><FONT size=2 face="serif">10.01</FONT>&nbsp;
    </center></TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
      <center>
        <FONT size=2 face="serif">&#36;</FONT><FONT size=2 face="serif">&nbsp;&nbsp;9.91</FONT>&nbsp;
                    </center></TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">NAV</FONT>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
      <center>
        <FONT size=2 face="serif">&#36;10.11</FONT>&nbsp;
            </center></TD>
        <TD align=center nowrap style="border-bottom:1px solid #000000;">
      <center>
        <FONT size=2 face="serif">&#36;10.16</FONT>&nbsp;
            </center></TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">(0.49</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">)%</FONT>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
      <center>
        <FONT size=2 face="serif">&#36;</FONT><FONT size=2 face="serif">10.17</FONT>&nbsp;
            </center></TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
      <center>
        <FONT size=2 face="serif">&#36;</FONT><FONT size=2 face="serif">10.09</FONT>&nbsp;
            </center></TD>
</TR>
</TABLE>
<BR>
<P align="justify">
<FONT size=2 face="serif">The following chart shows the portfolio composition of the Trust&#146;s long-term investments: </FONT></P>
<P align="center">
<B><FONT size=2 face="serif">Sector Breakdown</FONT></B></P>
<div style="border-bottom:1px solid #000000">&nbsp;</div>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD width=44% align=left nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="serif">Sector</FONT></B>&nbsp;
        </TD>
        <TD width=3% style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD colspan="2" align=center nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="serif">June 30, 2006</FONT></B>
        </TD>
        <TD width=3% style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD colspan="2" align=center nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="serif">December 31, 2005</FONT></B>
        </TD>
  </TR>
<TR valign="bottom">
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">City, County &amp; State</FONT>&nbsp;
        </TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD width=11% align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">29</FONT>
        </TD>
        <TD width=10% align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">%</FONT>&nbsp;
        </TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD width=16% align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">40</FONT>
        </TD>
        <TD width=13% align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">%</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">Education</FONT>&nbsp;
        </TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">16</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">11</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">Power</FONT>&nbsp;
        </TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">16</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">11</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">Lease Revenue</FONT>&nbsp;
        </TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">11</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">8</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">Housing</FONT>&nbsp;
        </TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">9</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">4</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">Transportation</FONT>&nbsp;
        </TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">8</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">12</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">Water &amp; Sewer</FONT>&nbsp;
        </TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">5</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">6</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">Tax Revenue</FONT>&nbsp;
        </TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">4</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">4</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">Hospital</FONT>&nbsp;
        </TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">2</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">3</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">Industrial &amp; Pollution Control</FONT>&nbsp;
        </TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">&#151;</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">1</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
</TR>
</TABLE>
<BR>
<P align="justify">
<FONT size=2 face="serif">As of June 30, 2006 and December 31, 2005, all long-term investments had ratings of AAA/Aaa by S&amp;P, Moody&#146;s or Fitch.</FONT></P>
<P align="center">
<FONT size=2 face="serif">6</FONT></P>

<HR noshade align="center" width="100%" size=4>




<P STYLE="page-break-before:always"></P><PAGE>
<P align="justify">
<B><FONT face="serif">TRUST SUMMARIES (unaudited)</FONT></B><BR>
<B><FONT face="serif">JUNE 30, 2006</FONT></B></P>
<P align="justify">
<B><FONT size=2 face="serif">BlackRock Strategic Municipal Trust (BSD)</FONT></B></P>
<P align="center">
<B><FONT size=2 face="serif">Trust Information</FONT></B></P>
<div style="border-bottom:1px solid #000000">&nbsp;</div>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD width=75% align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">Symbol on New York Stock Exchange:</FONT>&nbsp;
        </TD>
        <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD colspan="2" align=right nowrap style="border-bottom:1px solid #000000;">
      <center>
        <FONT size=2 face="serif">BSD</FONT>
            </center></TD>
  </TR>
<TR valign="bottom">
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">Initial Offering Date:</FONT>&nbsp;
        </TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD colspan="2" align=center nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">August 25, 1999</FONT>
        </TD>
  </TR>
<TR valign="bottom">
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">Closing Market Price as of 6/30/06:</FONT>&nbsp;
        </TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD width=13% align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">&#36;17.09</FONT>
        </TD>
        <TD width=10% align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">Net Asset Value as of 6/30/06:</FONT>&nbsp;
        </TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">&#36;15.29</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">Yield on Closing Market Price as of 6/30/06 (&#36;17.09):</FONT><SUP><FONT size=2 face="serif">1</FONT></SUP>&nbsp;
        </TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">6.43</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">%</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">Current Monthly Distribution per Common Share:</FONT><SUP><FONT size=2 face="serif">2</FONT></SUP>&nbsp;
        </TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">&#36;0.091625</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">Current Annualized Distribution per Common Share:</FONT><SUP><FONT size=2 face="serif">2</FONT></SUP>&nbsp;
        </TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">&#36;1.099500</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">Leverage as of 6/30/06:</FONT><SUP><FONT size=2 face="serif">3</FONT></SUP>&nbsp;
        </TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">36</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">%</FONT>&nbsp;
        </TD>
</TR>
</TABLE>
<BR>
<P align="justify">
<SUP><FONT size=1 face="serif">1 </FONT></SUP><FONT size=1 face="serif">Yield on closing market price is calculated by dividing the current annualized distribution per share by the closing market price. <br>
Past performance does not guarantee future
results.</FONT></P>
<P align="justify">
<SUP><FONT size=1 face="serif">2 </FONT></SUP><FONT size=1 face="serif">The distribution is not constant and is subject to change.</FONT></P>
<P align="justify">
<SUP><FONT size=1 face="serif">3 </FONT></SUP><FONT size=1 face="serif">As a percentage of managed assets (as defined in Note 2 of the Notes to Financial Statements).</FONT></P>
<P align="justify">
<FONT size=2 face="serif">The table below summarizes the changes in the Trust&#146;s market price and NAV:</FONT></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD>&nbsp;</TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD align=center nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD colspan="2" align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
      <center>
        <B><FONT size=2 face="serif">6/30/06</FONT></B>&nbsp;
            </center></TD>
        <TD align=center nowrap style="border-bottom:1px solid #000000;">
      <center>
        <B><FONT size=2 face="serif">12/31/05</FONT></B>&nbsp;
            </center></TD>
        <TD colspan="2" align=right nowrap style="border-bottom:1px solid #000000;">
      <center>
        <B><FONT size=2 face="serif">Change</FONT></B>
            </center></TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
      <center>
        <B><FONT size=2 face="serif">High</FONT></B>&nbsp;
            </center></TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
      <center>
        <B><FONT size=2 face="serif">Low</FONT></B>&nbsp;
            </center></TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">Market Price</FONT>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
      <center>
        <FONT size=2 face="serif">&#36;17.09</FONT>&nbsp;
            </center></TD>
        <TD align=center nowrap style="border-bottom:1px solid #000000;">
      <center>
        <FONT size=2 face="serif">&#36;17.14</FONT>&nbsp;
            </center></TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">(0.29</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">)%</FONT>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;"> <center>
          <FONT size=2 face="serif">&#36;</FONT><FONT size=2 face="serif">17.95</FONT>&nbsp;
    </center></TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;"> <center>
          <FONT size=2 face="serif">&#36;</FONT><FONT size=2 face="serif">16.05</FONT>&nbsp;
    </center></TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">NAV</FONT>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
      <center>
        <FONT size=2 face="serif">&#36;15.29</FONT>&nbsp;
            </center></TD>
        <TD align=center nowrap style="border-bottom:1px solid #000000;">
      <center>
        <FONT size=2 face="serif">&#36;15.68</FONT>&nbsp;
            </center></TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">(2.49</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">)%</FONT>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
      <center>
        <FONT size=2 face="serif">&#36;</FONT><FONT size=2 face="serif">15.83</FONT>&nbsp;
            </center></TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
      <center>
        <FONT size=2 face="serif">&#36;</FONT><FONT size=2 face="serif">15.24</FONT>&nbsp;
            </center></TD>
</TR>
</TABLE>
<BR>
<P align="justify">
<FONT size=2 face="serif">The following charts show the portfolio composition and credit quality allocations of the Trust&#146;s long-term investments: </FONT></P>
<P align="center">
<B><FONT size=2 face="serif">Sector Breakdown</FONT></B></P>
<div style="border-bottom:1px solid #000000">&nbsp;</div>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD width=44% align=left nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="serif">Sector</FONT></B>&nbsp;
        </TD>
        <TD width=3% style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD colspan="2" align=center nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="serif">June 30, 2006</FONT></B>
        </TD>
        <TD width=3% style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD colspan="2" align=center nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="serif">December 31, 2005</FONT></B>
        </TD>
  </TR>
<TR valign="bottom">
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">City, County &amp; State</FONT>&nbsp;
        </TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD width=12% align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">22</FONT>
        </TD>
        <TD width=9% align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">%</FONT>&nbsp;
        </TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD width=16% align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">15</FONT>
        </TD>
        <TD width=13% align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">%</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">Industrial &amp; Pollution Control</FONT>&nbsp;
        </TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">20</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">23</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">Hospital</FONT>&nbsp;
        </TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">16</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">14</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">Education</FONT>&nbsp;
        </TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">10</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">9</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">Power</FONT>&nbsp;
        </TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">9</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">10</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">Tax Revenue</FONT>&nbsp;
        </TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">8</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">5</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">Housing</FONT>&nbsp;
        </TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">7</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">7</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">Transportation</FONT>&nbsp;
        </TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">7</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">6</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">Water &amp; Sewer</FONT>&nbsp;
        </TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">1</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">5</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">Lease Revenue</FONT>&nbsp;
        </TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">&#151;</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">5</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">Other</FONT>&nbsp;
        </TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">&#151;</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">1</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
</TR>
</TABLE>
<BR>
<P align="center">
<B><FONT size=2 face="serif">Credit Breakdown</FONT></B><B><SUP><FONT size=2 face="serif">4</FONT></SUP></B></P>
<div style="border-bottom:1px solid #000000">&nbsp;</div>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD width=28% align=left nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="serif">Credit Rating</FONT></B>&nbsp;
        </TD>
        <TD width=19% style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD colspan="2" align=center nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="serif">June 30, 2006</FONT></B>
        </TD>
        <TD width=3% style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD colspan="2" align=center nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="serif">December 31, 2005</FONT></B>
        </TD>
  </TR>
<TR valign="bottom">
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">AAA/Aaa</FONT>&nbsp;
        </TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD width=12% align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">50</FONT>
        </TD>
        <TD width=9% align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">%</FONT>&nbsp;
        </TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD width=15% align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">48</FONT>
        </TD>
        <TD width=14% align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">%</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">AA/Aa</FONT>&nbsp;
        </TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">16</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">15</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">A</FONT>&nbsp;
        </TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">6</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">11</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">BBB/Baa</FONT>&nbsp;
        </TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">12</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">12</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">BB/Ba</FONT>&nbsp;
        </TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">4</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">4</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">B</FONT>&nbsp;
        </TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">5</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">5</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">Not Rated</FONT><SUP><FONT size=2 face="serif">5</FONT></SUP>&nbsp;
        </TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">7</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">5</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
</TR>
</TABLE>
<BR>
<P align="justify">
<SUP><FONT size=1 face="serif">4 </FONT></SUP><FONT size=1 face="serif">Using the higher of S&amp;P&#146;s, Moody&#146;s or Fitch&#146;s rating.</FONT></P>
<P align="justify">
<SUP><FONT size=1 face="serif">5 </FONT></SUP><FONT size=1 face="serif">The investment advisor has deemed certain of these non-rated securities to be of investment grade quality. As of June 30, 2006 and December 31, 2005, the market value of these
securities was &#36;972,350 representing 0.6% and &#36;998,610 representing 0.6%, respectively, of the Trust&#146;s long-term investments.</FONT></P>
<P align="center">
<FONT size=2 face="serif">7</FONT></P>

<HR noshade align="center" width="100%" size=4>




<P STYLE="page-break-before:always"></P><PAGE>
<P align="justify">
<B><FONT face="serif">TRUST SUMMARIES (unaudited)</FONT></B><BR>
<B><FONT face="serif">JUNE 30, 2006</FONT></B></P>
<P align="justify">
<B><FONT size=2 face="serif">BlackRock California Insured Municipal 2008 Term Trust (BFC)</FONT></B></P>
<P align="center">
<B><FONT size=2 face="serif">Trust Information</FONT></B></P>
<div style="border-bottom:1px solid #000000">&nbsp;</div>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD width=72% align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">Symbol on New York Stock Exchange:</FONT>&nbsp;
        </TD>
        <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD colspan="2" align=right nowrap style="border-bottom:1px solid #000000;">
      <center>
        <FONT size=2 face="serif">BFC</FONT>
            </center></TD>
  </TR>
<TR valign="bottom">
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">Initial Offering Date:</FONT>&nbsp;
        </TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD colspan="2" align=center nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">September 18, 1992</FONT>
        </TD>
  </TR>
<TR valign="bottom">
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">Termination Date (on or about):</FONT>&nbsp;
        </TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD colspan="2" align=center nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">December 31, 2008</FONT>
        </TD>
  </TR>
<TR valign="bottom">
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">Closing Market Price as of 6/30/06:</FONT>&nbsp;
        </TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD width=15% align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">&#36;15.24</FONT>
        </TD>
        <TD width=11% align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">Net Asset Value as of 6/30/06:</FONT>&nbsp;
        </TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">&#36;15.37</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">Yield on Closing Market Price as of 6/30/06 (&#36;15.24):</FONT><SUP><FONT size=2 face="serif">1</FONT></SUP>&nbsp;
        </TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">5.07</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">%</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">Current Monthly Distribution per Common Share:</FONT><SUP><FONT size=2 face="serif">2</FONT></SUP>&nbsp;
        </TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">&#36;0.064375</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">Current Annualized Distribution per Common Share:</FONT><SUP><FONT size=2 face="serif">2</FONT></SUP>&nbsp;
        </TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">&#36;0.772500</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">Leverage as of 6/30/06:</FONT><SUP><FONT size=2 face="serif">3</FONT></SUP>&nbsp;
        </TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">40</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">%</FONT>&nbsp;
        </TD>
</TR>
</TABLE>
<BR>
<P align="justify">
<SUP><FONT size=1 face="serif">1 </FONT></SUP><FONT size=1 face="serif">Yield on closing market price is calculated by dividing the current annualized distribution per share by the closing market price. <br>
Past performance does not guarantee future
results.</FONT></P>
<P align="justify">
<SUP><FONT size=1 face="serif">2 </FONT></SUP><FONT size=1 face="serif">The distribution is not constant and is subject to change.</FONT></P>
<P align="justify">
<SUP><FONT size=1 face="serif">3 </FONT></SUP><FONT size=1 face="serif">As a percentage of managed assets (as defined in Note 2 of the Notes to Financial Statements).</FONT></P>
<P align="justify">
<FONT size=2 face="serif">The table below summarizes the changes in the Trust&#146;s market price and NAV:</FONT></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD>&nbsp;</TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD align=center nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD colspan="2" align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
      <center>
        <B><FONT size=2 face="serif">6/30/06</FONT></B>&nbsp;
            </center></TD>
        <TD align=center nowrap style="border-bottom:1px solid #000000;">
      <center>
        <B><FONT size=2 face="serif">12/31/05</FONT></B>&nbsp;
            </center></TD>
        <TD colspan="2" align=right nowrap style="border-bottom:1px solid #000000;">
      <center>
        <B><FONT size=2 face="serif">Change</FONT></B>
            </center></TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
      <center>
        <B><FONT size=2 face="serif">High</FONT></B>&nbsp;
            </center></TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
 <center>
   <B><FONT size=2 face="serif">Low</FONT></B>&nbsp;
    </center></TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">Market Price</FONT>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
      <center>
        <FONT size=2 face="serif">&#36;15.24</FONT>&nbsp;
            </center></TD>
        <TD align=center nowrap style="border-bottom:1px solid #000000;">
      <center>
        <FONT size=2 face="serif">&#36;15.31</FONT>&nbsp;
            </center></TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">(0.46</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">)%</FONT>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;"> <center>
          <FONT size=2 face="serif">&#36;</FONT><FONT size=2 face="serif">15.84</FONT>&nbsp;
    </center></TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;"> <center>
          <FONT size=2 face="serif">&#36;</FONT><FONT size=2 face="serif">15.06</FONT>&nbsp;
    </center></TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">NAV</FONT>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
      <center>
        <FONT size=2 face="serif">&#36;15.37</FONT>&nbsp;
            </center></TD>
        <TD align=center nowrap style="border-bottom:1px solid #000000;">
      <center>
        <FONT size=2 face="serif">&#36;15.86</FONT>&nbsp;
            </center></TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">(3.09</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">)%</FONT>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
      <center>
        <FONT size=2 face="serif">&#36;</FONT><FONT size=2 face="serif">15.92</FONT>&nbsp;
            </center></TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
      <center>
        <FONT size=2 face="serif">&#36;</FONT><FONT size=2 face="serif">15.36</FONT>&nbsp;
            </center></TD>
</TR>
</TABLE>
<BR>
<P align="justify">
<FONT size=2 face="serif">The following chart shows the portfolio composition of the Trust&#146;s long-term investments: </FONT></P>
<P align="center">
<B><FONT size=2 face="serif">Sector Breakdown</FONT></B></P>
<div style="border-bottom:1px solid #000000">&nbsp;</div>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD width=36% align=left nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="serif">Sector</FONT></B>&nbsp;
        </TD>
        <TD width=3% style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD colspan="2" align=center nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="serif">June 30, 2006</FONT></B>
        </TD>
        <TD width=3% style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD colspan="2" align=center nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="serif">December 31, 2005</FONT></B>
        </TD>
  </TR>
<TR valign="bottom">
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">City, County &amp; State</FONT>&nbsp;
        </TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD width=14% align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">21</FONT>
        </TD>
        <TD width=11% align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">%</FONT>&nbsp;
        </TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD width=18% align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">21</FONT>
        </TD>
        <TD width=15% align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">%</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">Lease Revenue</FONT>&nbsp;
        </TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">20</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">20</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">Power</FONT>&nbsp;
        </TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">19</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">19</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">Education</FONT>&nbsp;
        </TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">12</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">12</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">Tax Revenue</FONT>&nbsp;
        </TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">10</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">8</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">Water &amp; Sewer</FONT>&nbsp;
        </TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">10</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">10</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">Resource Recovery</FONT>&nbsp;
        </TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">5</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">5</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">Transportation</FONT>&nbsp;
        </TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">2</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">4</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">Hospital</FONT>&nbsp;
        </TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">1</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">1</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
</TR>
</TABLE>
<BR>
<P align="justify">
<FONT size=2 face="serif">As of June 30, 2006, and December 31, 2005, all long-term investments had ratings of AAA/Aaa by S&amp;P, Moody&#146;s or Fitch.</FONT></P>
<P align="center">
<FONT size=2 face="serif">8</FONT></P>

<HR noshade align="center" width="100%" size=4>




<P STYLE="page-break-before:always"></P><PAGE>
<P align="justify">
<B><FONT face="serif">TRUST SUMMARIES (unaudited)</FONT></B><BR>
<B><FONT face="serif">JUNE 30, 2006</FONT></B></P>
<P align="justify">
<B><FONT size=2 face="serif">BlackRock California Municipal 2018 Term Trust (BJZ)</FONT></B></P>
<P align="center">
<B><FONT size=2 face="serif">Trust Information</FONT></B></P>
<div style="border-bottom:1px solid #000000">&nbsp;</div>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD width=73% align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">Symbol on New York Stock Exchange:</FONT>&nbsp;
        </TD>
        <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD colspan="2" align=center nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">BJZ</FONT>
        </TD>
  </TR>
<TR valign="bottom">
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">Initial Offering Date:</FONT>&nbsp;
        </TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD colspan="2" align=center nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">October 26, 2001</FONT>
        </TD>
  </TR>
<TR valign="bottom">
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">Termination Date (on or about):</FONT>&nbsp;
        </TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD colspan="2" align=center nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">December 31, 2018</FONT>
        </TD>
  </TR>
<TR valign="bottom">
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">Closing Market Price as of 6/30/06:</FONT>&nbsp;
        </TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD width=15% align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">&#36;15.20</FONT>
        </TD>
        <TD width=10% align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">Net Asset Value as of 6/30/06:</FONT>&nbsp;
        </TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">&#36;14.97</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">Yield on Closing Market Price as of 6/30/06 (&#36;15.20):</FONT><SUP><FONT size=2 face="serif">1</FONT></SUP>&nbsp;
        </TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">4.84</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">%</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">Current Monthly Distribution per Common Share:</FONT><SUP><FONT size=2 face="serif">2</FONT></SUP>&nbsp;
        </TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">&#36;0.06125</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">Current Annualized Distribution per Common Share:</FONT><SUP><FONT size=2 face="serif">2</FONT></SUP>&nbsp;
        </TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">&#36;0.73500</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">Leverage as of 6/30/06:</FONT><SUP><FONT size=2 face="serif">3</FONT></SUP>&nbsp;
        </TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">37</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">%</FONT>&nbsp;
        </TD>
</TR>
</TABLE>
<BR>
<P align="justify">
<SUP><FONT size=1 face="serif">1 </FONT></SUP><FONT size=1 face="serif">Yield on closing market price is calculated by dividing the current annualized distribution per share by the closing market price. <br>
Past performance does not guarantee future
results.</FONT></P>
<P align="justify">
<SUP><FONT size=1 face="serif">2 </FONT></SUP><FONT size=1 face="serif">The distribution is not constant and is subject to change.</FONT></P>
<P align="justify">
<SUP><FONT size=1 face="serif">3 </FONT></SUP><FONT size=1 face="serif">As a percentage of managed assets (as defined in Note 2 of the Notes to Financial Statements).</FONT></P>
<P align="justify">
<FONT size=2 face="serif">The table below summarizes the changes in the Trust&#146;s market price and NAV:</FONT></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD>&nbsp;</TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD align=center nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
      <center>
        <B><FONT size=2 face="serif">6/30/06</FONT></B>&nbsp;
            </center></TD>
        <TD align=center nowrap style="border-bottom:1px solid #000000;">
      <center>
        <B><FONT size=2 face="serif">12/31/05</FONT></B>&nbsp;
            </center></TD>
        <TD colspan="2" align=right nowrap style="border-bottom:1px solid #000000;">
      <center>
        <B><FONT size=2 face="serif">Change</FONT></B>
            </center></TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
      <center>
        <B><FONT size=2 face="serif">High</FONT></B>&nbsp;
            </center></TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
 <center>
   <B><FONT size=2 face="serif">Low</FONT></B>&nbsp;
    </center></TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">Market Price</FONT>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
      <center>
        <FONT size=2 face="serif">&#36;15.20</FONT>&nbsp;
            </center></TD>
        <TD align=center nowrap style="border-bottom:1px solid #000000;">
      <center>
        <FONT size=2 face="serif">&#36;15.19</FONT>&nbsp;
            </center></TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">0.07</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">%</FONT>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;"> <center>
          <FONT size=2 face="serif">&#36;</FONT><FONT size=2 face="serif">15.59</FONT>&nbsp;
    </center></TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
      <center>
        <FONT size=2 face="serif">&#36;</FONT><FONT size=2 face="serif">14.93</FONT>&nbsp;
            </center></TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">NAV</FONT>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
      <center>
        <FONT size=2 face="serif">&#36;14.97</FONT>&nbsp;
            </center></TD>
        <TD align=center nowrap style="border-bottom:1px solid #000000;">
      <center>
        <FONT size=2 face="serif">&#36;15.21</FONT>&nbsp;
            </center></TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">(1.58</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">)%</FONT>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
      <center>
        <FONT size=2 face="serif">&#36;</FONT><FONT size=2 face="serif">15.34</FONT>&nbsp;
            </center></TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
      <center>
        <FONT size=2 face="serif">&#36;</FONT><FONT size=2 face="serif">14.94</FONT>&nbsp;
            </center></TD>
</TR>
</TABLE>
<BR>
<P align="justify">
<FONT size=2 face="serif">The following charts show the portfolio composition and credit quality allocations of the Trust&#146;s long-term investments: </FONT></P>
<P align="center">
<B><FONT size=2 face="serif">Sector Breakdown</FONT></B></P>
<div style="border-bottom:1px solid #000000">&nbsp;</div>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD width=44% align=left nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="serif">Sector</FONT></B>&nbsp;
        </TD>
        <TD width=3% style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD colspan="2" align=center nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="serif">June 30, 2006</FONT></B>
        </TD>
        <TD width=3% style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD colspan="2" align=center nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="serif">December 31, 2005</FONT></B>
        </TD>
  </TR>
<TR valign="bottom">
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">City, County &amp; State</FONT>&nbsp;
        </TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD width=12% align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">20</FONT>
        </TD>
        <TD width=10% align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">%</FONT>&nbsp;
        </TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD width=15% align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">21</FONT>
        </TD>
        <TD width=13% align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">%</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">Transportation</FONT>&nbsp;
        </TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">19</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">19</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">Lease Revenue</FONT>&nbsp;
        </TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">15</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">15</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">Hospital</FONT>&nbsp;
        </TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">14</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">14</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">Industrial &amp; Pollution Control</FONT>&nbsp;
        </TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">9</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">7</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">Education</FONT>&nbsp;
        </TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">7</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">8</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">Housing</FONT>&nbsp;
        </TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">7</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">7</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">Power</FONT>&nbsp;
        </TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">5</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">5</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">Water &amp; Sewer</FONT>&nbsp;
        </TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">4</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">4</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
</TR>
</TABLE>
<BR>
<P align="center">
<B><FONT size=2 face="serif">Credit Breakdown</FONT></B><B><SUP><FONT size=2 face="serif">4</FONT></SUP></B></P>
<div style="border-bottom:1px solid #000000">&nbsp;</div>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD width=28% align=left nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="serif">Credit Rating</FONT></B>&nbsp;
        </TD>
        <TD width=19% style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD colspan="2" align=center nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="serif">June 30, 2006</FONT></B>
        </TD>
        <TD width=3% style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD colspan="2" align=center nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="serif">December 31, 2005</FONT></B>
        </TD>
  </TR>
<TR valign="bottom">
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">AAA/Aaa</FONT>&nbsp;
        </TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD width=12% align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">36</FONT>
        </TD>
        <TD width=10% align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">%</FONT>&nbsp;
        </TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD width=14% align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">37</FONT>
        </TD>
        <TD width=14% align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">%</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">AA/Aa</FONT>&nbsp;
        </TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">4</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">4</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">A</FONT>&nbsp;
        </TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">34</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">35</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">BBB/Baa</FONT>&nbsp;
        </TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">23</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">21</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">Not Rated</FONT>&nbsp;
        </TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">3</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">3</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
</TR>
</TABLE>
<BR>
<P align="justify">
<SUP><FONT size=1 face="serif">4 </FONT></SUP><FONT size=1 face="serif">Using the higher of S&amp;P, Moody or Fitch&#146;s rating.</FONT></P>
<P align="center">
<FONT size=2 face="serif">9</FONT></P>

<HR noshade align="center" width="100%" size=4>




<P STYLE="page-break-before:always"></P><PAGE>
<P align="justify">
<B><FONT face="serif">TRUST SUMMARIES (unaudited)</FONT></B><BR>
<B><FONT face="serif">JUNE 30, 2006</FONT></B></P>
<P align="justify">
<B><FONT size=2 face="serif">BlackRock Florida Insured Municipal 2008 Term Trust (BRF)</FONT></B></P>
<P align="center">
<B><FONT size=2 face="serif">Trust Information</FONT></B></P>
<div style="border-bottom:1px solid #000000">&nbsp;</div>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD width=72% align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">Symbol on New York Stock Exchange:</FONT>&nbsp;
        </TD>
        <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD colspan="2" align=right nowrap style="border-bottom:1px solid #000000;">
      <center>
        <FONT size=2 face="serif">BRF</FONT>
            </center></TD>
  </TR>
<TR valign="bottom">
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">Initial Offering Date:</FONT>&nbsp;
        </TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD colspan="2" align=center nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">September 18, 1992</FONT>
        </TD>
  </TR>
<TR valign="bottom">
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">Termination Date (on or about):</FONT>&nbsp;
        </TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD colspan="2" align=center nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">December 31, 2008</FONT>
        </TD>
  </TR>
<TR valign="bottom">
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">Closing Market Price as of 6/30/06:</FONT>&nbsp;
        </TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD width=15% align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">&#36;13.96</FONT>
        </TD>
        <TD width=11% align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">Net Asset Value as of 6/30/06:</FONT>&nbsp;
        </TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">&#36;14.69</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">Yield on Closing Market Price as of 6/30/06 (&#36;13.96):</FONT><SUP><FONT size=2 face="serif">1</FONT></SUP>&nbsp;
        </TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">3.22</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">%</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">Current Monthly Distribution per Common Share:</FONT><SUP><FONT size=2 face="serif">2</FONT></SUP>&nbsp;
        </TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">&#36;0.0375</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">Current Annualized Distribution per Common Share:</FONT><SUP><FONT size=2 face="serif">2</FONT></SUP>&nbsp;
        </TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">&#36;0.4500</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">Leverage as of 6/30/06:</FONT><SUP><FONT size=2 face="serif">3</FONT></SUP>&nbsp;
        </TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">40</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">%</FONT>&nbsp;
        </TD>
</TR>
</TABLE>
<BR>
<P align="justify">
<SUP><FONT size=1 face="serif">1 </FONT></SUP><FONT size=1 face="serif">Yield on closing market price is calculated by dividing the current annualized distribution per share by the closing market price.<br>
Past performance does not guarantee future
results.</FONT></P>
<P align="justify">
<SUP><FONT size=1 face="serif">2 </FONT></SUP><FONT size=1 face="serif">The distribution is not constant and is subject to change.</FONT></P>
<P align="justify">
<SUP><FONT size=1 face="serif">3 </FONT></SUP><FONT size=1 face="serif">As a percentage of managed assets (as defined in Note 2 of the Notes to Financial Statements).</FONT></P>
<P align="justify">
<FONT size=2 face="serif">The table below summarizes the changes in the Trust&#146;s market price and NAV:</FONT></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD>&nbsp;</TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD align=center nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD colspan="2" align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
      <center>
        <B><FONT size=2 face="serif">6/30/06</FONT></B>&nbsp;
            </center></TD>
        <TD align=center nowrap style="border-bottom:1px solid #000000;">
      <center>
        <B><FONT size=2 face="serif">12/31/05</FONT></B>&nbsp;
            </center></TD>
        <TD colspan="2" align=right nowrap style="border-bottom:1px solid #000000;">
      <center>
        <B><FONT size=2 face="serif">Change</FONT></B>
            </center></TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
      <center>
        <B><FONT size=2 face="serif">High</FONT></B>&nbsp;
            </center></TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
      <center>
        <B><FONT size=2 face="serif">Low</FONT></B>&nbsp;
            </center></TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">Market Price</FONT>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
      <center>
        <FONT size=2 face="serif">&#36;13.96</FONT>&nbsp;
            </center></TD>
        <TD align=center nowrap style="border-bottom:1px solid #000000;">
      <center>
        <FONT size=2 face="serif">&#36;15.11</FONT>&nbsp;
            </center></TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">(7.61</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">)%</FONT>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
      <center>
        <FONT size=2 face="serif">&#36;</FONT><FONT size=2 face="serif">15.50</FONT>&nbsp;
            </center></TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
      <center>
        <FONT size=2 face="serif">&#36;</FONT><FONT size=2 face="serif">13.78</FONT>&nbsp;
            </center></TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">NAV</FONT>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
      <center>
        <FONT size=2 face="serif">&#36;14.69</FONT>&nbsp;
            </center></TD>
        <TD align=center nowrap style="border-bottom:1px solid #000000;">
      <center>
        <FONT size=2 face="serif">&#36;15.04</FONT>&nbsp;
            </center></TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">(2.33</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">)%</FONT>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
      <center>
        <FONT size=2 face="serif">&#36;</FONT><FONT size=2 face="serif">15.07</FONT>&nbsp;
            </center></TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
      <center>
        <FONT size=2 face="serif">&#36;</FONT><FONT size=2 face="serif">14.68</FONT>&nbsp;
            </center></TD>
</TR>
</TABLE>
<BR>
<P align="justify">
<FONT size=2 face="serif">The following chart shows the portfolio composition of the Trust&#146;s long-term investments: </FONT></P>
<P align="center">
<B><FONT size=2 face="serif">Sector Breakdown</FONT></B></P>
<div style="border-bottom:1px solid #000000">&nbsp;</div>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD width=36% align=left nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="serif">Sector</FONT></B>&nbsp;
        </TD>
        <TD width=3% style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD colspan="2" align=center nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="serif">June 30, 2006</FONT></B>
        </TD>
        <TD width=3% style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD colspan="2" align=center nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="serif">December 31, 2005</FONT></B>
        </TD>
  </TR>
<TR valign="bottom">
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">Tax Revenue</FONT>&nbsp;
        </TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD width=13% align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">36</FONT>
        </TD>
        <TD width=12% align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">%</FONT>&nbsp;
        </TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD width=18% align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">36</FONT>
        </TD>
        <TD width=15% align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">%</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">Power</FONT>&nbsp;
        </TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">15</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">16</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">Lease Revenue</FONT>&nbsp;
        </TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">13</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">13</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">Education</FONT>&nbsp;
        </TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">12</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">12</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">City, County &amp; State</FONT>&nbsp;
        </TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">10</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">10</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">Transportation</FONT>&nbsp;
        </TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">5</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">5</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">Resource Recovery</FONT>&nbsp;
        </TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">4</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">4</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">Water &amp; Sewer</FONT>&nbsp;
        </TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">4</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">4</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">Other</FONT>&nbsp;
        </TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">1</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">&#151;</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
</TR>
</TABLE>
<BR>
<P align="justify">
<FONT size=2 face="serif">As of June 30, 2006, and December 31, 2005, all long-term investments had ratings of AAA/Aaa by S&amp;P, Moody&#146;s or Fitch.</FONT></P>
<P align="center">
<FONT size=2 face="serif">10</FONT></P>

<HR noshade align="center" width="100%" size=4>




<P STYLE="page-break-before:always"></P><PAGE>
<P align="justify">
<B><FONT face="serif">TRUST SUMMARIES (unaudited)</FONT></B><BR>
<B><FONT face="serif">JUNE 30, 2006</FONT></B></P>
<P align="justify">
<B><FONT size=2 face="serif">BlackRock Florida Municipal 2020 Term Trust (BFO)</FONT></B></P>
<P align="center">
<B><FONT size=2 face="serif">Trust Information</FONT></B></P>
<div style="border-bottom:1px solid #000000">&nbsp;</div>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD width=72% align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">Symbol on New York Stock Exchange:</FONT>&nbsp;
        </TD>
        <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD colspan="2" align=right nowrap style="border-bottom:1px solid #000000;">
      <center>
        <FONT size=2 face="serif">BFO</FONT>
            </center></TD>
  </TR>
<TR valign="bottom">
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">Initial Offering Date:</FONT>&nbsp;
        </TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD colspan="2" align=center nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">September 30, 2003</FONT>
        </TD>
  </TR>
<TR valign="bottom">
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">Termination Date (on or about):</FONT>&nbsp;
        </TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD colspan="2" align=center nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">December 31, 2020</FONT>
        </TD>
  </TR>
<TR valign="bottom">
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">Closing Market Price as of 6/30/06:</FONT>&nbsp;
        </TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD width=15% align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">&#36;13.09</FONT>
        </TD>
        <TD width=11% align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">Net Asset Value as of 6/30/06:</FONT>&nbsp;
        </TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">&#36;14.73</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">Yield on Closing Market Price as of 6/30/06 (&#36;13.09):</FONT><SUP><FONT size=2 face="serif">1</FONT></SUP>&nbsp;
        </TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">5.10</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">%</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">Current Monthly Distribution per Common Share:</FONT><SUP><FONT size=2 face="serif">2</FONT></SUP>&nbsp;
        </TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">&#36;0.055625</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">Current Annualized Distribution per Common Share:</FONT><SUP><FONT size=2 face="serif">2</FONT></SUP>&nbsp;
        </TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">&#36;0.667500</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">Leverage as of 6/30/06:</FONT><SUP><FONT size=2 face="serif">3</FONT></SUP>&nbsp;
        </TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">37</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">%</FONT>&nbsp;
        </TD>
</TR>
</TABLE>
<BR>
<P align="justify">
<SUP><FONT size=1 face="serif">1 </FONT></SUP><FONT size=1 face="serif">Yield on closing market price is calculated by dividing the current annualized distribution per share by the closing market price. <br>
Past performance does not guarantee future
results.</FONT></P>
<P align="justify">
<SUP><FONT size=1 face="serif">2 </FONT></SUP><FONT size=1 face="serif">The distribution is not constant and is subject to change. </FONT></P>
<P align="justify">
<SUP><FONT size=1 face="serif">3 </FONT></SUP><FONT size=1 face="serif">As a percentage of managed assets (as defined in Note 2 of the Notes to Financial Statements).</FONT></P>
<P align="justify">
<FONT size=2 face="serif">The table below summarizes the changes in the Trust&#146;s market price and NAV:</FONT></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD>&nbsp;</TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD align=center nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD colspan="2" align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
      <center>
        <B><FONT size=2 face="serif">6/30/06</FONT></B>&nbsp;
            </center></TD>
        <TD align=center nowrap style="border-bottom:1px solid #000000;">
      <center>
        <B><FONT size=2 face="serif">12/31/05</FONT></B>&nbsp;
            </center></TD>
        <TD colspan="2" align=right nowrap style="border-bottom:1px solid #000000;">
      <center>
        <B><FONT size=2 face="serif">Change</FONT></B>
            </center></TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
      <center>
        <B><FONT size=2 face="serif">High</FONT></B>&nbsp;
            </center></TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;"> <center>
          <B><FONT size=2 face="serif">Low</FONT></B>&nbsp;
    </center></TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">Market Price</FONT>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
      <center>
        <FONT size=2 face="serif">&#36;13.09</FONT>&nbsp;
            </center></TD>
        <TD align=center nowrap style="border-bottom:1px solid #000000;">
      <center>
        <FONT size=2 face="serif">&#36;13.35</FONT>&nbsp;
            </center></TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">(1.95</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">)%</FONT>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
      <center>
        <FONT size=2 face="serif">&#36;</FONT><FONT size=2 face="serif">14.25</FONT>&nbsp;
            </center></TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
      <center>
        <FONT size=2 face="serif">&#36;</FONT><FONT size=2 face="serif">13.00</FONT>&nbsp;
            </center></TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">NAV</FONT>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
      <center>
        <FONT size=2 face="serif">&#36;14.73</FONT>&nbsp;
            </center></TD>
        <TD align=center nowrap style="border-bottom:1px solid #000000;">
      <center>
        <FONT size=2 face="serif">&#36;14.90</FONT>&nbsp;
            </center></TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">(1.14</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">)%</FONT>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
      <center>
        <FONT size=2 face="serif">&#36;</FONT><FONT size=2 face="serif">15.07</FONT>&nbsp;
            </center></TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
      <center>
        <FONT size=2 face="serif">&#36;</FONT><FONT size=2 face="serif">14.69</FONT>&nbsp;
            </center></TD>
</TR>
</TABLE>
<BR>
<P align="justify">
<FONT size=2 face="serif">The following charts show the portfolio composition and credit quality allocations of the Trust&#146;s long-term investments: </FONT></P>
<P align="center">
<B><FONT size=2 face="serif">Sector Breakdown</FONT></B></P>
<div style="border-bottom:1px solid #000000">&nbsp;</div>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD width=39% align=left nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="serif">Sector</FONT></B>&nbsp;
        </TD>
        <TD width=1% style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD colspan="2" align=center nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="serif">June 30, 2006</FONT></B>
        </TD>
        <TD width=1% style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD colspan="2" align=center nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="serif">December 31, 2005</FONT></B>
        </TD>
  </TR>
<TR valign="bottom">
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">City, County &amp; State</FONT>&nbsp;
        </TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD width=16% align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">26</FONT>
        </TD>
        <TD width=13% align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">%</FONT>&nbsp;
        </TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD width=16% align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">26</FONT>
        </TD>
        <TD width=14% align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">%</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">Water &amp; Sewer</FONT>&nbsp;
        </TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">18</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">18</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">Tobacco</FONT>&nbsp;
        </TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">11</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">10</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">Education</FONT>&nbsp;
        </TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">10</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">10</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">Power</FONT>&nbsp;
        </TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">10</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">10</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">Tax Revenue</FONT>&nbsp;
        </TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">7</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">7</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">Hospitals</FONT>&nbsp;
        </TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">6</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">6</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">Industrial &amp; Pollution Control</FONT>&nbsp;
        </TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">5</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">5</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">Lease Revenue</FONT>&nbsp;
        </TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">4</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">5</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">Transportation</FONT>&nbsp;
        </TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">3</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">3</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
</TR>
</TABLE>
<BR>
<P align="center">
<B><FONT size=2 face="serif">Credit Breakdown</FONT></B><B><SUP><FONT size=2 face="serif">4</FONT></SUP></B></P>
<div style="border-bottom:1px solid #000000">&nbsp;</div>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD width=28% align=left nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="serif">Credit Rating</FONT></B>&nbsp;
        </TD>
        <TD width=12% style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD colspan="2" align=center nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="serif">June 30, 2006</FONT></B>
        </TD>
        <TD width=1% style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD colspan="2" align=center nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="serif">December 31, 2005</FONT></B>
        </TD>
  </TR>
<TR valign="bottom">
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">AAA/Aaa</FONT>&nbsp;
        </TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD width=16% align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">59</FONT>
        </TD>
        <TD width=13% align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">%</FONT>&nbsp;
        </TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD width=16% align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">58</FONT>
        </TD>
        <TD width=14% align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">%</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">AA/Aa</FONT>&nbsp;
        </TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">1</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">1</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">A</FONT>&nbsp;
        </TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">4</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">4</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">BBB/Baa</FONT>&nbsp;
        </TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">18</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">17</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">BB/Ba</FONT>&nbsp;
        </TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">2</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">2</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">Not Rated</FONT><SUP><FONT size=2 face="serif">5</FONT></SUP>&nbsp;
        </TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">16</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">18</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
</TR>
</TABLE>
<BR>
<P align="justify">
<SUP><FONT size=1 face="serif">4 </FONT></SUP><FONT size=1 face="serif">Using the higher of S&amp;P, Moody or Fitch&#146;s rating.</FONT></P>
<P align="justify">
<SUP><FONT size=1 face="serif">5 </FONT></SUP><FONT size=1 face="serif">The investment advisor has deemed certain of these non-rated securities to be of investment grade quality. As of June 30, 2006, and December 31, 2005, the market value of these
securities was &#36;2,089,420 representing 1.8% and &#36;2,124,960 representing 1.7%, respectively, of the Trust&#146;s long-term investments.</FONT></P>
<P align="center">
<FONT size=2 face="serif">11</FONT></P>

<HR noshade align="center" width="100%" size=4>




<P STYLE="page-break-before:always"></P><PAGE>
<P align="justify">
<B><FONT face="serif">TRUST SUMMARIES (unaudited)</FONT></B><BR>
<B><FONT face="serif">JUNE 30, 2006</FONT></B></P>
<P align="justify">
<B><FONT size=2 face="serif">BlackRock New York Insured Municipal 2008 Term Trust (BLN)</FONT></B></P>
<P align="center">
<B><FONT size=2 face="serif">Trust Information</FONT></B></P>
<div style="border-bottom:1px solid #000000">&nbsp;</div>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD width=72% align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">Symbol on New York Stock Exchange:</FONT>&nbsp;
        </TD>
        <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD colspan="2" align=right nowrap style="border-bottom:1px solid #000000;">
      <center>
        <FONT size=2 face="serif">BLN</FONT>
            </center></TD>
  </TR>
<TR valign="bottom">
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">Initial Offering Date:</FONT>&nbsp;
        </TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD colspan="2" align=center nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">September 18, 1992</FONT>
        </TD>
  </TR>
<TR valign="bottom">
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">Termination Date (on or about):</FONT>&nbsp;
        </TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD colspan="2" align=center nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">December 31, 2008</FONT>
        </TD>
  </TR>
<TR valign="bottom">
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">Closing Market Price as of 6/30/06:</FONT>&nbsp;
        </TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD width=15% align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">&#36;14.76</FONT>
        </TD>
        <TD width=11% align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">Net Asset Value as of 6/30/06:</FONT>&nbsp;
        </TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">&#36;15.33</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">Yield on Closing Market Price as of 6/30/06 (&#36;14.76):</FONT><SUP><FONT size=2 face="serif">1</FONT></SUP>&nbsp;
        </TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">3.71</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">%</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">Current Monthly Distribution per Common Share:</FONT><SUP><FONT size=2 face="serif">2</FONT></SUP>&nbsp;
        </TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">&#36;0.0456</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">Current Annualized Distribution per Common Share:</FONT><SUP><FONT size=2 face="serif">2</FONT></SUP>&nbsp;
        </TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">&#36;0.5472</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">Leverage as of 06/30/06:</FONT><SUP><FONT size=2 face="serif">3</FONT></SUP>&nbsp;
        </TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">39</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">%</FONT>&nbsp;
        </TD>
</TR>
</TABLE>
<BR>
<P align="justify">
<SUP><FONT size=1 face="serif">1 </FONT></SUP><FONT size=1 face="serif">Yield on closing market price is calculated by dividing the current annualized distribution per share by the closing market price. <br>
Past performance does not guarantee future
results.</FONT></P>
<P align="justify">
<SUP><FONT size=1 face="serif">2 </FONT></SUP><FONT size=1 face="serif">The distribution is not constant and is subject to change. </FONT></P>
<P align="justify">
<SUP><FONT size=1 face="serif">3 </FONT></SUP><FONT size=1 face="serif">As a percentage of managed assets (as defined in Note 2 of the Notes to Financial Statements).</FONT></P>
<P align="justify">
<FONT size=2 face="serif">The table below summarizes the changes in the Trust&#146;s market price and NAV:</FONT></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD>&nbsp;</TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD align=center nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD colspan="2" align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
      <center>
        <B><FONT size=2 face="serif">6/30/06</FONT></B>&nbsp;
            </center></TD>
        <TD align=center nowrap style="border-bottom:1px solid #000000;">
      <center>
        <B><FONT size=2 face="serif">12/31/05</FONT></B>&nbsp;
            </center></TD>
        <TD colspan="2" align=right nowrap style="border-bottom:1px solid #000000;">
      <center>
        <B><FONT size=2 face="serif">Change</FONT></B>
            </center></TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
      <center>
        <B><FONT size=2 face="serif">High</FONT></B>&nbsp;
            </center></TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;"> <center>
          <B><FONT size=2 face="serif">Low</FONT></B>&nbsp;
    </center></TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">Market Price</FONT>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
      <center>
        <FONT size=2 face="serif">&#36;14.76</FONT>&nbsp;
            </center></TD>
        <TD align=center nowrap style="border-bottom:1px solid #000000;">
      <center>
        <FONT size=2 face="serif">&#36;15.30</FONT>&nbsp;
            </center></TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">(3.53</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">)%</FONT>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
      <center>
        <FONT size=2 face="serif">&#36;</FONT><FONT size=2 face="serif">15.53</FONT>&nbsp;
            </center></TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
      <center>
        <FONT size=2 face="serif">&#36;</FONT><FONT size=2 face="serif">14.61</FONT>&nbsp;
            </center></TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">NAV</FONT>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
      <center>
        <FONT size=2 face="serif">&#36;15.33</FONT>&nbsp;
            </center></TD>
        <TD align=center nowrap style="border-bottom:1px solid #000000;">
      <center>
        <FONT size=2 face="serif">&#36;15.73</FONT>&nbsp;
            </center></TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">(2.54</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">)%</FONT>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
      <center>
        <FONT size=2 face="serif">&#36;</FONT><FONT size=2 face="serif">15.77</FONT>&nbsp;
            </center></TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
      <center>
        <FONT size=2 face="serif">&#36;</FONT><FONT size=2 face="serif">15.31</FONT>&nbsp;
            </center></TD>
</TR>
</TABLE>
<BR>
<P align="justify">
<FONT size=2 face="serif">The following chart shows the portfolio composition of the Trust&#146;s long-term investments: </FONT></P>
<P align="center">
<B><FONT size=2 face="serif">Sector Breakdown</FONT></B></P>
<div style="border-bottom:1px solid #000000">&nbsp;</div>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD width=36% align=left nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="serif">Sector</FONT></B>&nbsp;
        </TD>
        <TD width=3% style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD colspan="2" align=center nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="serif">June 30, 2006</FONT></B>
        </TD>
        <TD width=3% style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD colspan="2" align=center nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="serif">December 31, 2005</FONT></B>
        </TD>
  </TR>
<TR valign="bottom">
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">Transportation</FONT>&nbsp;
        </TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD width=13% align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">26</FONT>
        </TD>
        <TD width=12% align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">%</FONT>&nbsp;
        </TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD width=18% align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">26</FONT>
        </TD>
        <TD width=15% align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">%</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">Education</FONT>&nbsp;
        </TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">20</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">20</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">City, County &amp; State</FONT>&nbsp;
        </TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">17</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">17</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">Water &amp; Sewer</FONT>&nbsp;
        </TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">12</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">11</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">Hospital</FONT>&nbsp;
        </TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">8</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">8</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">Power</FONT>&nbsp;
        </TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">6</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">6</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">Tax Revenue</FONT>&nbsp;
        </TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">6</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">6</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">Lease Revenue</FONT>&nbsp;
        </TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">3</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">3</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">Housing</FONT>&nbsp;
        </TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">2</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">3</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
</TR>
</TABLE>
<BR>
<P align="justify">
<FONT size=2 face="serif">As of June 30, 2006, and December 31, 2005, all long-term investments had ratings of AAA/Aaa by S&amp;P, Moody&#146;s or Fitch.</FONT></P>
<P align="center">
<FONT size=2 face="serif">12</FONT></P>

<HR noshade align="center" width="100%" size=4>




<P STYLE="page-break-before:always"></P><PAGE>
<P align="justify">
<B><FONT face="serif">TRUST SUMMARIES (unaudited)</FONT></B><BR>
<B><FONT face="serif">JUNE 30, 2006</FONT></B></P>
<P align="justify">
<B><FONT size=2 face="serif">BlackRock New York Municipal 2018 Term Trust (BLH)</FONT></B></P>
<P align="center">
<B><FONT size=2 face="serif">Trust Information</FONT></B></P>
<div style="border-bottom:1px solid #000000">&nbsp;</div>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD width=73% align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">Symbol on New York Stock Exchange:</FONT>&nbsp;
        </TD>
        <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD colspan="2" align=right nowrap style="border-bottom:1px solid #000000;">
      <center>
        <FONT size=2 face="serif">BLH</FONT>
            </center></TD>
  </TR>
<TR valign="bottom">
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">Initial Offering Date:</FONT>&nbsp;
        </TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD colspan="2" align=center nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">October 26, 2001</FONT>
        </TD>
  </TR>
<TR valign="bottom">
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">Termination Date (on or about):</FONT>&nbsp;
        </TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD colspan="2" align=center nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">December 31, 2018</FONT>
        </TD>
  </TR>
<TR valign="bottom">
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">Closing Market Price as of 6/30/06:</FONT>&nbsp;
        </TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD width=15% align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">&#36;15.27</FONT>
        </TD>
        <TD width=10% align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">Net Asset Value as of 6/30/06:</FONT>&nbsp;
        </TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">&#36;16.01</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">Yield on Closing Market Price as of 6/30/06 (&#36;15.27):</FONT><SUP><FONT size=2 face="serif">1</FONT></SUP>&nbsp;
        </TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">4.81</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">%</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">Current Monthly Distribution per Common Share:</FONT><SUP><FONT size=2 face="serif">2</FONT></SUP>&nbsp;
        </TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">&#36;0.06125</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">Current Annualized Distribution per Common Share:</FONT><SUP><FONT size=2 face="serif">2</FONT></SUP>&nbsp;
        </TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">&#36;0.73500</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">Leverage as of 6/30/06:</FONT><SUP><FONT size=2 face="serif">3</FONT></SUP>&nbsp;
        </TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">35</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">%</FONT>&nbsp;
        </TD>
</TR>
</TABLE>
<BR>
<P align="justify">
<SUP><FONT size=1 face="serif">1 </FONT></SUP><FONT size=1 face="serif">Yield on closing market price is calculated by dividing the current annualized distribution per share by the closing market price. <br>
Past performance does not guarantee future
results.</FONT></P>
<P align="justify">
<SUP><FONT size=1 face="serif">2 </FONT></SUP><FONT size=1 face="serif">The distribution is not constant and is subject to change. </FONT></P>
<P align="justify">
<SUP><FONT size=1 face="serif">3 </FONT></SUP><FONT size=1 face="serif">As a percentage of managed assets (as defined in Note 2 of the Notes to Financial Statements).</FONT></P>
<P align="justify">
<FONT size=2 face="serif">The table below summarizes the changes in the Trust&#146;s market price and NAV:</FONT></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD>&nbsp;</TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD align=center nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD colspan="2" align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
      <center>
        <B><FONT size=2 face="serif">6/30/06</FONT></B>&nbsp;
            </center></TD>
        <TD align=center nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="serif">12/31/05</FONT></B>&nbsp;
        </TD>
        <TD colspan="2" align=right nowrap style="border-bottom:1px solid #000000;">
      <center>
        <B><FONT size=2 face="serif">Change</FONT></B>
            </center></TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
      <center>
        <B><FONT size=2 face="serif">High</FONT></B>&nbsp;
            </center></TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;"> <center>
          <B><FONT size=2 face="serif">Low</FONT></B>&nbsp;
    </center></TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">Market Price</FONT>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
      <center>
        <FONT size=2 face="serif">&#36;15.27</FONT>&nbsp;
            </center></TD>
        <TD align=center nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">&#36;15.15</FONT>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">0.79</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">%</FONT>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
      <center>
        <FONT size=2 face="serif">&#36;</FONT><FONT size=2 face="serif">15.85</FONT>&nbsp;
            </center></TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
      <center>
        <FONT size=2 face="serif">&#36;</FONT><FONT size=2 face="serif">15.10</FONT>&nbsp;
            </center></TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">NAV</FONT>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
      <center>
        <FONT size=2 face="serif">&#36;16.01</FONT>&nbsp;
            </center></TD>
        <TD align=center nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">&#36;16.11</FONT>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">(0.62</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">)%</FONT>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
      <center>
        <FONT size=2 face="serif">&#36;</FONT><FONT size=2 face="serif">16.32</FONT>&nbsp;
            </center></TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
      <center>
        <FONT size=2 face="serif">&#36;</FONT><FONT size=2 face="serif">15.98</FONT>&nbsp;
            </center></TD>
</TR>
</TABLE>
<BR>
<P align="justify">
<FONT size=2 face="serif">The following charts show the portfolio composition and credit quality allocations of the Trust&#146;s long-term investments: </FONT></P>
<P align="center">
<B><FONT size=2 face="serif">Sector Breakdown</FONT></B></P>
<div style="border-bottom:1px solid #000000">&nbsp;</div>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD width=44% align=left nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="serif">Sector</FONT></B>&nbsp;
        </TD>
        <TD width=3% style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD colspan="2" align=center nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="serif">June 30, 2006</FONT></B>
        </TD>
        <TD width=3% style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD colspan="2" align=center nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="serif">December 31, 2005</FONT></B>
        </TD>
  </TR>
<TR valign="bottom">
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">Education</FONT>&nbsp;
        </TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD width=12% align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">22</FONT>
        </TD>
        <TD width=10% align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">%</FONT>&nbsp;
        </TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD width=15% align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">22</FONT>
        </TD>
        <TD width=13% align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">%</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">Hospital</FONT>&nbsp;
        </TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">17</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">17</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">City, County &amp; State</FONT>&nbsp;
        </TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">11</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">11</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">Tobacco</FONT>&nbsp;
        </TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">11</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">10</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">Lease Revenue</FONT>&nbsp;
        </TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">10</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">10</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">Transportation</FONT>&nbsp;
        </TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">10</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">11</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">Industrial &amp; Pollution Control</FONT>&nbsp;
        </TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">7</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">7</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">Tax Revenue</FONT>&nbsp;
        </TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">6</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">6</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">Housing</FONT>&nbsp;
        </TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">5</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">5</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">Power</FONT>&nbsp;
        </TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">1</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">1</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
</TR>
</TABLE>
<BR>
<P align="center">
<B><FONT size=2 face="serif">Credit Breakdown</FONT></B><B><SUP><FONT size=2 face="serif">4</FONT></SUP></B></P>
<div style="border-bottom:1px solid #000000">&nbsp;</div>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD width=28% align=left nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="serif">Credit Rating</FONT></B>&nbsp;
        </TD>
        <TD width=19% style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD colspan="2" align=center nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="serif">June 30, 2006</FONT></B>
        </TD>
        <TD width=3% style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD colspan="2" align=center nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="serif">December 31, 2005</FONT></B>
        </TD>
  </TR>
<TR valign="bottom">
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">AAA/Aaa</FONT>&nbsp;
        </TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD width=12% align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">39</FONT>
        </TD>
        <TD width=10% align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">%</FONT>&nbsp;
        </TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD width=15% align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">35</FONT>
        </TD>
        <TD width=13% align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">%</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">AA/Aa</FONT>&nbsp;
        </TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">37</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">26</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">A</FONT>&nbsp;
        </TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">10</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">21</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">BBB/Baa</FONT>&nbsp;
        </TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">10</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">13</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">B</FONT>&nbsp;
        </TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">1</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">1</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">CCC/Caa</FONT>&nbsp;
        </TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">3</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">3</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">Not Rated</FONT>&nbsp;
        </TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">&#151;</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">1</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
</TR>
</TABLE>
<BR>
<P align="justify">
<SUP><FONT size=1 face="serif">4 </FONT></SUP><FONT size=1 face="serif">Using the higher of S&amp;P, Moody or Fitch&#146;s rating.</FONT></P>
<P align="center">
<FONT size=2 face="serif">13</FONT></P>

<HR noshade align="center" width="100%" size=4>
<P align="left" style="page-break-before:always"></P><PAGE>
<P align="justify">
<B><FONT face="serif">TRUST SUMMARIES (unaudited)</FONT></B><BR>
<B><FONT face="serif">JUNE 30, 2006</FONT></B></P>
<P align="justify">
<B><FONT size=2 face="serif">BlackRock Pennsylvania Strategic Municipal Trust (BPS)</FONT></B></P>
<P align="center">
<B><FONT size=2 face="serif">Trust Information</FONT></B></P>
<div style="border-bottom:1px solid #000000">&nbsp;</div>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD width=75% align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">Symbol on American Stock Exchange:</FONT>&nbsp;
        </TD>
        <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD colspan="2" align=center nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">BPS</FONT>
        </TD>
  </TR>
<TR valign="bottom">
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">Initial Offering Date:</FONT>&nbsp;
        </TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD colspan="2" align=center nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">August 25, 1999</FONT>
        </TD>
  </TR>
<TR valign="bottom">
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">Closing Market Price as of 6/30/06:</FONT>&nbsp;
        </TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD width=13% align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">&#36;16.95</FONT>
        </TD>
        <TD width=10% align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">Net Asset Value as of 6/30/06:</FONT>&nbsp;
        </TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">&#36;15.00</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">Yield on Closing Market Price as of 6/30/06 (&#36;16.95):</FONT><SUP><FONT size=2 face="serif">1</FONT></SUP>&nbsp;
        </TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">5.35</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">%</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">Current Monthly Distribution per Common Share:</FONT><SUP><FONT size=2 face="serif">2</FONT></SUP>&nbsp;
        </TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">&#36;0.0755</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">Current Annualized Distribution per Common Share:</FONT><SUP><FONT size=2 face="serif">2</FONT></SUP>&nbsp;
        </TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">&#36;0.9060</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">Leverage as of 6/30/06:</FONT><SUP><FONT size=2 face="serif">3</FONT></SUP>&nbsp;
        </TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">37</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">%</FONT>&nbsp;
        </TD>
</TR>
</TABLE>
<BR>
<P align="justify">
<SUP><FONT size=1 face="serif">1 </FONT></SUP><FONT size=1 face="serif">Yield on closing market price is calculated by dividing the current annualized distribution per share by the closing market price. <br>
Past performance does not guarantee future
results.</FONT></P>
<P align="justify">
<SUP><FONT size=1 face="serif">2 </FONT></SUP><FONT size=1 face="serif">The distribution is not constant and is subject to change. </FONT></P>
<P align="justify">
<SUP><FONT size=1 face="serif">3 </FONT></SUP><FONT size=1 face="serif">As a percentage of managed assets (as defined in Note 2 of the Notes to Financial Statements).</FONT></P>
<P align="justify">
<FONT size=2 face="serif">The table below summarizes the changes in the Trust&#146;s market price and NAV:</FONT></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD>&nbsp;</TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD align=center nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD colspan="2" align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
      <center>
        <B><FONT size=2 face="serif">6/30/06</FONT></B>&nbsp;
            </center></TD>
        <TD align=center nowrap style="border-bottom:1px solid #000000;">
      <center>
        <B><FONT size=2 face="serif">12/31/05</FONT></B>&nbsp;
            </center></TD>
        <TD colspan="2" align=right nowrap style="border-bottom:1px solid #000000;">
      <center>
        <B><FONT size=2 face="serif">Change</FONT></B>
            </center></TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
      <center>
        <B><FONT size=2 face="serif">High</FONT></B>&nbsp;
            </center></TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;"> <center>
          <B><FONT size=2 face="serif">Low</FONT></B>&nbsp;
    </center></TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">Market Price</FONT>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
      <center>
        <FONT size=2 face="serif">&#36;16.95</FONT>&nbsp;
            </center></TD>
        <TD align=center nowrap style="border-bottom:1px solid #000000;">
      <center>
        <FONT size=2 face="serif">&#36;15.85</FONT>&nbsp;
            </center></TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">6.94</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">%</FONT>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;"> <center>
          <FONT size=2 face="serif">&#36;</FONT><FONT size=2 face="serif">16.95</FONT>&nbsp;
    </center></TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;"> <center>
          <FONT size=2 face="serif">&#36;</FONT><FONT size=2 face="serif">15.29</FONT>&nbsp;
    </center></TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">NAV</FONT>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
      <center>
        <FONT size=2 face="serif">&#36;15.00</FONT>&nbsp;
            </center></TD>
        <TD align=center nowrap style="border-bottom:1px solid #000000;">
      <center>
        <FONT size=2 face="serif">&#36;15.27</FONT>&nbsp;
            </center></TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">(1.77</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">)%</FONT>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
      <center>
        <FONT size=2 face="serif">&#36;</FONT><FONT size=2 face="serif">15.30</FONT>&nbsp;
            </center></TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
      <center>
        <FONT size=2 face="serif">&#36;</FONT><FONT size=2 face="serif">14.98</FONT>&nbsp;
            </center></TD>
</TR>
</TABLE>
<BR>
<P align="justify">
<FONT size=2 face="serif">The following charts show the portfolio composition and credit quality allocations of the Trust&#146;s long-term investments: </FONT></P>
<P align="center">
<B><FONT size=2 face="serif">Sector Breakdown</FONT></B></P>
<div style="border-bottom:1px solid #000000">&nbsp;</div>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD width=44% align=left nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="serif">Sector</FONT></B>&nbsp;
        </TD>
        <TD width=3% style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD colspan="2" align=center nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="serif">June 30, 2006</FONT></B>
        </TD>
        <TD width=3% style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD colspan="2" align=center nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="serif">December 31, 2005</FONT></B>
        </TD>
  </TR>
<TR valign="bottom">
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">Education</FONT>&nbsp;
        </TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD width=12% align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">34</FONT>
        </TD>
        <TD width=9% align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">%</FONT>&nbsp;
        </TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD width=16% align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">24</FONT>
        </TD>
        <TD width=13% align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">%</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">Transportation</FONT>&nbsp;
        </TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">17</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">23</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">Hospital</FONT>&nbsp;
        </TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">13</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">15</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">Water &amp; Sewer</FONT>&nbsp;
        </TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">13</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">9</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">Housing</FONT>&nbsp;
        </TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">10</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">12</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">Industrial &amp; Pollution Control</FONT>&nbsp;
        </TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">5</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">6</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">Lease Revenue</FONT>&nbsp;
        </TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">4</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">6</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">Other</FONT>&nbsp;
        </TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">2</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">&#151;</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">Power</FONT>&nbsp;
        </TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">2</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">3</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">City, County &amp; State</FONT>&nbsp;
        </TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">&#151;</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">2</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
</TR>
</TABLE>
<BR>
<P align="center">
<B><FONT size=2 face="serif">Credit Breakdown</FONT></B><B><SUP><FONT size=2 face="serif">4</FONT></SUP></B></P>
<div style="border-bottom:1px solid #000000">&nbsp;</div>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD width=28% align=left nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="serif">Credit Rating</FONT></B>&nbsp;
        </TD>
        <TD width=19% style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD colspan="2" align=center nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="serif">June 30, 2006</FONT></B>
        </TD>
        <TD width=3% style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD colspan="2" align=center nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="serif">December 31, 2005</FONT></B>
        </TD>
  </TR>
<TR valign="bottom">
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">AAA/Aaa</FONT>&nbsp;
        </TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD width=12% align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">60</FONT>
        </TD>
        <TD width=9% align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">%</FONT>&nbsp;
        </TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD width=16% align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">61</FONT>
        </TD>
        <TD width=13% align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">%</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">AA/Aa</FONT>&nbsp;
        </TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">13</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">7</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">A</FONT>&nbsp;
        </TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">18</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">21</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">BBB/Baa</FONT>&nbsp;
        </TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">7</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">8</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">Not Rated</FONT><SUP><FONT size=2 face="serif">5</FONT></SUP>&nbsp;
        </TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">2</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">3</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
</TR>
</TABLE>
<BR>
<P align="justify">
<SUP><FONT size=1 face="serif">4 </FONT></SUP><FONT size=1 face="serif">Using the higher of S&amp;P, Moody or Fitch&#146;s rating.</FONT></P>
<P align="justify">
<SUP><FONT size=1 face="serif">5 </FONT></SUP><FONT size=1 face="serif">The investment advisor has deemed certain of these non-rated securities to be of investment grade quality. As of June 30, 2006, and December 31, 2005, the market value of these
securities was &#36;972,350 representing 2.3% and &#36;998,610 representing 2.7%, respectively, of the Trust&#146;s long-term investments.</FONT></P>
<P align="center">
<FONT size=2 face="serif">14</FONT></P>

<HR noshade align="center" width="100%" size=4>




<P STYLE="page-break-before:always"></P><PAGE>
<P align="justify">
<B><FONT face="serif">TRUST SUMMARIES (unaudited)</FONT></B><BR>
<B><FONT face="serif">JUNE 30, 2006</FONT></B></P>
<P align="justify">
<B><FONT size=2 face="serif">BlackRock Long-Term Municipal Advantage Trust (BTA)</FONT></B></P>
<P align="center">
<B><FONT size=2 face="serif">Trust Information</FONT></B></P>
<div style="border-bottom:1px solid #000000">&nbsp;</div>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD width=73% align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">Symbol on New York Stock Exchange:</FONT>&nbsp;
        </TD>
        <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD colspan="2" align=right nowrap style="border-bottom:1px solid #000000;">
      <center>
        <FONT size=2 face="serif">BTA</FONT>
            </center></TD>
  </TR>
<TR valign="bottom">
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">Initial Offering Date:</FONT>&nbsp;
        </TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD colspan="2" align=center nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">February 28, 2006</FONT>
        </TD>
  </TR>
<TR valign="bottom">
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">Closing Market Price as of 6/30/06:</FONT>&nbsp;
        </TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD width=15% align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">&#36;12.96</FONT>
        </TD>
        <TD width=10% align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">Net Asset Value as of 6/30/06:</FONT>&nbsp;
        </TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">&#36;13.58</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">Yield on Closing Market Price as of 6/30/06 (&#36;12.96):</FONT><SUP><FONT size=2 face="serif">1</FONT></SUP>&nbsp;
        </TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">6.37</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">%</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">Current Monthly Distribution per Common Share:</FONT><SUP><FONT size=2 face="serif">2</FONT></SUP>&nbsp;
        </TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">&#36;0.06875</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">Current Annualized Distribution per Common Share:</FONT><SUP><FONT size=2 face="serif">2</FONT></SUP>&nbsp;
        </TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">&#36;0.82500</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
</TR>
</TABLE>
<BR>
<P align="justify">
<SUP><FONT size=1 face="serif">1 </FONT></SUP><FONT size=1 face="serif">Yield on closing market price is calculated by dividing the current annualized distribution per share by the closing market price. <br>
Past performance does not guarantee future
results.</FONT></P>
<P align="justify">
<SUP><FONT size=1 face="serif">2 </FONT></SUP><FONT size=1 face="serif">The distribution is not constant and is subject to change. </FONT></P>
<P align="justify">
<SUP><FONT size=1 face="serif">3 </FONT></SUP><FONT size=1 face="serif">As a percentage of managed assets (as defined in Note 2 of the Notes to Financial Statements).</FONT></P>
<P align="justify">
<FONT size=2 face="serif">The table below summarizes the Trust&#146;s market price and NAV:</FONT></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD>&nbsp;</TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
      <center>
        <B><FONT size=2 face="serif">6/30/06</FONT></B>&nbsp;
            </center></TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
      <center>
        <B><FONT size=2 face="serif">High</FONT></B>&nbsp;
            </center></TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
      <center>
        <B><FONT size=2 face="serif">Low</FONT></B>&nbsp;
            </center></TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">Market Price</FONT>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
      <center>
        <FONT size=2 face="serif">&#36;12.96</FONT>&nbsp;
            </center></TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;"> <center>
          <FONT size=2 face="serif">&#36;</FONT><FONT size=2 face="serif">15.02</FONT>&nbsp;
    </center></TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
      <center>
        <FONT size=2 face="serif">&#36;</FONT><FONT size=2 face="serif">12.92</FONT>&nbsp;
            </center></TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">NAV</FONT>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
      <center>
        <FONT size=2 face="serif">&#36;13.58</FONT>&nbsp;
            </center></TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
      <center>
        <FONT size=2 face="serif">&#36;</FONT><FONT size=2 face="serif">14.35</FONT>&nbsp;
            </center></TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
      <center>
        <FONT size=2 face="serif">&#36;</FONT><FONT size=2 face="serif">13.48</FONT>&nbsp;
            </center></TD>
</TR>
</TABLE>
<BR>
<P align="justify">
<FONT size=2 face="serif">The following charts show the portfolio composition and credit quality allocations of the Trust&#146;s long-term investments: </FONT></P>
<P align="center">
<B><FONT size=2 face="serif">Sector Breakdown</FONT></B></P>
<div style="border-bottom:1px solid #000000">&nbsp;</div>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD width=64% align=left nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="serif">Sector</FONT></B>&nbsp;
        </TD>
        <TD width=4% style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD colspan="2" align=center nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="serif">June 30, 2006</FONT></B>
        </TD>
  </TR>
<TR valign="bottom">
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">Tobacco</FONT>&nbsp;
        </TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD width=17% align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">26</FONT>
        </TD>
        <TD width=15% align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">%</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">Industrial &amp; Pollution Control</FONT>&nbsp;
        </TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">19</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">Education</FONT>&nbsp;
        </TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">15</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">Hospital</FONT>&nbsp;
        </TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">15</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">City, County &amp; State</FONT>&nbsp;
        </TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">14</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">Transportation</FONT>&nbsp;
        </TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">9</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">Housing</FONT>&nbsp;
        </TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">2</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
</TR>
</TABLE>
<BR>
<P align="center">
<B><FONT size=2 face="serif">Credit Breakdown</FONT></B><B><SUP><FONT size=2 face="serif">4</FONT></SUP></B></P>
<div style="border-bottom:1px solid #000000">&nbsp;</div>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD width=47% align=left nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="serif">Credit Rating</FONT></B>&nbsp;
        </TD>
        <TD width=21% style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD colspan="2" align=center nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="serif">June 30, 2006</FONT></B>
        </TD>
  </TR>
<TR valign="bottom">
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">AAA/Aaa</FONT>&nbsp;
        </TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD width=17% align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">4</FONT>
        </TD>
        <TD width=15% align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">%</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">AA/Aa</FONT>&nbsp;
        </TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">&#151;</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">A</FONT>&nbsp;
        </TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">14</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">BBB/Baa</FONT>&nbsp;
        </TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">64</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">B</FONT>&nbsp;
        </TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">5</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">Not Rated</FONT><SUP><FONT size=2 face="serif">5</FONT></SUP>&nbsp;
        </TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">13</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
</TR>
</TABLE>
<BR>
<P align="justify">
<SUP><FONT size=1 face="serif">4 </FONT></SUP><FONT size=1 face="serif">Using the higher of S&amp;P, Moody or Fitch&#146;s rating.</FONT></P>
<P align="justify">
<SUP><FONT size=1 face="serif">5 </FONT></SUP><FONT size=1 face="serif">The investment advisor has deemed certain of these non-rated securities to be of investment grade quality. As of June 30, 2006, the market value of these securities was
&#36;6,863,780 representing 3.8% of the Trust&#146;s long-term investments.</FONT></P>
<P align="center">
<FONT size=2 face="serif">15</FONT></P>

<HR noshade align="center" width="100%" size=4>




<P STYLE="page-break-before:always"></P><PAGE>
<P align="justify">
<B><FONT face="serif">PORTFOLIO OF INVESTMENTS (unaudited)</FONT></B><BR>
<B><FONT face="serif">JUNE 30, 2006</FONT></B></P>
<P align="justify">
<B><FONT size=2 face="serif">BlackRock Insured Municipal 2008 Term Trust (BRM)</FONT></B></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD width=5% align=left nowrap>

          <center>
    </center></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=5% align=center nowrap>      <center>
          <B><FONT size=2 face="serif">Principal</FONT></B>&nbsp;
    </center></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=61% align=left nowrap>&nbsp;

        </TD>
        <TD width=9%>&nbsp;
        </TD>
        <TD width=7% align=left nowrap>&nbsp;

        </TD>
        <TD width=3%>&nbsp;
        </TD>
        <TD width=6% align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>

          <center>
    </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>      <center>
          <B><FONT size=2 face="serif">Amount</FONT></B>&nbsp;
    </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<B><FONT size=2 face="serif">Option Call</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
      <center>
        <B><FONT size=2 face="serif">Rating</FONT></B><B><SUP><FONT size=2 face="serif">1</FONT></SUP></B>&nbsp;
            </center></TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">      <center>
          <B><FONT size=2 face="serif">(000)</FONT></B>&nbsp;
    </center></TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;"> <center>
          <B><FONT size=2 face="serif">Description</FONT></B>&nbsp;
    </center></TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD align=center nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="serif">Provisions</FONT></B><B><SUP><FONT size=2 face="serif">2</FONT></SUP></B>&nbsp;
        </TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        </TD>
        <TD align=center nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="serif">Value</FONT></B>&nbsp;
        </TD>
</TR>
<TR>
        <TD colspan=9>

          <center>
    </center></TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>

          <center>
    </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>      <div align="right"></div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<B><FONT size=2 face="serif">LONG-TERM INVESTMENTS&#151;129.5%</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>

          <center>
    </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>      <div align="right"></div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<B><FONT size=2 face="serif">Alabama&#151;2.2%</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
      <center>
        <FONT size=1 face="serif">AAA</FONT>&nbsp;
            </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>      <div align="right"><FONT size=1 face="serif">&#36;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2,410</FONT>&nbsp;
    </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Auburn Univ. RB, 5.00%, 4/01/09, AMBAC</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">No Opt. Call</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">&#36;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2,480,540</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
      <center>
        <FONT size=1 face="serif">AAA</FONT>&nbsp;
            </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>      <div align="right"><FONT size=1 face="serif">6,555</FONT>&nbsp;
    </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Birmingham Jefferson Civic Ctr. Auth. ST, Ser. A, 4.25%, 1/01/09, FSA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">No Opt. Call</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">6,615,044</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>

          <center>
    </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>      <div align="right"></div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">9,095,584</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>

          <center>
    </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>      <div align="right"></div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<B><FONT size=2 face="serif">Arizona&#151;2.1%</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
      <center>
        <FONT size=1 face="serif">AAA</FONT>&nbsp;
            </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>      <div align="right"><FONT size=1 face="serif">4,000</FONT>&nbsp;
    </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Chandler GO, Zero Coupon, 7/01/08, FGIC</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">No Opt. Call</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">3,690,240</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
      <center>
        <FONT size=1 face="serif">AAA</FONT>&nbsp;
            </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>      <div align="right"><FONT size=1 face="serif">1,000</FONT>&nbsp;
    </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Phoenix Str. &amp; Hwy. RB, 4.25%, 7/01/09, FGIC</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">No Opt. Call</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">1,010,330</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
      <center>
        <FONT size=1 face="serif">AAA</FONT>&nbsp;
            </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>      <div align="right"><FONT size=1 face="serif">4,200</FONT>&nbsp;
    </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Pima Cnty. Str. &amp; Hwy. RB, 4.125%, 7/01/09, FGIC</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">07/08 @ 101</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">4,228,728</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>

          <center>
    </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>      <div align="right"></div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">8,929,298</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>

          <center>
    </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>      <div align="right"></div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<B><FONT size=2 face="serif">California&#151;2.3%</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>

          <center>
    </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>      <div align="right"></div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Dept. of Wtr. Res. Pwr. Sply. RB,</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
      <center>
        <FONT size=1 face="serif">AAA</FONT>&nbsp;
            </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>      <div align="right"><FONT size=1 face="serif">5,000</FONT>&nbsp;
    </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="serif">Ser. A, 3.125%, 5/01/08, FSA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">No Opt. Call</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">4,915,600</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
      <center>
        <FONT size=1 face="serif">AAA</FONT>&nbsp;
            </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>      <div align="right"><FONT size=1 face="serif">5,000</FONT>&nbsp;
    </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="serif">Ser. A, 3.375%, 5/01/09, MBIA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">No Opt. Call</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">4,904,950</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>

          <center>
    </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>      <div align="right"></div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">9,820,550</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>

          <center>
    </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>      <div align="right"></div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<B><FONT size=2 face="serif">Colorado&#151;2.5%</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
      <center>
        <FONT size=1 face="serif">AAA</FONT>&nbsp;
            </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>      <div align="right"><FONT size=1 face="serif">2,000</FONT>&nbsp;
    </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">E-470 Pub. Hwy. Auth. RB, Ser. B, Zero Coupon, 9/01/11, MBIA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">No Opt. Call</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">1,603,860</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
      <center>
        <FONT size=1 face="serif">AAA</FONT>&nbsp;
            </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>      <div align="right"><FONT size=1 face="serif">1,000</FONT>&nbsp;
    </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">El Paso Cnty. COP, Detention Fac. Proj., Ser. B, 3.20%, 12/01/08, AMBAC</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">No Opt. Call</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">978,470</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
      <center>
        <FONT size=1 face="serif">AAA</FONT>&nbsp;
            </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>      <div align="right"><FONT size=1 face="serif">6,965</FONT>&nbsp;
    </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Regl. Transp. Dist. COP, Transp. Vehicles Proj., Ser. A, 5.00%, 6/01/08, MBIA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">06/07 @ 101</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">7,109,942</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
      <center>
        <FONT size=1 face="serif">AAA</FONT>&nbsp;
            </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>      <div align="right"><FONT size=1 face="serif">1,000</FONT>&nbsp;
    </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Thornton COP, 3.25%, 12/01/08, AMBAC</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">No Opt. Call</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">979,280</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>

          <center>
    </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>      <div align="right"></div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">10,671,552</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>

          <center>
    </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>      <div align="right"></div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<B><FONT size=2 face="serif">Delaware&#151;0.2%</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
      <center>
        <FONT size=1 face="serif">AAA</FONT>&nbsp;
            </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>      <div align="right"><FONT size=1 face="serif">650</FONT>&nbsp;
    </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Delaware River &amp; Bay Auth. RB, 3.25%, 1/01/09, MBIA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">No Opt. Call</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">635,908</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>

          <center>
    </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>      <div align="right"></div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<B><FONT size=2 face="serif">District of Columbia&#151;3.1%</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>

          <center>
    </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>      <div align="right"></div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Dist. of Columbia GO,</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
      <center>
        <FONT size=1 face="serif">AAA</FONT>&nbsp;
            </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>      <div align="right"><FONT size=1 face="serif">195</FONT><SUP><FONT size=1 face="serif">3</FONT></SUP>
    </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="serif">Ser. B, 5.50%, 6/01/09, FSA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">ETM</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">203,531</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
      <center>
        <FONT size=1 face="serif">AAA</FONT>&nbsp;
            </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>      <div align="right"><FONT size=1 face="serif">2,605</FONT>&nbsp;
    </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="serif">Ser. B, 5.50%, 6/01/09, FSA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">No Opt. Call</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">2,716,781</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
      <center>
        <FONT size=1 face="serif">AAA</FONT>&nbsp;
            </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>      <div align="right"><FONT size=1 face="serif">10,000</FONT>&nbsp;
    </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="serif">Ser. B-1, 5.50%, 6/01/08, AMBAC</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">No Opt. Call</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">10,295,800</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>

          <center>
    </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>      <div align="right"></div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">13,216,112</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>

          <center>
    </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>      <div align="right"></div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<B><FONT size=2 face="serif">Florida&#151;4.8%</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
      <center>
        <FONT size=1 face="serif">AAA</FONT>&nbsp;
            </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>      <div align="right"><FONT size=1 face="serif">2,280</FONT>&nbsp;
    </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Broward Cnty. Sch. Brd. COP, Ser. B, 4.25%, 7/01/09, FSA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">No Opt. Call</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">2,297,807</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
      <center>
        <FONT size=1 face="serif">AAA</FONT>&nbsp;
            </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>      <div align="right"><FONT size=1 face="serif">13,890</FONT>&nbsp;
    </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Dept. of Env. Protection Presvtn. RB, Ser. B, 5.00%, 7/01/09, MBIA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">No Opt. Call</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">14,328,507</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
      <center>
        <FONT size=1 face="serif">AAA</FONT>&nbsp;
            </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>      <div align="right"><FONT size=1 face="serif">1,300</FONT>&nbsp;
    </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Palm Beach RB, Restoration Proj., Ser. A, 5.00%, 1/01/09, FSA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">No Opt. Call</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">1,334,489</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
      <center>
        <FONT size=1 face="serif">AAA</FONT>&nbsp;
            </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>      <div align="right"><FONT size=1 face="serif">2,080</FONT>&nbsp;
    </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Tampa Wtr. &amp; Swr. RB, 5.50%, 10/01/08, FSA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">No Opt. Call</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">2,153,174</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>

          <center>
    </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>      <div align="right"></div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">20,113,977</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>

          <center>
    </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>      <div align="right"></div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<B><FONT size=2 face="serif">Georgia&#151;6.0%</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
      <center>
        <FONT size=1 face="serif">AAA</FONT>&nbsp;
            </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>      <div align="right"><FONT size=1 face="serif">5,000</FONT>&nbsp;
    </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Georgia GO, Ser. E, 5.25%, 2/01/10</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">No Opt. Call</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">5,239,750</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
      <center>
        <FONT size=1 face="serif">AAA</FONT>&nbsp;
            </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>      <div align="right"><FONT size=1 face="serif">20,000</FONT>&nbsp;
    </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Monroe Cnty. PCRB, Vogtle Power Plant Co. Proj., 4.20%, 1/01/12, AMBAC</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">No Opt. Call</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">20,040,200</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>

          <center>
    </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>      <div align="right"></div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">25,279,950</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>

          <center>
    </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>      <div align="right"></div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<B><FONT size=2 face="serif">Hawaii&#151;5.0%</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>

          <center>
    </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>      <div align="right"></div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Hawaii GO,</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
      <center>
        <FONT size=1 face="serif">AAA</FONT>&nbsp;
            </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>      <div align="right"><FONT size=1 face="serif">6,510</FONT>&nbsp;
    </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="serif">Ser. CY, 4.00%, 2/01/09, FSA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">No Opt. Call</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">6,528,749</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
      <center>
        <FONT size=1 face="serif">AAA</FONT>&nbsp;
            </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>      <div align="right"><FONT size=1 face="serif">8,045</FONT>&nbsp;
    </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="serif">Ser. CZ, 3.25%, 7/01/09, FSA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">No Opt. Call</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">7,839,289</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>

          <center>
    </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>      <div align="right"></div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Honolulu City &amp; Cnty. GO,</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
      <center>
        <FONT size=1 face="serif">AAA</FONT>&nbsp;
            </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>      <div align="right"><FONT size=1 face="serif">1,880</FONT>&nbsp;
    </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="serif">Ser. A, 5.00%, 3/01/09, MBIA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">No Opt. Call</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">1,932,508</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
      <center>
        <FONT size=1 face="serif">AAA</FONT>&nbsp;
            </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>      <div align="right"><FONT size=1 face="serif">4,750</FONT>&nbsp;
    </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="serif">Ser. E, 4.00%, 7/01/08, FGIC</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">No Opt. Call</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">4,766,198</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>

          <center>
    </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>      <div align="right"></div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">21,066,744</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>

          <center>
    </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>      <div align="right"></div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<B><FONT size=2 face="serif">Illinois&#151;12.2%</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>

          <center>
    </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>      <div align="right"></div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Chicago Park Dist., Pkg. Rev. GO,</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
      <center>
        <FONT size=1 face="serif">AAA</FONT>&nbsp;
            </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>      <div align="right"><FONT size=1 face="serif">1,750</FONT>&nbsp;
    </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="serif">Ser. A, 3.50%, 1/01/09, FGIC</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">No Opt. Call</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">1,724,100</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
      <center>
        <FONT size=1 face="serif">AAA</FONT>&nbsp;
            </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>      <div align="right"><FONT size=1 face="serif">1,000</FONT>&nbsp;
    </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="serif">Ser. C, 3.00%, 1/01/09, AMBAC</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">No Opt. Call</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">968,040</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
      <center>
        <FONT size=1 face="serif">AAA</FONT>&nbsp;
            </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>      <div align="right"><FONT size=1 face="serif">3,105</FONT><SUP><FONT size=1 face="serif">3</FONT></SUP>
    </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Chicago Pub. Bldg. RB, Ser. A, Zero Coupon, 1/01/07, MBIA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">ETM</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">3,047,806</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>

          <center>
    </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>      <div align="right"></div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Cook Cnty. High Sch. GO,</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
      <center>
        <FONT size=1 face="serif">AAA</FONT>&nbsp;
            </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>      <div align="right"><FONT size=1 face="serif">2,000</FONT>&nbsp;
    </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="serif">Arlington Heights Proj., 4.50%, 12/01/08, FSA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">No Opt. Call</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">2,027,660</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
      <center>
        <FONT size=1 face="serif">AAA</FONT>&nbsp;
            </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>      <div align="right"><FONT size=1 face="serif">1,175</FONT><SUP><FONT size=1 face="serif">3</FONT></SUP>
    </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="serif">J. Sterling Morton Twnshp. Proj., Zero Coupon, 12/01/09, FGIC</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">ETM</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">1,023,778</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
      <center>
        <FONT size=1 face="serif">AAA</FONT>&nbsp;
            </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>      <div align="right"><FONT size=1 face="serif">4,805</FONT>&nbsp;
    </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="serif">J. Sterling Morton Twnshp. Proj., Zero Coupon, 12/01/09, FGIC</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">No Opt. Call</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">4,182,416</FONT>&nbsp;
        </TD>
</TR>
</TABLE>
<BR>
<P align="center">
<FONT size=2 face="serif">See Notes to Financial Statements.</FONT></P>
<P align="center">
<FONT size=2 face="serif">16</FONT></P>

<HR noshade align="center" width="100%" size=4>




<P STYLE="page-break-before:always"></P><PAGE>


<P align="justify">
<B><FONT size=2 face="serif">BlackRock Insured Municipal 2008 Term Trust (BRM) (continued)</FONT></B></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD width=6% align=left nowrap>

          <center>
    </center></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=5% align=center nowrap>
      <center>
        <B><FONT size=2 face="serif">Principal</FONT></B>&nbsp;
    </center></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=61% align=left nowrap>&nbsp;

        </TD>
        <TD width=7%>&nbsp;
        </TD>
        <TD width=7% align=left nowrap>&nbsp;

        </TD>
        <TD width=3%>&nbsp;
        </TD>
        <TD width=7% align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>

          <center>
    </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
      <center>
        <B><FONT size=2 face="serif">Amount</FONT></B>&nbsp;
    </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<B><FONT size=2 face="serif">Option Call</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
      <center>
        <B><FONT size=2 face="serif">Rating</FONT></B><B><SUP><FONT size=2 face="serif">1</FONT></SUP></B>&nbsp;
            </center></TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        </TD>
        <TD align=center nowrap style="border-bottom:1px solid #000000;">
      <center>
        <B><FONT size=2 face="serif">(000)</FONT></B>&nbsp;
    </center></TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;"> <center>
          <B><FONT size=2 face="serif">Description</FONT></B>&nbsp;
    </center></TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD align=center nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="serif">Provisions</FONT></B><B><SUP><FONT size=2 face="serif">2</FONT></SUP></B>&nbsp;
        </TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        </TD>
        <TD align=center nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="serif">Value</FONT></B>&nbsp;
        </TD>
</TR>
<TR>
        <TD colspan=9>

          <center>
    </center></TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>

          <center>
    </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

          <div align="right"></div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<B><FONT size=2 face="serif">Illinois&#151;(cont&#146;d)</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
      <center>
        <FONT size=1 face="serif">AAA</FONT>&nbsp;
            </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
      <div align="right"><FONT size=1 face="serif">&#36;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13,000</FONT>&nbsp;
            </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Dev. Fin. Auth. Gas Sply. RB, 3.05%, 2/01/33, AMBAC</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">No Opt. Call</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">&#36; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12,694,890</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
      <center>
        <FONT size=1 face="serif">AAA</FONT>&nbsp;
            </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 <div align="right"><FONT size=1 face="serif">8,985</FONT>&nbsp;
    </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Du Page Cnty. Forest Presvtn. Dist. GO, Zero Coupon, 11/01/08</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">No Opt. Call</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">8,170,330</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
      <center>
        <FONT size=1 face="serif">AAA</FONT>&nbsp;
            </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 <div align="right"><FONT size=1 face="serif">6,750</FONT>&nbsp;
    </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Illinois GO, Ser. 1, 3.50%, 7/01/08, MBIA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">No Opt. Call</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">6,683,715</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
      <center>
        <FONT size=1 face="serif">AAA</FONT>&nbsp;
            </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 <div align="right"><FONT size=1 face="serif">1,455</FONT>&nbsp;
    </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Kane &amp; Du Page Cntys. Sch. Dist. GO, Ser. A, 3.75%, 1/01/09, FSA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">No Opt. Call</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">1,448,845</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>

          <center>
    </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

          <div align="right"></div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Met. Pier &amp; Expo. Auth. Ded. St. Tax RB, McCormick Place Expansion Proj.,</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
      <center>
        <FONT size=1 face="serif">AAA</FONT>&nbsp;
            </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

      <div align="right"><FONT size=1 face="serif">8,385</FONT><SUP><FONT size=1 face="serif">3</FONT></SUP>
    </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="serif">Zero Coupon, 6/15/08, FGIC</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">ETM</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">7,774,740</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
      <center>
        <FONT size=1 face="serif">AAA</FONT>&nbsp;
            </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
      <div align="right"><FONT size=1 face="serif">215</FONT>&nbsp;
            </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="serif">Zero Coupon, 6/15/08, FGIC</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">No Opt. Call</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">199,010</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
      <center>
        <FONT size=1 face="serif">AAA</FONT>&nbsp;
            </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

      <div align="right"><FONT size=1 face="serif">1,570</FONT><SUP><FONT size=1 face="serif">3</FONT></SUP>
    </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="serif">Ser. A, Zero Coupon, 6/15/08, FGIC</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">ETM</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">1,455,735</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>

          <center>
    </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

          <div align="right"></div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">51,401,065</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>

          <center>
    </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

          <div align="right"></div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<B><FONT size=2 face="serif">Kansas&#151;0.2%</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
      <center>
        <FONT size=1 face="serif">AAA</FONT>&nbsp;
            </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 <div align="right"><FONT size=1 face="serif">1,000</FONT>&nbsp;
    </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Dev. Fin. Auth. Pub. Wtr. Sply. RB, 4.00%, 4/01/09, AMBAC</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">No Opt. Call</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">1,003,040</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>

          <center>
    </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

          <div align="right"></div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<B><FONT size=2 face="serif">Kentucky&#151;0.8%</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
      <center>
        <FONT size=1 face="serif">AAA</FONT>&nbsp;
            </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 <div align="right"><FONT size=1 face="serif">3,890</FONT>&nbsp;
    </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Owensboro Elec. Lt. &amp; Pwr. RB, Ser. B, Zero Coupon, 1/01/09, AMBAC</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">No Opt. Call</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">3,511,503</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>

          <center>
    </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

          <div align="right"></div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<B><FONT size=2 face="serif">Louisiana&#151;1.3%</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
      <center>
        <FONT size=1 face="serif">AAA</FONT>&nbsp;
            </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 <div align="right"><FONT size=1 face="serif">5,770</FONT>&nbsp;
    </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Pub. Facs. Auth. RB, Ochsner Clinic Fndtn. Proj., Ser. A, 3.50%, 5/15/09, MBIA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">No Opt. Call</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">5,652,292</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>

          <center>
    </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

          <div align="right"></div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<B><FONT size=2 face="serif">Michigan&#151;4.9%</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
      <center>
        <FONT size=1 face="serif">AAA</FONT>&nbsp;
            </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 <div align="right"><FONT size=1 face="serif">6,315</FONT>&nbsp;
    </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Detroit City Sch. Dist. GO, Sch. Bldg. &amp; Site Impvt. Proj., Ser. A, 4.00%, 5/01/09, FGIC</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">No Opt. Call</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">6,326,430</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
      <center>
        <FONT size=1 face="serif">AAA</FONT>&nbsp;
            </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 <div align="right"><FONT size=1 face="serif">1,665</FONT><SUP><FONT size=1 face="serif">3</FONT></SUP>
    </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Detroit GO, 3.50%, 4/01/09, MBIA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">ETM</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">1,638,610</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
      <center>
        <FONT size=1 face="serif">AAA</FONT>&nbsp;
            </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 <div align="right"><FONT size=1 face="serif">3,000</FONT>&nbsp;
    </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Trunk Line RB, Ser. A, 4.125%, 11/01/08, FSA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">No Opt. Call</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">3,019,320</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
      <center>
        <FONT size=1 face="serif">AAA</FONT>&nbsp;
            </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 <div align="right"><FONT size=1 face="serif">2,535</FONT>&nbsp;
    </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Washtenaw Cmnty. Coll. GO, 4.00%, 4/01/09, MBIA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">No Opt. Call</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">2,543,366</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
      <center>
        <FONT size=1 face="serif">AAA</FONT>&nbsp;
            </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 <div align="right"><FONT size=1 face="serif">2,695</FONT>&nbsp;
    </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">West Ottawa Pub. Sch. Dist. GO, Ser. B, 3.50%, 5/01/09, FGIC</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">No Opt. Call</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">2,657,674</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
      <center>
        <FONT size=1 face="serif">AAA</FONT>&nbsp;
            </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 <div align="right"><FONT size=1 face="serif">2,000</FONT>&nbsp;
    </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Western Twnshps. Util. Auth. Swr. Disp. Sys. GO, 5.00%, 1/01/09, FGIC</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">No Opt. Call</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">2,053,540</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
      <center>
        <FONT size=1 face="serif">AAA</FONT>&nbsp;
            </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 <div align="right"><FONT size=1 face="serif">2,160</FONT>&nbsp;
    </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Wyandotte Elec. RB, 6.25%, 10/01/08, MBIA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">No Opt. Call</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">2,218,860</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>

          <center>
    </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

          <div align="right"></div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">20,457,800</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>

          <center>
    </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

          <div align="right"></div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<B><FONT size=2 face="serif">Mississippi&#151;0.5%</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
      <center>
        <FONT size=1 face="serif">AAA</FONT>&nbsp;
            </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 <div align="right"><FONT size=1 face="serif">2,175</FONT>&nbsp;
    </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">De Soto Cnty. Sch. Dist. GO, 3.25%, 2/01/09, FSA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">No Opt. Call</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">2,124,105</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>

          <center>
    </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

          <div align="right"></div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<B><FONT size=2 face="serif">Nevada&#151;2.7%</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
      <center>
        <FONT size=1 face="serif">AAA</FONT>&nbsp;
            </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 <div align="right"><FONT size=1 face="serif">6,270</FONT>&nbsp;
    </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Clark Cnty. Sch. Dist. GO, Ser. A, 4.00%, 6/01/09, FGIC</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">No Opt. Call</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">6,283,418</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>

          <center>
    </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

          <div align="right"></div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Dept. of Bus. &amp; Ind. RB, Las Vegas Monorail Proj.,</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
      <center>
        <FONT size=1 face="serif">AAA</FONT>&nbsp;
            </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 <div align="right"><FONT size=1 face="serif">2,085</FONT>&nbsp;
    </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="serif">Zero Coupon, 1/01/09, AMBAC</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">No Opt. Call</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">1,868,452</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
      <center>
        <FONT size=1 face="serif">AAA</FONT>&nbsp;
            </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 <div align="right"><FONT size=1 face="serif">3,585</FONT>&nbsp;
    </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="serif">Zero Coupon, 1/01/10, AMBAC</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">No Opt. Call</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">3,070,875</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>

          <center>
    </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

          <div align="right"></div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">11,222,745</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>

          <center>
    </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

          <div align="right"></div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<B><FONT size=2 face="serif">New Jersey&#151;1.3%</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
      <center>
        <FONT size=1 face="serif">AAA</FONT>&nbsp;
            </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 <div align="right"><FONT size=1 face="serif">1,220</FONT>&nbsp;
    </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Econ. Dev. Auth. RB, Econ. Recovery Fund, Ser. A, 4.50%, 3/15/09, MBIA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">No Opt. Call</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">1,239,410</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>

          <center>
    </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

          <div align="right"></div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Monmouth Cnty. Impvt. Auth. Gov&#146;t. Loan RB,</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
      <center>
        <FONT size=1 face="serif">AAA</FONT>&nbsp;
            </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 <div align="right"><FONT size=1 face="serif">1,220</FONT>&nbsp;
    </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="serif">3.10%, 4/15/09, AMBAC</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">No Opt. Call</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">1,184,230</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
      <center>
        <FONT size=1 face="serif">AAA</FONT>&nbsp;
            </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 <div align="right"><FONT size=1 face="serif">1,000</FONT>&nbsp;
    </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="serif">5.00%, 12/01/08, FSA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">No Opt. Call</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">1,026,120</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
      <center>
        <FONT size=1 face="serif">AAA</FONT>&nbsp;
            </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 <div align="right"><FONT size=1 face="serif">1,750</FONT>&nbsp;
    </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Transp. Trust Fund Auth. Transp. Sys. RB, Ser. C, 5.25%, 12/15/08, AMBAC</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">No Opt. Call</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">1,803,655</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>

          <center>
    </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

          <div align="right"></div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">5,253,415</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>

          <center>
    </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

          <div align="right"></div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<B><FONT size=2 face="serif">New Mexico&#151;1.1%</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
      <center>
        <FONT size=1 face="serif">AAA</FONT>&nbsp;
            </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 <div align="right"><FONT size=1 face="serif">2,030</FONT>&nbsp;
    </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Farmington Util. Sys. RB, Ser. A, 3.50%, 5/15/09, FSA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">No Opt. Call</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">1,996,627</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
      <center>
        <FONT size=1 face="serif">AAA</FONT>&nbsp;
            </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 <div align="right"><FONT size=1 face="serif">2,455</FONT>&nbsp;
    </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Fin. Auth. RB, Fin. Auth. Pub. Impvt. Proj., Ser. A, 3.80%, 6/01/08, MBIA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">No Opt. Call</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">2,453,600</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>

          <center>
    </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

          <div align="right"></div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">4,450,227</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>

          <center>
    </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

          <div align="right"></div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<B><FONT size=2 face="serif">New York&#151;12.0%</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
      <center>
        <FONT size=1 face="serif">AAA</FONT>&nbsp;
            </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 <div align="right"><FONT size=1 face="serif">2,000</FONT>&nbsp;
    </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Erie Cnty. Pub. Impvt. GO, Ser. A, 4.50%, 3/15/09, FGIC</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">No Opt. Call</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">2,031,300</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
      <center>
        <FONT size=1 face="serif">AAA</FONT>&nbsp;
            </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
      <div align="right"><FONT size=1 face="serif">15,500</FONT>&nbsp;
            </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">New York City GO, Ser. E, 6.20%, 8/01/07, MBIA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">No Opt. Call</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">15,895,560</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
      <center>
        <FONT size=1 face="serif">AAA</FONT>&nbsp;
            </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 <div align="right"><FONT size=1 face="serif">4,250</FONT>&nbsp;
    </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">New York City Hlth. &amp; Hosp. Corp. Hlth. Sys. Svcs. RB, Ser. A, 3.50%, 2/15/09, AMBAC</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">No Opt. Call</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">4,182,637</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>

          <center>
    </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

          <div align="right"></div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">New York GO,</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
      <center>
        <FONT size=1 face="serif">AAA</FONT>&nbsp;
            </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 <div align="right"><FONT size=1 face="serif">1,450</FONT><SUP><FONT size=1 face="serif">3</FONT></SUP>
    </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="serif">Ser. E, 6.125%, 8/01/06, MBIA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">ETM</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">1,452,393</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
      <center>
        <FONT size=1 face="serif">AAA</FONT>&nbsp;
            </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 <div align="right"><FONT size=1 face="serif">3,550</FONT>&nbsp;
    </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="serif">Ser. E, 6.125%, 8/01/06, MBIA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">No Opt. Call</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">3,555,822</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
      <center>
        <FONT size=1 face="serif">AAA</FONT>&nbsp;
            </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
      <div align="right"><FONT size=1 face="serif">15,915</FONT>&nbsp;
            </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="serif">Ser. F, 5.25%, 9/15/09, MBIA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">09/08 @ 101</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">16,531,229</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
      <center>
        <FONT size=1 face="serif">AAA</FONT>&nbsp;
            </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 <div align="right"><FONT size=1 face="serif">4,000</FONT>&nbsp;
    </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Port Auth. of New York &amp; New Jersey RB, Ser. 129, 2.875%, 11/01/08, FSA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">No Opt. Call</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">3,888,760</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
      <center>
        <FONT size=1 face="serif">AAA</FONT>&nbsp;
            </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 <div align="right"><FONT size=1 face="serif">2,715</FONT>&nbsp;
    </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Thruway Auth. Svc. Contract RB, Local Hwy. &amp; Brdg. Proj., Ser. A, 5.40%, 1/01/09, MBIA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">07/06 @ 101</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">2,737,670</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>

          <center>
    </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

          <div align="right"></div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">50,275,371</FONT>&nbsp;
        </TD>
</TR>
</TABLE>
<BR>
<P align="center">
<FONT size=2 face="serif">See Notes to Financial Statements.</FONT></P>
<P align="center">
<FONT size=2 face="serif">17</FONT></P>

<HR noshade align="center" width="100%" size=4>




<P STYLE="page-break-before:always"></P><PAGE>


<P align="justify">
<B><FONT size=2 face="serif">BlackRock Insured Municipal 2008 Term Trust (BRM) (continued)</FONT></B></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD width=5% align=left nowrap>

          <center>
    </center></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=5% align=center nowrap>
<B><FONT size=2 face="serif">Principal</FONT></B>&nbsp;
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=58% align=left nowrap>&nbsp;

        </TD>
        <TD width=11%>&nbsp;
        </TD>
        <TD width=7% align=left nowrap>&nbsp;

        </TD>
        <TD width=3%>&nbsp;
        </TD>
        <TD width=7% align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>

          <center>
    </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<B><FONT size=2 face="serif">Amount</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<B><FONT size=2 face="serif">Option Call</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
      <center>
        <B><FONT size=2 face="serif">Rating</FONT></B><B><SUP><FONT size=2 face="serif">1</FONT></SUP></B>&nbsp;
            </center></TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        </TD>
        <TD align=center nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="serif">(000)</FONT></B>&nbsp;
        </TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;"> <center>
          <B><FONT size=2 face="serif">Description</FONT></B>&nbsp;
    </center></TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD align=center nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="serif">Provisions</FONT></B><B><SUP><FONT size=2 face="serif">2</FONT></SUP></B>&nbsp;
        </TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        </TD>
        <TD align=center nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="serif">Value</FONT></B>&nbsp;
        </TD>
</TR>
<TR>
        <TD colspan=9>

          <center>
    </center></TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>

          <center>
    </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<B><FONT size=2 face="serif">North Carolina&#151;8.2%</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>

          <center>
    </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Eastn. Mun. Pwr. Agcy. Sys. RB,</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
      <center>
        <FONT size=1 face="serif">AAA</FONT>&nbsp;
            </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">&#36;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13,500</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="serif">Ser. B, 6.125%, 1/01/09, FGIC</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">No Opt. Call</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">&#36;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14,201,865</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
      <center>
        <FONT size=1 face="serif">AAA</FONT>&nbsp;
            </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">5,000</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="serif">Ser. B, 7.00%, 1/01/08, CAPMAC</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">No Opt. Call</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">5,232,000</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
      <center>
        <FONT size=1 face="serif">AAA</FONT>&nbsp;
            </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
      <div align="right"><FONT size=1 face="serif">14,675</FONT><SUP><FONT size=1 face="serif">4</FONT></SUP></div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="serif">Ser. B, 7.25%, 1/01/07, CAPMAC</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">N/A</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">14,921,393</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>

          <center>
    </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">34,355,258</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>

          <center>
    </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<B><FONT size=2 face="serif">Ohio&#151;0.5%</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
      <center>
        <FONT size=1 face="serif">AAA</FONT>&nbsp;
            </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">2,000</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Bldg. Auth. RB, Workers&#146; Comp. Facs. Proj., Ser. A, 5.00%, 4/01/09, FGIC</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">No Opt. Call</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">2,058,020</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>

          <center>
    </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<B><FONT size=2 face="serif">Oregon&#151;2.0%</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>

          <center>
    </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Dept. of Admin. Svcs.,</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
      <center>
        <FONT size=1 face="serif">AAA</FONT>&nbsp;
            </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">2,905</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="serif">COP, 5.00%, 11/01/08, FSA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">No Opt. Call</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">2,979,600</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
      <center>
        <FONT size=1 face="serif">AAA</FONT>&nbsp;
            </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">2,255</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="serif">Lottery RB, Ser. C, 3.125%, 4/01/09, FSA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">No Opt. Call</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">2,191,838</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
      <center>
        <FONT size=1 face="serif">AAA</FONT>&nbsp;
            </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">1,285</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Lane Cnty. Sch. Dist. No. 4 GO, 3.00%, 1/01/09, FSA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">No Opt. Call</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">1,247,234</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
      <center>
        <FONT size=1 face="serif">AAA</FONT>&nbsp;
            </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">2,000</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Washington &amp; Clackamas Cntys. Sch. Dist. GO, 3.75%, 6/15/08, MBIA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">No Opt. Call</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">1,996,620</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>

          <center>
    </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">8,415,292</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>

          <center>
    </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<B><FONT size=2 face="serif">Pennsylvania&#151;10.3%</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
      <center>
        <FONT size=1 face="serif">AAA</FONT>&nbsp;
            </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">1,460</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Bensalem Twnshp. Sch. Dist. GO, 3.25%, 8/15/09, FGIC</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">No Opt. Call</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">1,421,865</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
      <center>
        <FONT size=1 face="serif">AAA</FONT>&nbsp;
            </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">1,500</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Bristol Twnshp. Sch. Dist. GO, 4.25%, 2/15/09, FGIC</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">No Opt. Call</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">1,514,325</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>

          <center>
    </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Dauphin Cnty. Gen. Auth. RB, HAPSCO-Western PA. Hosp. Proj.,</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
      <center>
        <FONT size=1 face="serif">AAA</FONT>&nbsp;
            </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">3,570</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="serif">Ser. A, 6.25%, 7/01/08, MBIA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">07/06 @ 100</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">3,574,463</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
      <center>
        <FONT size=1 face="serif">AAA</FONT>&nbsp;
      </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 <div align="right"><FONT size=1 face="serif">1,870</FONT><SUP><FONT size=1 face="serif">3</FONT></SUP>
    </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="serif">Ser. B, 6.25%, 7/01/08, MBIA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">ETM</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">1,911,252</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>

          <center>
    </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Dept. of Gen. Svcs. COP,</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
      <center>
        <FONT size=1 face="serif">AAA</FONT>&nbsp;
            </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">2,075</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="serif">4.50%, 5/01/08, FSA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">No Opt. Call</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">2,098,385</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
      <center>
        <FONT size=1 face="serif">AAA</FONT>&nbsp;
            </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">2,120</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="serif">4.50%, 11/01/08, FSA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">No Opt. Call</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">2,151,143</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
      <center>
        <FONT size=1 face="serif">AAA</FONT>&nbsp;
            </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">2,165</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="serif">4.50%, 5/01/09, FSA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">No Opt. Call</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">2,201,004</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
      <center>
        <FONT size=1 face="serif">AAA</FONT>&nbsp;
            </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">2,220</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="serif">4.50%, 11/01/09, FSA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">No Opt. Call</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">2,262,380</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
      <center>
        <FONT size=1 face="serif">AAA</FONT>&nbsp;
            </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">16,250</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Lehigh Cnty. Indl. Dev. Auth. PCRB, 3.125%, 11/01/08, AMBAC</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">No Opt. Call</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">15,878,850</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
      <center>
        <FONT size=1 face="serif">AAA</FONT>&nbsp;
            </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">3,175</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Philadelphia GO, 4.10%, 9/15/08, FSA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">No Opt. Call</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">3,193,383</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
      <center>
        <FONT size=1 face="serif">AAA</FONT>&nbsp;
            </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">3,125</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Pittsburgh Pub. Pkg. Auth. Pkg. RB, 3.25%, 12/01/08, AMBAC</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">No Opt. Call</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">3,064,375</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
      <center>
        <FONT size=1 face="serif">AAA</FONT>&nbsp;
            </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">3,955</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">West Chester Area Sch. Dist. GO, Ser. AA, 3.65%, 1/15/09, MBIA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">07/07 @ 100</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">3,943,649</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>

          <center>
    </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">43,215,074</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>

          <center>
    </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<B><FONT size=2 face="serif">South Carolina&#151;0.9%</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
      <center>
        <FONT size=1 face="serif">AAA</FONT>&nbsp;
            </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">2,020</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Chester Cnty. Sch. Dist. GO, 3.25%, 2/01/09, FSA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">No Opt. Call</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">1,976,247</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
      <center>
        <FONT size=1 face="serif">AAA</FONT>&nbsp;
            </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">1,705</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Lexington Cnty. Sch. Dist. 1 COP, 3.50%, 3/01/09, AMBAC</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">No Opt. Call</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">1,682,477</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>

          <center>
    </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">3,658,724</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>

          <center>
    </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<B><FONT size=2 face="serif">Tennessee&#151;0.2%</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
      <center>
        <FONT size=1 face="serif">AAA</FONT>&nbsp;
            </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">1,000</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Clarksville Wtr. Swr. &amp; Gas RB, 4.30%, 2/01/09, FSA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">No Opt. Call</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">1,010,640</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>

          <center>
    </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<B><FONT size=2 face="serif">Texas&#151;24.7%</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
      <center>
        <FONT size=1 face="serif">AAA</FONT>&nbsp;
            </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">5,380</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Austin Pub. Impvt. GO, 3.50%, 9/01/08, FSA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">No Opt. Call</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">5,324,478</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>

          <center>
    </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Austin Util. Sys. RB,</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
      <center>
        <FONT size=1 face="serif">AAA</FONT>&nbsp;
            </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">5,000</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="serif">6.625%, 11/15/08, AMBAC</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">No Opt. Call</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">5,294,600</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
      <center>
        <FONT size=1 face="serif">AAA</FONT>&nbsp;
            </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">11,515</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="serif">Ser. A, Zero Coupon, 11/15/08, MBIA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">No Opt. Call</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">10,461,493</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
      <center>
        <FONT size=1 face="serif">AAA</FONT>&nbsp;
            </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">5,000</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="serif">Ser. A, Zero Coupon, 11/15/09, AMBAC</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">No Opt. Call</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">4,354,300</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
      <center>
        <FONT size=1 face="serif">AAA</FONT>&nbsp;
            </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">5,000</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="serif">Ser. A, Zero Coupon, 11/15/09, MBIA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">No Opt. Call</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">4,354,300</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>

          <center>
    </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Coppell Indpt. Sch. Dist. GO,</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
      <center>
        <FONT size=1 face="serif">AAA</FONT>&nbsp;
      </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 <div align="right"><FONT size=1 face="serif">1,430</FONT><SUP><FONT size=1 face="serif">3</FONT></SUP>
    </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="serif">6.10%, 8/15/09, MBIA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">ETM</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">1,516,458</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
      <center>
        <FONT size=1 face="serif">AAA</FONT>&nbsp;
            </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">620</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="serif">6.10%, 8/15/09, MBIA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">08/06 @ 100</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">621,507</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
      <center>
        <FONT size=1 face="serif">AAA</FONT>&nbsp;
            </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">2,500</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Dallas Wtr. Wks. &amp; Swr. Sys. RB, 3.50%, 4/01/09, FSA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">No Opt. Call</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">2,460,450</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
      <center>
        <FONT size=1 face="serif">AAA</FONT>&nbsp;
            </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">4,390</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Houston Indpt. Sch. Dist. GO, Zero Coupon, 8/15/09, AMBAC</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">No Opt. Call</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">3,863,815</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>

          <center>
    </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Lower Colorado River Auth. RB,</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
      <center>
        <FONT size=1 face="serif">AAA</FONT>&nbsp;
            </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">2,010</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="serif">3.50%, 5/15/09, MBIA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">No Opt. Call</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">1,976,956</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
      <center>
        <FONT size=1 face="serif">AAA</FONT>&nbsp;
            </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">2,690</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="serif">5.25%, 5/15/09, FSA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">No Opt. Call</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">2,785,710</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
      <center>
        <FONT size=1 face="serif">AAA</FONT>&nbsp;
            </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">1,650</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Lubbock Cnty. GO, 3.50%, 2/15/09, FGIC</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">No Opt. Call</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">1,627,378</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>

          <center>
    </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Mun. Pwr. Agcy. RB,</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
      <center>
        <FONT size=1 face="serif">AAA</FONT>&nbsp;
            </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 <div align="right"><FONT size=1 face="serif">1,075</FONT><SUP><FONT size=1 face="serif">3</FONT></SUP>
    </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="serif">Zero Coupon, 9/01/08, AMBAC</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">ETM</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">988,602</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
      <center>
        <FONT size=1 face="serif">AAA</FONT>&nbsp;
            </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">13,925</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="serif">Zero Coupon, 9/01/08, AMBAC</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">No Opt. Call</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">12,781,479</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
      <center>
        <FONT size=1 face="serif">AAA</FONT>&nbsp;
            </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap> <div align="right"><FONT size=1 face="serif">1,155</FONT><SUP><FONT size=1 face="serif">3</FONT></SUP>
    </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="serif">Zero Coupon, 9/01/09, AMBAC</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">ETM</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">1,016,585</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
      <center>
        <FONT size=1 face="serif">AAA</FONT>&nbsp;
            </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">15,020</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="serif">Zero Coupon, 9/01/09, AMBAC</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">No Opt. Call</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">13,224,209</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
      <center>
        <FONT size=1 face="serif">AAA</FONT>&nbsp;
            </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">1,500</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">North Texas Tollway Auth. RB, Ser. C, 5.00%, 1/01/09, FSA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">No Opt. Call</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">1,538,370</FONT>&nbsp;
        </TD>
</TR>
</TABLE>
<BR>
<P align="center">
<FONT size=2 face="serif">See Notes to Financial Statements.</FONT></P>
<P align="center">
<FONT size=2 face="serif">18</FONT></P>

<HR noshade align="center" width="100%" size=4>




<P STYLE="page-break-before:always"></P><PAGE>


<P align="justify">
<B><FONT size=2 face="serif">BlackRock Insured Municipal 2008 Term Trust (BRM) (continued)</FONT></B></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD width=5% align=left nowrap>

          <center>
    </center></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=5% align=center nowrap>      <center>
          <B><FONT size=2 face="serif">Principal</FONT></B>&nbsp;
    </center></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=61% align=left nowrap>&nbsp;

        </TD>
        <TD width=9%>&nbsp;
        </TD>
        <TD width=7% align=left nowrap>&nbsp;

        </TD>
        <TD width=3%>&nbsp;
        </TD>
        <TD width=6% align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>

          <center>
    </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>      <center>
          <B><FONT size=2 face="serif">Amount</FONT></B>&nbsp;
    </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<B><FONT size=2 face="serif">Option Call</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
 <center>
   <B><FONT size=2 face="serif">Rating</FONT></B><B><SUP><FONT size=2 face="serif">1</FONT></SUP></B>&nbsp;
    </center></TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        </TD>
        <TD align=center nowrap style="border-bottom:1px solid #000000;">      <center>
          <B><FONT size=2 face="serif">(000)</FONT></B>&nbsp;
    </center></TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;"> <center>
          <B><FONT size=2 face="serif">Description</FONT></B>&nbsp;
    </center></TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD align=center nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="serif">Provisions</FONT></B><B><SUP><FONT size=2 face="serif">2</FONT></SUP></B>&nbsp;
        </TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        </TD>
        <TD align=center nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="serif">Value</FONT></B>&nbsp;
        </TD>
</TR>
<TR>
        <TD colspan=9>

          <center>
    </center></TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>

          <center>
    </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>      <div align="right"></div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<B><FONT size=2 face="serif">Texas&#151;(cont&#146;d)</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>

          <center>
    </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>      <div align="right"></div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Pub. Fin. Auth. Bldg. RB, Gen Svcs. Comm. Proj.,</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
      <center>
        <FONT size=1 face="serif">AAA</FONT>&nbsp;
            </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>      <div align="right"><FONT size=1 face="serif">&#36;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2,250</FONT><SUP><FONT size=1 face="serif">4</FONT></SUP>
    </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="serif">5.50%, 2/01/08, AMBAC</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">N/A</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">&#36;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2,329,582</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
      <center>
        <FONT size=1 face="serif">AAA</FONT>&nbsp;
            </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>      <div align="right"><FONT size=1 face="serif">750</FONT>&nbsp;
    </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="serif">5.50%, 2/01/09, AMBAC</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">02/08 @ 101</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">775,598</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>

          <center>
    </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>      <div align="right"></div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Pub. Fin. Auth. RB,</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
      <center>
        <FONT size=1 face="serif">AAA</FONT>&nbsp;
            </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
      <div align="right"><FONT size=1 face="serif">2,270</FONT>&nbsp;
    </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="serif">3.50%, 2/01/09, FGIC</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">No Opt. Call</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">2,236,926</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
      <center>
        <FONT size=1 face="serif">AAA</FONT>&nbsp;
            </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
      <div align="right"><FONT size=1 face="serif">5,900</FONT>&nbsp;
    </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="serif">Ser. B, 6.25%, 2/01/09, AMBAC</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">No Opt. Call</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">6,226,801</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
      <center>
        <FONT size=1 face="serif">AAA</FONT>&nbsp;
            </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
      <div align="right"><FONT size=1 face="serif">6,000</FONT><SUP><FONT size=1 face="serif">3</FONT></SUP>
    </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">San Antonio Elec. &amp; Gas RB, Ser. B, Zero Coupon, 2/01/10, FGIC</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">ETM</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">5,179,920</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
      <center>
        <FONT size=1 face="serif">AAA</FONT>&nbsp;
            </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
      <div align="right"><FONT size=1 face="serif">9,050</FONT>&nbsp;
    </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Tarrant Regl. Wtr. Dist. Impvt. RB, 3.50%, 3/01/09, FSA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">No Opt. Call</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">8,914,069</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
      <center>
        <FONT size=1 face="serif">AAA</FONT>&nbsp;
            </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
      <div align="right"><FONT size=1 face="serif">1,825</FONT>&nbsp;
    </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Williamson Cnty. GO, Ser. B, 5.00%, 2/15/09, FSA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">No Opt. Call</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">1,875,169</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
      <center>
        <FONT size=1 face="serif">AAA</FONT>&nbsp;
            </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
      <div align="right"><FONT size=1 face="serif">2,275</FONT>&nbsp;
    </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Ysleta Indpt. Sch. Dist. GO, Zero Coupon, 8/15/08</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">No Opt. Call</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">2,086,266</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>

          <center>
    </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>      <div align="right"></div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">103,815,021</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>

          <center>
    </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>      <div align="right"></div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<B><FONT size=2 face="serif">Utah&#151;3.3%</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>

          <center>
    </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>      <div align="right"></div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Intermountain Pwr. Agcy. Sply. RB,</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
      <center>
        <FONT size=1 face="serif">AAA</FONT>&nbsp;
            </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
      <div align="right"><FONT size=1 face="serif">2,215</FONT><SUP><FONT size=1 face="serif">3</FONT></SUP>
    </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="serif">Ser. B, 6.00%, 7/01/07, MBIA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">ETM</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">2,263,664</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
      <center>
        <FONT size=1 face="serif">AAA</FONT>&nbsp;
            </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
      <div align="right"><FONT size=1 face="serif">1,285</FONT>&nbsp;
    </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="serif">Ser. B, 6.00%, 7/01/07, MBIA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">No Opt. Call</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">1,311,599</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
      <center>
        <FONT size=1 face="serif">AAA</FONT>&nbsp;
            </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>      <div align="right"><FONT size=1 face="serif">10,300</FONT><SUP><FONT size=1 face="serif">4</FONT></SUP>
    </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Utah, GO, Ser. F, 5.00%, 7/01/07</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">N/A</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">10,427,411</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>

          <center>
    </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>      <div align="right"></div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">14,002,674</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>

          <center>
    </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>      <div align="right"></div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<B><FONT size=2 face="serif">Washington&#151;10.9%</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
      <center>
        <FONT size=1 face="serif">AAA</FONT>&nbsp;
            </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
      <div align="right"><FONT size=1 face="serif">1,250</FONT>&nbsp;
    </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Clark Cnty. Pub. Util. Dist. No. 1 RB, 5.00%, 1/01/09, MBIA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">No Opt. Call</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">1,281,975</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>

          <center>
    </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>      <div align="right"></div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Hlth. Care Fac. Auth. RB, Catholic Hlth. Initiatives Proj.,</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
      <center>
        <FONT size=1 face="serif">AAA</FONT>&nbsp;
            </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
      <div align="right"><FONT size=1 face="serif">1,010</FONT>&nbsp;
    </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="serif">Ser. A, 5.30%, 12/01/08, MBIA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">No Opt. Call</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">1,040,219</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
      <center>
        <FONT size=1 face="serif">AAA</FONT>&nbsp;
            </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
      <div align="right"><FONT size=1 face="serif">1,000</FONT>&nbsp;
    </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="serif">Ser. A, 5.40%, 12/01/10, MBIA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">06/10 @ 101</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">1,052,660</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
      <center>
        <FONT size=1 face="serif">AAA</FONT>&nbsp;
            </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>      <div align="right"><FONT size=1 face="serif">12,850</FONT>&nbsp;
    </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">King Cnty. GO, Ser. D, 5.55%, 12/01/08, MBIA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">12/07 @ 102</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">13,334,316</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
      <center>
        <FONT size=1 face="serif">AAA</FONT>&nbsp;
            </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
      <div align="right"><FONT size=1 face="serif">3,060</FONT>&nbsp;
    </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">King Cnty. Pub. Transp. Sales Tax GO, 3.50%, 12/01/08, FSA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">No Opt. Call</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">3,021,077</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
      <center>
        <FONT size=1 face="serif">AAA</FONT>&nbsp;
            </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
      <div align="right"><FONT size=1 face="serif">2,045</FONT>&nbsp;
    </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Motor Vehicle Fuel Tax GO, 4.00%, 7/01/09, MBIA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">No Opt. Call</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">2,051,851</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>

          <center>
    </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>      <div align="right"></div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Pub. Pwr. Sply. RB,</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
      <center>
        <FONT size=1 face="serif">AAA</FONT>&nbsp;
            </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>      <div align="right"><FONT size=1 face="serif">11,000</FONT>&nbsp;
    </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="serif">Ser. A, 5.80%, 7/01/07, FSA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">No Opt. Call</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">11,211,970</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
      <center>
        <FONT size=1 face="serif">AAA</FONT>&nbsp;
            </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
      <div align="right"><FONT size=1 face="serif">5,550</FONT>&nbsp;
    </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="serif">Nuclear Proj. No. 3, Zero Coupon, 7/01/07, MBIA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">No Opt. Call</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">5,343,096</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
      <center>
        <FONT size=1 face="serif">AAA</FONT>&nbsp;
            </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
      <div align="right"><FONT size=1 face="serif">2,000</FONT>&nbsp;
    </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="serif">Nuclear Proj. No. 3, Zero Coupon, 7/01/08, MBIA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">No Opt. Call</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">1,843,320</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
      <center>
        <FONT size=1 face="serif">AAA</FONT>&nbsp;
            </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
      <div align="right"><FONT size=1 face="serif">5,710</FONT>&nbsp;
    </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Seattle Impvt. Ltd. Tax GO, 4.00%, 7/01/08, FSA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">No Opt. Call</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">5,724,047</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>

          <center>
    </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>      <div align="right"></div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">45,904,531</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>

          <center>
    </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>      <div align="right"></div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<B><FONT size=2 face="serif">West Virginia&#151;1.5%</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
      <center>
        <FONT size=1 face="serif">AAA</FONT>&nbsp;
            </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
      <div align="right"><FONT size=1 face="serif">1,550</FONT>&nbsp;
    </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Econ. Dev. Auth. RB, Correctional Juvenile &amp; Pub. Proj., Ser. A, 4.25%, 6/01/08, MBIA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">No Opt. Call</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">1,560,091</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>

          <center>
    </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>      <div align="right"></div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Higher Ed. Policy Comm. RB,</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
      <center>
        <FONT size=1 face="serif">AAA</FONT>&nbsp;
            </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
      <div align="right"><FONT size=1 face="serif">2,455</FONT>&nbsp;
    </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="serif">St. Coll. Fac. Proj., Ser. A, 5.00%, 4/01/09, MBIA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">No Opt. Call</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">2,523,003</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
      <center>
        <FONT size=1 face="serif">AAA</FONT>&nbsp;
            </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
      <div align="right"><FONT size=1 face="serif">2,135</FONT>&nbsp;
    </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="serif">Univ. Facs. Proj., Ser. A, 5.00%, 4/01/09, MBIA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">No Opt. Call</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">2,194,139</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>

          <center>
    </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>      <div align="right"></div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">6,277,233</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>

          <center>
    </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>      <div align="right"></div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<B><FONT size=2 face="serif">Wisconsin&#151;1.5%</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
      <center>
        <FONT size=1 face="serif">AAA</FONT>&nbsp;
            </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
      <div align="right"><FONT size=1 face="serif">6,080</FONT>&nbsp;
    </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Wisconsin, GO, Ser. C, 4.00%, 5/01/09, MBIA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">No Opt. Call</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">6,099,030</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>

          <center>
    </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>      <div align="right"></div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<B><FONT size=2 face="serif">Wyoming&#151;0.3%</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
      <center>
        <FONT size=1 face="serif">AAA</FONT>&nbsp;
            </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
      <div align="right"><FONT size=1 face="serif">1,270</FONT>&nbsp;
    </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Albany Cnty. Impvts. Statutory Trust COP, 3.75%, 1/15/09, MBIA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">No Opt. Call</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">1,265,149</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>

          <center>
    </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>      <div align="right"></div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<B><FONT size=1 face="serif">Total Long-Term Investments (cost &#36;537,746,831)</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">544,257,884</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>

          <center>
    </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>      <div align="right"></div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<B><FONT size=2 face="serif">SHORT-TERM INVESTMENTS&#151;32.9%</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>

          <center>
    </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>      <div align="right"></div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<B><FONT size=2 face="serif">Connecticut&#151;1.5%</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
      <center>
        <FONT size=1 face="serif">A-1+</FONT>&nbsp;
            </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
      <div align="right"><FONT size=1 face="serif">6,555</FONT><SUP><FONT size=1 face="serif">5</FONT></SUP>
    </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">St. Hlth. &amp; Edl. RB, Quinnipac Univ. Proj., Ser. F, 4.00%, 7/03/06, RAA, FRDD</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">N/A</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">6,555,000</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>

          <center>
    </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>      <div align="right"></div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<B><FONT size=2 face="serif">Florida&#151;2.2%</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
      <center>
        <FONT size=1 face="serif">A-1+</FONT>&nbsp;
            </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
      <div align="right"><FONT size=1 face="serif">9,155</FONT><SUP><FONT size=1 face="serif">5</FONT></SUP></div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Pinellas Cnty. Hlth. Fac. Auth. RB, 4.04%, 7/03/06, AMBAC, FRDD</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">N/A</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">9,155,000</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>

          <center>
    </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>      <div align="right"></div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<B><FONT size=2 face="serif">Illinois&#151;1.6%</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
      <center>
        <FONT size=1 face="serif">A-1+</FONT>&nbsp;
            </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
      <div align="right"><FONT size=1 face="serif">6,600</FONT><SUP><FONT size=1 face="serif">5</FONT></SUP>
    </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Joliet Regl. Port Dist. Marine Term. RB, Exxon Corp. Proj., 3.84%, 7/03/06, FRDD</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">N/A</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">6,600,000</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>

          <center>
    </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>      <div align="right"></div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<B><FONT size=2 face="serif">Kansas&#151;0.8%</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
      <center>
        <FONT size=1 face="serif">A-1+</FONT>&nbsp;
            </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
      <div align="right"><FONT size=1 face="serif">3,455</FONT><SUP><FONT size=1 face="serif">5</FONT></SUP>
    </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Dept. Transp. Hwy. RB, Ser. B-1, 3.89%, 7/03/06, FRDD</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">N/A</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">3,455,000</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>

          <center>
    </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>      <div align="right"></div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<B><FONT size=2 face="serif">Kentucky&#151;1.9%</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
      <center>
        <FONT size=1 face="serif">A-1+</FONT>&nbsp;
            </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
      <div align="right"><FONT size=1 face="serif">8,000</FONT><SUP><FONT size=1 face="serif">5</FONT></SUP>
    </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Kentucky, Inc. Pub. Energy Auth. RB, Ser. A, 4.06%, 7/03/06, FRDD</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">N/A</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">8,000,000</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>

          <center>
    </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>      <div align="right"></div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<B><FONT size=2 face="serif">Louisiana&#151;0.3%</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
      <center>
        <FONT size=1 face="serif">A-1+</FONT>&nbsp;
            </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
      <div align="right"><FONT size=1 face="serif">1,300</FONT><SUP><FONT size=1 face="serif">5</FONT></SUP>
    </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">East Baton Rouge Parish PCRB, Exxon Proj., 3.97%, 7/03/06, FRDD</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">N/A</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">1,300,000</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>

          <center>
    </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>      <div align="right"></div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<B><FONT size=2 face="serif">Maryland&#151;0.5%</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
      <center>
        <FONT size=1 face="serif">VMIG1</FONT>&nbsp;
            </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
      <div align="right"><FONT size=1 face="serif">2,000</FONT><SUP><FONT size=1 face="serif">5</FONT></SUP>
    </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Cmnty. Dev. Admin. Multi-Fam. Hsg. RB, Avalon Lea Apts. Proj., 3.97%, 7/05/06, FRWD</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">N/A</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">2,000,000</FONT>&nbsp;
        </TD>
</TR>
</TABLE>
<BR>
<P align="center">
<FONT size=2 face="serif">See Notes to Financial Statements.</FONT></P>
<P align="center">
<FONT size=2 face="serif">19</FONT></P>

<HR noshade align="center" width="100%" size=4>




<P STYLE="page-break-before:always"></P><PAGE>


<P align="justify">
<B><FONT size=2 face="serif">BlackRock Insured Municipal 2008 Term Trust (BRM) (continued)</FONT></B></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD width=5% align=left nowrap>

          <center>
    </center></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=5% align=center nowrap>
<B><FONT size=2 face="serif">Principal</FONT></B>&nbsp;
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=74% align=left nowrap>&nbsp;

        </TD>
        <TD width=7%>&nbsp;
        </TD>
        <TD width=6% align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>

          <center>
    </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<B><FONT size=2 face="serif">Amount</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
 <center>
   <B><FONT size=2 face="serif">Rating</FONT></B><B><SUP><FONT size=2 face="serif">1</FONT></SUP></B>&nbsp;
    </center></TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
      <center>
        <B><FONT size=2 face="serif">(000)</FONT></B>&nbsp;
            </center></TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;"> <center>
          <B><FONT size=2 face="serif">Description</FONT></B>&nbsp;
    </center></TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD align=center nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="serif">Value</FONT></B>&nbsp;
        </TD>
</TR>
<TR>
        <TD colspan=7>

          <center>
    </center></TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>

          <center>
    </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<B><FONT size=2 face="serif">Massachusetts&#151;4.9%</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>

          <center>
    </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Hlth. &amp; Edl. Fac. Auth. RB, Harvard Univ. Proj.,</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
      <center>
        <FONT size=1 face="serif">A-1+</FONT>&nbsp;
            </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">&#36;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12,000</FONT><SUP><FONT size=1 face="serif">5</FONT></SUP>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="serif">Ser. BB, 3.92%, 7/06/06, FRWD</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">&#36; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12,000,000</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
      <center>
        <FONT size=1 face="serif">A-1+</FONT>&nbsp;
            </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">8,650</FONT><SUP><FONT size=1 face="serif">5</FONT></SUP>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="serif">Ser. R, 3.90%, 7/03/06, FRDD</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">8,650,000</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>

          <center>
    </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">20,650,000</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>

          <center>
    </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<B><FONT size=2 face="serif">Michigan&#151;0.3%</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>

          <center>
    </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Detroit Swr. Disp. RB,</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
      <center>
        <FONT size=1 face="serif">A-1+</FONT>&nbsp;
            </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">995</FONT><SUP><FONT size=1 face="serif">5</FONT></SUP>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="serif">Ser. A, 4.00%, 7/05/06, MBIA, FRWD</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">997,296</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
      <center>
        <FONT size=1 face="serif">A-1+</FONT>&nbsp;
            </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">490</FONT><SUP><FONT size=1 face="serif">5</FONT></SUP>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="serif">Ser. C-1, 3.98%, 7/06/06, FSA, FRWD</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">490,000</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>

          <center>
    </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">1,487,296</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>

          <center>
    </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<B><FONT size=2 face="serif">Missouri&#151;3.6%</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>

          <center>
    </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">St. Hlth. &amp; Edl. Fac. RB,</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
      <center>
        <FONT size=1 face="serif">A-1+</FONT>&nbsp;
            </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">5,100</FONT><SUP><FONT size=1 face="serif">5</FONT></SUP>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="serif">Med. Research Facs. Stowers Inst. Proj., 3.98%, 7/06/06, MBIA, FRWD</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">5,100,000</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
      <center>
        <FONT size=1 face="serif">A-1+</FONT>&nbsp;
            </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">10,000</FONT><SUP><FONT size=1 face="serif">5</FONT></SUP>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="serif">SSM Hlth. Care Proj., Ser. C-1, 3.96%, 7/03/06, FSA, FRDD</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">10,000,000</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>

          <center>
    </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">15,100,000</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>

          <center>
    </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<B><FONT size=2 face="serif">New Jersey&#151;0.2%</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
      <center>
        <FONT size=1 face="serif">A-1+</FONT>&nbsp;
            </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">1,015</FONT><SUP><FONT size=1 face="serif">5</FONT></SUP>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Edl. Fac. Auth. RB, Princeton Univ. Proj., Ser. B, 3.90%, 7/03/06, FRDD</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">1,015,000</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>

          <center>
    </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<B><FONT size=2 face="serif">New York&#151;2.5%</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
      <center>
        <FONT size=1 face="serif">A-1+</FONT>&nbsp;
            </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">1,700</FONT><SUP><FONT size=1 face="serif">5</FONT></SUP>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Jay Str. Dev. Corp. Cts. Fac. Lease RB, Ser. A-2, 3.97%, 7/03/06, FRDD</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">1,700,000</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
      <center>
        <FONT size=1 face="serif">A-1+</FONT>&nbsp;
            </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">6,775</FONT><SUP><FONT size=1 face="serif">5</FONT></SUP>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">New York City GO, Ser. H-7, 3.95%, 7/03/06, FRDD</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">6,775,000</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
      <center>
        <FONT size=1 face="serif">A-1+</FONT>&nbsp;
            </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">1,900</FONT><SUP><FONT size=1 face="serif">5</FONT></SUP>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">New York City Mun. Wtr. Fin. Auth. Wtr. &amp; Swr. Sys. RB, Ser. C, 3.92%, 7/03/06, FRDD</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">1,900,000</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>

          <center>
    </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">10,375,000</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>

          <center>
    </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<B><FONT size=2 face="serif">North Carolina&#151;4.3%</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
      <center>
        <FONT size=1 face="serif">A-1+</FONT>&nbsp;
            </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">7,370</FONT><SUP><FONT size=1 face="serif">5</FONT></SUP>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Buncombe Cnty. Met. Swr. Dist. Swr. Sys. RB, 3.97%, 7/06/06, XLCA, FRWD</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">7,370,000</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
      <center>
        <FONT size=1 face="serif">A-1+</FONT>&nbsp;
            </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">10,550</FONT><SUP><FONT size=1 face="serif">5</FONT></SUP>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Mecklenburg Cnty. GO, Ser. C, 3.98%, 7/06/06, FRWD</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">10,550,000</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>

          <center>
    </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">17,920,000</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>

          <center>
    </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<B><FONT size=2 face="serif">Ohio&#151;4.3%</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
      <center>
        <FONT size=1 face="serif">VMIG1</FONT>&nbsp;
            </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">7,000</FONT><SUP><FONT size=1 face="serif">5</FONT></SUP>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Hamilton Cnty. Hosp. Facs. RB, Ser. A, 3.97%, 7/05/06, FRWD</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">7,000,000</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
      <center>
        <FONT size=1 face="serif">A-1+</FONT>&nbsp;
            </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">500</FONT><SUP><FONT size=1 face="serif">5</FONT></SUP>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Kent St. Univ. RB, 3.98%, 7/05/06, MBIA, FRWD</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">500,000</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
      <center>
        <FONT size=1 face="serif">VMIG1</FONT>&nbsp;
            </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">10,605</FONT><SUP><FONT size=1 face="serif">5</FONT></SUP>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Univ. of Akron RB, 3.97%, 7/06/06, FGIC, FRWD</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">10,605,000</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>

          <center>
    </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">18,105,000</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>

          <center>
    </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<B><FONT size=2 face="serif">Pennsylvania&#151;1.0%</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
      <center>
        <FONT size=1 face="serif">VMIG1</FONT>&nbsp;
            </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">4,385</FONT><SUP><FONT size=1 face="serif">5</FONT></SUP>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Higher Ed. Facs. Auth. RB, St. Sys. Higher Ed. Proj., Ser. A, 3.96%, 7/06/06, MBIA, FRWD</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">4,385,000</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>

          <center>
    </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<B><FONT size=2 face="serif">Puerto Rico&#151;0.6%</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
      <center>
        <FONT size=1 face="serif">A-1</FONT>&nbsp;
            </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">2,500</FONT><SUP><FONT size=1 face="serif">5</FONT></SUP>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Hwy. &amp; Transp. Auth. RB, Ser. A, 3.94%, 7/05/06, AMBAC, FRWD</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">2,500,000</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>

          <center>
    </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<B><FONT size=2 face="serif">Tennessee&#151;0.1%</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
      <center>
        <FONT size=1 face="serif">VMIG1</FONT>&nbsp;
            </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">260</FONT><SUP><FONT size=1 face="serif">5</FONT></SUP>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Clarksville Pub. Bldg. Auth. RB, 4.05%, 7/03/06, FRDD</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">260,000</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>

          <center>
    </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<B><FONT size=2 face="serif">Washington&#151;0.6%</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
      <center>
        <FONT size=1 face="serif">A-1+</FONT>&nbsp;
            </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">2,500</FONT><SUP><FONT size=1 face="serif">5</FONT></SUP>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Snohomish Cnty. Pub Util. Dist. No. 001 Generation Sys. RB, Ser. A-1,</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>

          <center>
    </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="serif">3.96%, 7/05/06, FSA, FRWD</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">2,500,000</FONT>&nbsp;
        </TD>
</TR>
</TABLE>
<BR>
<P align="center">
<FONT size=2 face="serif">See Notes to Financial Statements.</FONT></P>
<P align="center">
<FONT size=2 face="serif">20</FONT></P>

<HR noshade align="center" width="100%" size=4>




<P STYLE="page-break-before:always"></P><PAGE>


<P align="justify">
<B><FONT size=2 face="serif">BlackRock Insured Municipal 2008 Term Trust (BRM) (continued)</FONT></B></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD width=9% align=center nowrap>
<B><FONT size=2 face="serif">Shares</FONT></B>&nbsp;
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=73% align=left nowrap>&nbsp;

        </TD>
        <TD width=9%>&nbsp;
        </TD>
        <TD width=7% align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="serif">(000)</FONT></B>&nbsp;
        </TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;"> <center>
          <B><FONT size=2 face="serif">Description</FONT></B>&nbsp;
    </center></TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD align=center nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="serif">Value</FONT></B>&nbsp;
        </TD>
</TR>
<TR>
        <TD colspan=5>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<B><FONT size=2 face="serif">Money Market Fund&#151;1.7%</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
<FONT size=1 face="serif">7,150</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">AIM Tax Free Investment Co. Cash Reserve Portfolio</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">&#36;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7,150,000</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<B><FONT size=1 face="serif">Total Short-Term Investments (cost &#36;138,512,296)</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">138,512,296</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<B><FONT size=1 face="serif">Total Investments&#151;162.4% (cost &#36;676,259,127</FONT></B><B><SUP><FONT size=1 face="serif">6</FONT></SUP></B><B><FONT size=1 face="serif">)</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">&#36;&nbsp; 682,770,180</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Other assets in excess of liabilities&#151;2.1%</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">8,814,557</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Preferred shares at redemption value, including dividends payable&#151;(64.5)%</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap><div style="border-bottom:1px solid #000000"> <font size=1 face="serif">(271,125,237)</font> </div></TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<B><FONT size=1 face="serif">Net Assets Applicable to Common Shareholders&#151;100%</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:3px double #000000;">
<FONT size=1 face="serif">&#36;&nbsp; 420,459,500</FONT>&nbsp;
        </TD>
</TR>
</TABLE><BR>
<hr align="left" noshade width="200" size="1" color=black>
<SUP><FONT size=1 face="serif">1 </FONT></SUP><FONT size=1 face="serif">Using
the higher of S&amp;P, Moody or Fitch&#146;s rating.</FONT>
<P align="justify">
<SUP><FONT size=1 face="serif">2 </FONT></SUP><FONT size=1 face="serif">Date (month/year) and price of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates.</FONT></P>
<P align="justify"><SUP><FONT size=1 face="serif">3 </FONT></SUP><FONT size=1 face="serif">Security is collateralized by municipal or U.S. Treasury obligations.</FONT></P>
<P align="justify">
<SUP><FONT size=1 face="serif">4 </FONT></SUP><FONT size=1 face="serif">This bond is prerefunded. U.S. government securities, held in escrow, are used to pay interest on this security, as well as retire the bond in full at the date indicated,
typically at a premium to par.</FONT></P>
<P align="justify">
<SUP><FONT size=1 face="serif">5 </FONT></SUP><FONT size=1 face="serif">For purposes of amortized cost valuation, the maturity date of this instrument is considered to be the earlier of the next date on which the security can be redeemed at par, or
the next date on which the rate of interest is adjusted. Rate shown is rate as of June 30, 2006.</FONT></P>
<P align="justify">
<SUP><FONT size=1 face="serif">6 </FONT></SUP><FONT size=1 face="serif">Cost for Federal income tax purposes is &#36;675,832,899. The net unrealized appreciation on a tax basis is &#36;6,937,281, consisting of &#36;11,170,137 gross unrealized
appreciation and &#36;4,232,856 gross unrealized depreciation.</FONT></P>
<P align="justify">
<FONT size=1 face="serif">The value (market value plus accrued interest) of securities that are covered by insurance, which ensures the payment of principal and interest, represent approximately 85.6% of the Trust&#146;s managed assets:</FONT></P>
<TABLE width="10%" border=0 align="center" cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD align=left nowrap>
<FONT size=1 face="serif">AMBAC</FONT>&nbsp;
        </TD>
        <TD align=left nowrap>
      <center>
        <FONT size=1 face="serif">&#151;</FONT>&nbsp;
            </center></TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">21.6%</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
<FONT size=1 face="serif">CAPMAC</FONT>&nbsp;
        </TD>
        <TD align=left nowrap>
      <center>
        <FONT size=1 face="serif">&#151;</FONT>&nbsp;
            </center></TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">3.0%</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
<FONT size=1 face="serif">FGIC</FONT>&nbsp;
        </TD>
        <TD align=left nowrap>
      <center>
        <FONT size=1 face="serif">&#151;</FONT>&nbsp;
            </center></TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">12.9%</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
<FONT size=1 face="serif">FSA</FONT>&nbsp;
        </TD>
        <TD align=left nowrap>
      <center>
        <FONT size=1 face="serif">&#151;</FONT>&nbsp;
            </center></TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">18.6%</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
<FONT size=1 face="serif">MBIA</FONT>&nbsp;
        </TD>
        <TD align=left nowrap>
      <center>
        <FONT size=1 face="serif">&#151;</FONT>&nbsp;
            </center></TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">26.4%</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
<FONT size=1 face="serif">RAA</FONT>&nbsp;
        </TD>
        <TD align=left nowrap>
      <center>
        <FONT size=1 face="serif">&#151;</FONT>&nbsp;
            </center></TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">1.0%</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
<FONT size=1 face="serif">XLCA</FONT>&nbsp;
        </TD>
        <TD align=left nowrap>
      <center>
        <FONT size=1 face="serif">&#151;</FONT>&nbsp;
            </center></TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">1.1%</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
<FONT size=1 face="serif">Other</FONT>&nbsp;
        </TD>
        <TD align=left nowrap>
      <center>
        <FONT size=1 face="serif">&#151;</FONT>&nbsp;
            </center></TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">1.0%</FONT>&nbsp;
        </TD>
</TR>
</TABLE>
<BR>
<div style="border:1px solid #000000; padding:10px">
  <table width="95%" border=0 align="center" cellpadding=0 cellspacing=0>
    <tr valign="bottom">
      <td colspan="7" align=left nowrap>  <center>
        <b><font size=2 face="serif">KEY
        TO ABBREVIATIONS</font></b>&nbsp;
      </center></td>
    </tr>
    <tr valign="bottom">
      <td align=left nowrap> <font size=2 face="serif">AMBAC</font>&nbsp; </td>
      <td align=left nowrap> <font size=2 face="sans-serif">&#151;</font>&nbsp; </td>
      <td align=left nowrap> <font size=2 face="serif">American Municipal Bond
          Assurance Corp.</font>&nbsp; </td>
      <td>&nbsp; </td>
      <td align=left nowrap> <font size=2 face="serif">GO</font>&nbsp; </td>
      <td align=left nowrap> <font size=2 face="sans-serif">&#151;</font>&nbsp; </td>
      <td align=left nowrap> <font size=2 face="serif">General Obligation</font>&nbsp; </td>
    </tr>
    <tr valign="bottom">
      <td align=left nowrap> <font size=2 face="serif">CAPMAC</font>&nbsp; </td>
      <td align=left nowrap> <font size=2 face="sans-serif">&#151;</font>&nbsp; </td>
      <td align=left nowrap> <font size=2 face="serif">Capital Markets Assurance
          Co.</font>&nbsp; </td>
      <td>&nbsp; </td>
      <td align=left nowrap> <font size=2 face="serif">MBIA</font>&nbsp; </td>
      <td align=left nowrap> <font size=2 face="sans-serif">&#151;</font>&nbsp; </td>
      <td align=left nowrap> <font size=2 face="serif">Municipal Bond Insurance
          Assoc.</font>&nbsp; </td>
    </tr>
    <tr valign="bottom">
      <td align=left nowrap> <font size=2 face="serif">COP</font>&nbsp; </td>
      <td align=left nowrap> <font size=2 face="sans-serif">&#151;</font>&nbsp; </td>
      <td align=left nowrap> <font size=2 face="serif">Certificate of Participation</font>&nbsp; </td>
      <td>&nbsp; </td>
      <td align=left nowrap> <font size=2 face="serif">PCRB</font>&nbsp; </td>
      <td align=left nowrap> <font size=2 face="sans-serif">&#151;</font>&nbsp; </td>
      <td align=left nowrap> <font size=2 face="serif">Pollution Control Revenue
          Bond</font>&nbsp; </td>
    </tr>
    <tr valign="bottom">
      <td align=left nowrap> <font size=2 face="serif">ETM</font>&nbsp; </td>
      <td align=left nowrap> <font size=2 face="sans-serif">&#151;</font>&nbsp; </td>
      <td align=left nowrap> <font size=2 face="serif">Escrowed to Maturity</font>&nbsp; </td>
      <td>&nbsp; </td>
      <td align=left nowrap> <font size=2 face="serif">RAA</font>&nbsp; </td>
      <td align=left nowrap> <font size=2 face="sans-serif">&#151;</font>&nbsp; </td>
      <td align=left nowrap> <font size=2 face="serif">Radian Asset Assurance</font>&nbsp; </td>
    </tr>
    <tr valign="bottom">
      <td align=left nowrap> <font size=2 face="serif">FGIC</font>&nbsp; </td>
      <td align=left nowrap> <font size=2 face="sans-serif">&#151;</font>&nbsp; </td>
      <td align=left nowrap> <font size=2 face="serif">Financial Guaranty Insurance
          Co.</font>&nbsp; </td>
      <td>&nbsp; </td>
      <td align=left nowrap> <font size=2 face="serif">RB</font>&nbsp; </td>
      <td align=left nowrap> <font size=2 face="sans-serif">&#151;</font>&nbsp; </td>
      <td align=left nowrap> <font size=2 face="serif">Revenue Bond</font>&nbsp; </td>
    </tr>
    <tr valign="bottom">
      <td align=left nowrap> <font size=2 face="serif">FRDD</font>&nbsp; </td>
      <td align=left nowrap> <font size=2 face="sans-serif">&#151;</font>&nbsp; </td>
      <td align=left nowrap> <font size=2 face="serif">Floating Rate Daily Demand</font>&nbsp; </td>
      <td>&nbsp; </td>
      <td align=left nowrap> <font size=2 face="serif">ST</font>&nbsp; </td>
      <td align=left nowrap> <font size=2 face="sans-serif">&#151;</font>&nbsp; </td>
      <td align=left nowrap> <font size=2 face="serif">Special Tax</font>&nbsp; </td>
    </tr>
    <tr valign="bottom">
      <td align=left nowrap> <font size=2 face="serif">FRWD</font>&nbsp; </td>
      <td align=left nowrap> <font size=2 face="sans-serif">&#151;</font>&nbsp; </td>
      <td align=left nowrap> <font size=2 face="serif">Floating Rate Weekly Demand</font>&nbsp; </td>
      <td>&nbsp; </td>
      <td align=left nowrap> <font size=2 face="serif">XLCA</font>&nbsp; </td>
      <td align=left nowrap> <font size=2 face="sans-serif">&#151;</font>&nbsp; </td>
      <td align=left nowrap> <font size=2 face="serif">XL Capital Assurance</font>&nbsp; </td>
    </tr>
    <tr valign="bottom">
      <td align=left nowrap> <font size=2 face="serif">FSA</font>&nbsp; </td>
      <td align=left nowrap> <font size=2 face="sans-serif">&#151;</font>&nbsp; </td>
      <td align=left nowrap> <font size=2 face="serif">Financial Security Assurance</font>&nbsp; </td>
      <td>&nbsp; </td>
      <td align=left nowrap>&nbsp; </td>
      <td align=left nowrap>&nbsp; </td>
      <td align=left nowrap>&nbsp; </td>
    </tr>
  </table>
  </div>
<BR>
<P align="center">
<FONT size=2 face="serif">See Notes to Financial Statements.</FONT></P>
<P align="center">
<FONT size=2 face="serif">21</FONT></P>

<HR noshade align="center" width="100%" size=4>




<P STYLE="page-break-before:always"></P><PAGE>
<P align="justify">
<B><FONT face="serif">PORTFOLIO OF INVESTMENTS (unaudited)</FONT></B><BR>
<B><FONT face="serif">JUNE 30, 2006</FONT></B></P>
<P align="justify">
<B><FONT size=2 face="serif">BlackRock Insured Municipal Term Trust (BMT)</FONT></B></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD width=5% align=left nowrap>

          <center>
    </center></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=5% align=center nowrap>
<B><FONT size=2 face="serif">Principal</FONT></B>&nbsp;
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=60% align=left nowrap>&nbsp;

        </TD>
        <TD width=10%>&nbsp;
        </TD>
        <TD width=7% align=left nowrap>&nbsp;

        </TD>
        <TD width=3%>&nbsp;
        </TD>
        <TD width=6% align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>

          <center>
    </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<B><FONT size=2 face="serif">Amount</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<B><FONT size=2 face="serif">Option Call</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
      <center>
        <B><FONT size=2 face="serif">Rating</FONT></B><B><SUP><FONT size=2 face="serif">1</FONT></SUP></B>&nbsp;
            </center></TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
      <center>
        <B><FONT size=2 face="serif">(000)</FONT></B>&nbsp;
            </center></TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;"> <center>
          <B><FONT size=2 face="serif">Description</FONT></B>&nbsp;
    </center></TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD align=center nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="serif">Provisions</FONT></B><B><SUP><FONT size=2 face="serif">2</FONT></SUP></B>&nbsp;
        </TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        </TD>
        <TD align=center nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="serif">Value</FONT></B>&nbsp;
        </TD>
</TR>
<TR>
        <TD colspan=9>

          <center>
    </center></TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>

          <center>
    </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<B><FONT size=2 face="serif">LONG-TERM INVESTMENTS&#151;129.4%</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>

          <center>
    </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<B><FONT size=2 face="serif">Alabama&#151;0.9%</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
      <center>
        <FONT size=1 face="serif">AAA</FONT>&nbsp;
            </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">&#36; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,000</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Birmingham Jefferson Civic Ctr. Auth. ST, Ser. A, 4.375%, 1/01/11, FSA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">No Opt. Call</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">&#36; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,016,900</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
      <center>
        <FONT size=1 face="serif">AAA</FONT>&nbsp;
            </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">1,410</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Fed. Hwy. Fin. Auth. RB, Grant Antic. Notes, Ser. A, 4.50%, 3/01/11, MBIA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">No Opt. Call</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">1,441,993</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>

          <center>
    </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">2,458,893</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>

          <center>
    </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<B><FONT size=2 face="serif">Alaska&#151;8.3%</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>

          <center>
    </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Anchorage GO,</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
      <center>
        <FONT size=1 face="serif">AAA</FONT>&nbsp;
            </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">14,345</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="serif">Ser. B, 4.125%, 7/01/11, MBIA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">No Opt. Call</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">14,431,644</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
      <center>
        <FONT size=1 face="serif">AAA</FONT>&nbsp;
            </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">6,000</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="serif">Ser. B, 4.625%, 7/01/10, FGIC</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">No Opt. Call</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">6,150,240</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
      <center>
        <FONT size=1 face="serif">AAA</FONT>&nbsp;
            </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">1,260</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Univ. of Alaska RB, Ser. K, 3.75%, 10/01/10, FGIC</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">No Opt. Call</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">1,250,688</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>

          <center>
    </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">21,832,572</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>

          <center>
    </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<B><FONT size=2 face="serif">Arizona&#151;3.2%</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
      <center>
        <FONT size=1 face="serif">AAA</FONT>&nbsp;
            </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">1,000</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Arizona St. Univ. RB, 4.20%, 7/01/11, FGIC</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">No Opt. Call</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">1,011,210</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
      <center>
        <FONT size=1 face="serif">AAA</FONT>&nbsp;
            </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">1,030</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Mesa GO, Ser. A, 3.75%, 7/01/10, FGIC</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">No Opt. Call</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">1,023,593</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
      <center>
        <FONT size=1 face="serif">AAA</FONT>&nbsp;
            </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">6,340</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Pima Cnty. Str. &amp; Hwy. RB, 4.25%, 7/01/11, FGIC</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">07/08 @ 101</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">6,393,066</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>

          <center>
    </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">8,427,869</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>

          <center>
    </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<B><FONT size=2 face="serif">Arkansas&#151;0.2%</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
      <center>
        <FONT size=1 face="serif">AAA</FONT>&nbsp;
            </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">500</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Little Rock Cap. Impvt. GO, 4.00%, 4/01/11, FSA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">No Opt. Call</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">500,830</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>

          <center>
    </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<B><FONT size=2 face="serif">California&#151;6.9%</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
      <center>
        <FONT size=1 face="serif">AAA</FONT>&nbsp;
            </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">145</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">California GO, 6.80%, 11/01/10, FGIC</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">11/06 @ 100</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">146,404</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
      <center>
        <FONT size=1 face="serif">AAA</FONT>&nbsp;
            </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">6,100</FONT><SUP><FONT size=1 face="serif">3</FONT></SUP>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Contra Costa Trans. Auth. Sales Tax RB, 6.50%, 3/01/09, FGIC</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">ETM</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">6,348,697</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>

          <center>
    </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Dept. of Wtr. Res. Pwr. Sply. RB,</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
      <center>
        <FONT size=1 face="serif">AAA</FONT>&nbsp;
            </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">5,000</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="serif">Ser. A, 3.60%, 5/01/10, AMBAC</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">No Opt. Call</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">4,919,300</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
      <center>
        <FONT size=1 face="serif">AAA</FONT>&nbsp;
            </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">3,500</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="serif">Ser. A, 3.70%, 5/01/11, MBIA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">No Opt. Call</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">3,454,255</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
      <center>
        <FONT size=1 face="serif">AAA</FONT>&nbsp;
            </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">3,065</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Los Angeles Cnty. RB, Asset Leasing Corp. Proj., 4.05%, 12/01/10, AMBAC</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">No Opt. Call</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">3,330,398</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>

          <center>
    </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">18,199,054</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>

          <center>
    </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<B><FONT size=2 face="serif">Colorado&#151;1.2%</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
      <center>
        <FONT size=1 face="serif">AAA</FONT>&nbsp;
            </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">3,245</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Weld Cnty. Sch. Dist. No. 6, GO, 3.75%, 12/01/10, FSA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">No Opt. Call</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">3,224,102</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>

          <center>
    </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<B><FONT size=2 face="serif">Delaware&#151;0.4%</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
      <center>
        <FONT size=1 face="serif">AAA</FONT>&nbsp;
            </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">1,015</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Delaware River &amp; Bay Auth. RB, 3.75%, 1/01/11, MBIA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">No Opt. Call</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">1,006,728</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>

          <center>
    </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<B><FONT size=2 face="serif">District of Columbia&#151;4.1%</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
      <center>
        <FONT size=1 face="serif">AAA</FONT>&nbsp;
            </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">10,000</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Dist. of Columbia GO, Ser. B, 5.50%, 6/01/11, FSA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">No Opt. Call</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">10,652,200</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>

          <center>
    </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<B><FONT size=2 face="serif">Florida&#151;0.9%</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
      <center>
        <FONT size=1 face="serif">AAA</FONT>&nbsp;
            </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">2,320</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Tampa Wtr. &amp; Swr. RB, 5.50%, 10/01/10, FSA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">No Opt. Call</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">2,462,564</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>

          <center>
    </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<B><FONT size=2 face="serif">Hawaii&#151;4.7%</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
      <center>
        <FONT size=1 face="serif">AAA</FONT>&nbsp;
            </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">11,080</FONT><SUP><FONT size=1 face="serif">4</FONT></SUP>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Hawaii GO, Ser. CN, 5.25%, 3/01/07, FGIC</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">N/A</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">11,404,866</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
      <center>
        <FONT size=1 face="serif">AAA</FONT>&nbsp;
            </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">1,000</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Univ. of Hawaii RB, Univ. Sys. Proj., 3.875%, 7/15/10, FGIC</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">No Opt. Call</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">997,230</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>

          <center>
    </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">12,402,096</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>

          <center>
    </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<B><FONT size=2 face="serif">Illinois&#151;15.7%</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>

          <center>
    </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Chicago GO,</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
      <center>
        <FONT size=1 face="serif">AAA</FONT>&nbsp;
            </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">4,000</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="serif">Ser. A, 4.375%, 1/01/11, AMBAC</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">No Opt. Call</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">4,059,360</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
      <center>
        <FONT size=1 face="serif">AAA</FONT>&nbsp;
            </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">1,790</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="serif">Ser. A, 5.00%, 1/01/11, MBIA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">No Opt. Call</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">1,862,083</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>

          <center>
    </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Chicago Park Dist. Pkg. GO,</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
      <center>
        <FONT size=1 face="serif">AAA</FONT>&nbsp;
            </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">3,120</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="serif">Ser. A, 3.50%, 1/01/10, FGIC</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">No Opt. Call</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">3,051,953</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
      <center>
        <FONT size=1 face="serif">AAA</FONT>&nbsp;
            </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">3,695</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="serif">Ser. A, 4.00%, 1/01/11, FGIC</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">No Opt. Call</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">3,693,485</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>

          <center>
    </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Du Page &amp; Cook Cntys. Cmnty. United Sch. Dist. No. 205 GO,</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
      <center>
        <FONT size=1 face="serif">Aaa</FONT>&nbsp;
            </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">315</FONT><SUP><FONT size=1 face="serif">3</FONT></SUP>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="serif">4.50%, 1/01/11, FGIC</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">ETM</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">322,056</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
      <center>
        <FONT size=1 face="serif">AAA</FONT>&nbsp;
            </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">685</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="serif">4.50%, 1/01/11, FGIC</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">No Opt. Call</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">698,652</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
      <center>
        <FONT size=1 face="serif">AAA</FONT>&nbsp;
            </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">1,750</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Du Page &amp; Will Cntys. Sch. Dist. GO, 4.25%, 12/30/10, FGIC</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">No Opt. Call</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">1,769,932</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>

          <center>
    </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Du Page Cnty. Forest Presvtn. Dist. GO,</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
      <center>
        <FONT size=1 face="serif">AAA</FONT>&nbsp;
            </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">5,000</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="serif">Zero Coupon, 11/01/10</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">No Opt. Call</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">4,176,500</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
      <center>
        <FONT size=1 face="serif">AAA</FONT>&nbsp;
            </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">11,965</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="serif">Zero Coupon, 11/01/11</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">No Opt. Call</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">9,556,685</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>

          <center>
    </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Illinois GO,</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
      <center>
        <FONT size=1 face="serif">AAA</FONT>&nbsp;
            </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">1,500</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="serif">Ser. 1, 4.50%, 2/01/11, FGIC</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">No Opt. Call</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">1,533,510</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
      <center>
        <FONT size=1 face="serif">AAA</FONT>&nbsp;
            </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">2,000</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="serif">Ser. 1, 4.50%, 4/01/11, FSA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">No Opt. Call</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">2,045,240</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
      <center>
        <FONT size=1 face="serif">AAA</FONT>&nbsp;
            </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">4,000</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="serif">Ser. 1, 5.25%, 2/01/11, FGIC</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">No Opt. Call</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">4,213,640</FONT>&nbsp;
        </TD>
</TR>
</TABLE>
<BR>
<P align="center">
<FONT size=2 face="serif">See Notes to Financial Statements.</FONT></P>
<P align="center">
<FONT size=2 face="serif">22</FONT></P>

<HR noshade align="center" width="100%" size=4>




<P STYLE="page-break-before:always"></P><PAGE>


<P align="justify">
<B><FONT size=2 face="serif">BlackRock Insured Municipal Term Trust (BMT) (continued)</FONT></B></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD width=5% align=left nowrap>

          <center>
    </center></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=5% align=center nowrap>
<B><FONT size=2 face="serif">Principal</FONT></B>&nbsp;
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=62% align=left nowrap>&nbsp;

        </TD>
        <TD width=8%>&nbsp;
        </TD>
        <TD width=7% align=left nowrap>&nbsp;

        </TD>
        <TD width=3%>&nbsp;
        </TD>
        <TD width=6% align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>

          <center>
    </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<B><FONT size=2 face="serif">Amount</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<B><FONT size=2 face="serif">Option Call</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
      <center>
        <B><FONT size=2 face="serif">Rating</FONT></B><B><SUP><FONT size=2 face="serif">1</FONT></SUP></B>&nbsp;
            </center></TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        </TD>
        <TD align=center nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="serif">(000)</FONT></B>&nbsp;
        </TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;"> <center>
          <B><FONT size=2 face="serif">Description</FONT></B>&nbsp;
    </center></TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD align=center nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="serif">Provisions</FONT></B><B><SUP><FONT size=2 face="serif">2</FONT></SUP></B>&nbsp;
        </TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        </TD>
        <TD align=center nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="serif">Value</FONT></B>&nbsp;
        </TD>
</TR>
<TR>
        <TD colspan=9>

          <center>
    </center></TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>

          <center>
    </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<B><FONT size=2 face="serif">Illinois&#151;(cont&#146;d)</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
      <center>
        <FONT size=1 face="serif">AAA</FONT>&nbsp;
            </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">&#36;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2,265</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Kane &amp; Du Page Cntys. Sch. Dist. GO, Ser. A, 4.00%, 1/01/11, FSA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">No Opt. Call</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">&#36;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2,264,071</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
      <center>
        <FONT size=1 face="serif">AAA</FONT>&nbsp;
            </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">1,025</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Orland Park GO, Ser. A, 3.50%, 12/01/10, FGIC</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">No Opt. Call</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">999,027</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
      <center>
        <FONT size=1 face="serif">AAA</FONT>&nbsp;
            </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">1,075</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Rockford Sch. Dist. GO, 4.30%, 2/01/11, FGIC</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">No Opt. Call</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">1,087,868</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>

          <center>
    </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">41,334,062</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>

          <center>
    </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<B><FONT size=2 face="serif">Indiana&#151;4.1%</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>

          <center>
    </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Indianapolis Loc. Pub. Impvt. RB, Bond Bank Wtr. Wks. Proj.,</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
      <center>
        <FONT size=1 face="serif">AAA</FONT>&nbsp;
            </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">2,085</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="serif">Ser. A, 4.25%, 7/01/10, MBIA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">No Opt. Call</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">2,104,787</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
      <center>
        <FONT size=1 face="serif">AAA</FONT>&nbsp;
            </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">2,815</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="serif">Ser. A, 4.375%, 1/01/11, MBIA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">No Opt. Call</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">2,853,312</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
      <center>
        <FONT size=1 face="serif">AAA</FONT>&nbsp;
            </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">2,950</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="serif">Ser. A, 4.375%, 7/01/11, MBIA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">No Opt. Call</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">2,994,221</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
      <center>
        <FONT size=1 face="serif">AAA</FONT>&nbsp;
            </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">2,635</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Mun. Pwr. Agcy. Pwr. Sply. Sys. RB, Ser. A, 4.50%, 1/01/11, AMBAC</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">No Opt. Call</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">2,689,676</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>

          <center>
    </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">10,641,996</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>

          <center>
    </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<B><FONT size=2 face="serif">Kansas&#151;0.8%</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>

          <center>
    </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Dev. Fin. Auth. Pub. Wtr. Sply. RB,</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
      <center>
        <FONT size=1 face="serif">AAA</FONT>&nbsp;
            </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">1,025</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="serif">4.125%, 4/01/10, AMBAC</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">No Opt. Call</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">1,031,826</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
      <center>
        <FONT size=1 face="serif">AAA</FONT>&nbsp;
            </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">1,000</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="serif">4.25%, 4/01/11, AMBAC</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">No Opt. Call</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">1,011,500</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>

          <center>
    </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">2,043,326</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>

          <center>
    </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<B><FONT size=2 face="serif">Kentucky&#151;4.0%</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
      <center>
        <FONT size=1 face="serif">AAA</FONT>&nbsp;
            </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">12,675</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Econ. Dev. Fin. Sys. RB, Norton Hlth. Care, Inc. Proj., Ser. B, Zero Coupon, 10/01/10, MBIA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">No Opt. Call</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">10,597,821</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>

          <center>
    </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<B><FONT size=2 face="serif">Louisiana&#151;1.9%</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
      <center>
        <FONT size=1 face="serif">AAA</FONT>&nbsp;
            </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">5,000</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Pub. Facs. Auth. RB, Ochsner Clinic Fndtn. Proj., Ser. B, 4.00%, 5/15/11, MBIA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">No Opt. Call</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">4,973,600</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>

          <center>
    </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<B><FONT size=2 face="serif">Michigan&#151;2.5%</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>

          <center>
    </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Detroit GO,</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
      <center>
        <FONT size=1 face="serif">AAA</FONT>&nbsp;
            </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">1,580</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="serif">4.00%, 4/01/10, MBIA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">No Opt. Call</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">1,579,384</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
      <center>
        <FONT size=1 face="serif">AAA</FONT>&nbsp;
            </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">1,955</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="serif">4.00%, 4/01/11, MBIA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">No Opt. Call</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">1,949,898</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
      <center>
        <FONT size=1 face="serif">AAA</FONT>&nbsp;
            </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">70</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Mun. Bd. Auth. RB, Ser. A, 6.50%, 11/01/12, MBIA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">07/06 @ 100</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">70,114</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
      <center>
        <FONT size=1 face="serif">AAA</FONT>&nbsp;
            </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">2,810</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Wyandotte City Sch. Dist. GO, Bldg. &amp; Site, 4.00%, 5/01/11, FSA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">No Opt. Call</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">2,808,651</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>

          <center>
    </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">6,408,047</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>

          <center>
    </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<B><FONT size=2 face="serif">Minnesota&#151;1.9%</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
      <center>
        <FONT size=1 face="serif">AAA</FONT>&nbsp;
            </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">2,800</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Hopkins Indpt. Sch. Dist. No. 270, GO, Ser. B, 4.00%, 2/01/11, FSA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">No Opt. Call</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">2,802,240</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
      <center>
        <FONT size=1 face="serif">A+</FONT>&nbsp;
            </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 <div align="right"><FONT size=1 face="serif">2,180</FONT><SUP><FONT size=1 face="serif">3</FONT></SUP>
    </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">So. Minnesota Mun. Pwr. Agcy. RB, Ser. B, 5.75%, 1/01/11</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">ETM</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">2,201,735</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>

          <center>
    </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">5,003,975</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>

          <center>
    </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<B><FONT size=2 face="serif">Nevada&#151;2.0%</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>

          <center>
    </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Dept. of Bus. &amp; Ind. RB, Las Vegas Monorail Proj.,</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
      <center>
        <FONT size=1 face="serif">AAA</FONT>&nbsp;
            </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">3,795</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="serif">Zero Coupon, 1/01/11, AMBAC</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">No Opt. Call</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">3,102,754</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
      <center>
        <FONT size=1 face="serif">AAA</FONT>&nbsp;
            </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">2,870</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="serif">Zero Coupon, 1/01/12, AMBAC</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">No Opt. Call</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">2,239,863</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>

          <center>
    </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">5,342,617</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>

          <center>
    </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<B><FONT size=2 face="serif">New Jersey&#151;0.4%</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
      <center>
        <FONT size=1 face="serif">AAA</FONT>&nbsp;
            </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">1,000</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Monmouth Cnty. Impvt. Auth. RB, Gov&#146;t. Loan, 3.375%, 12/01/10, FSA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">No Opt. Call</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">969,380</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>

          <center>
    </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<B><FONT size=2 face="serif">New Mexico&#151;3.2%</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>

          <center>
    </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Fin. Auth. Pub. Proj. RB,</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
      <center>
        <FONT size=1 face="serif">AAA</FONT>&nbsp;
            </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">1,433</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="serif">Ser. A, 3.40%, 6/01/11, MBIA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">No Opt. Call</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">1,381,398</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
      <center>
        <FONT size=1 face="serif">AAA</FONT>&nbsp;
            </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">1,035</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="serif">Ser. A, 4.20%, 6/01/10, MBIA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">No Opt. Call</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">1,043,870</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
      <center>
        <FONT size=1 face="serif">AAA</FONT>&nbsp;
            </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">1,870</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="serif">Ser. A, 4.30%, 6/01/11, MBIA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">No Opt. Call</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">1,893,861</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
      <center>
        <FONT size=1 face="serif">AAA</FONT>&nbsp;
            </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap> <div align="right"><FONT size=1 face="serif">2,230</FONT><SUP><FONT size=1 face="serif">3</FONT></SUP>
    </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Hwy. Comm. RB, Ser. B, 4.75%, 6/15/11, AMBAC</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">ETM</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">2,304,259</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
      <center>
        <FONT size=1 face="serif">AAA</FONT>&nbsp;
            </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">1,750</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Las Cruces Sch. Dist. No. 002 GO, 5.25%, 8/01/11, FSA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">08/09 @ 100</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">1,814,592</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>

          <center>
    </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">8,437,980</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>

          <center>
    </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<B><FONT size=2 face="serif">New York&#151;5.6%</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
      <center>
        <FONT size=1 face="serif">AAA</FONT>&nbsp;
            </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">8,950</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Long Island Pwr. Auth. Elec. Sys. RB, Ser. A, 5.50%, 12/01/10, AMBAC</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">No Opt. Call</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">9,505,258</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
      <center>
        <FONT size=1 face="serif">AAA</FONT>&nbsp;
            </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">5,000</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Thruway Auth. Personal Income Tax RB, Ser. A, 5.00%, 3/15/11, FSA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">No Opt. Call</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">5,229,100</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>

          <center>
    </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">14,734,358</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>

          <center>
    </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<B><FONT size=2 face="serif">Ohio&#151;0.8%</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
      <center>
        <FONT size=1 face="serif">AAA</FONT>&nbsp;
            </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">1,000</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Akron GO, 4.00%, 12/01/10, MBIA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">No Opt. Call</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">1,003,180</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
      <center>
        <FONT size=1 face="serif">AAA</FONT>&nbsp;
            </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">1,015</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Univ. of Cincinnati RB, Ser. G, 3.50%, 6/01/09, AMBAC</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">No Opt. Call</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">1,000,079</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>

          <center>
    </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">2,003,259</FONT>&nbsp;
        </TD>
</TR>
</TABLE>
<BR>
<P align="center">
<FONT size=2 face="serif">See Notes to Financial Statements.</FONT></P>
<P align="center">
<FONT size=2 face="serif">23</FONT></P>

<HR noshade align="center" width="100%" size=4>




<P STYLE="page-break-before:always"></P><PAGE>


<P align="justify">
<B><FONT size=2 face="serif">BlackRock Insured Municipal Term Trust (BMT) (continued)</FONT></B></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD width=5% align=left nowrap>

          <center>
    </center></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=5% align=center nowrap>
      <center>
        <B><FONT size=2 face="serif">Principal</FONT></B>&nbsp;
    </center></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=62% align=left nowrap>&nbsp;

        </TD>
        <TD width=8%>&nbsp;
        </TD>
        <TD width=7% align=left nowrap>&nbsp;

        </TD>
        <TD width=3%>&nbsp;
        </TD>
        <TD width=6% align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>

          <center>
    </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
      <center>
        <B><FONT size=2 face="serif">Amount</FONT></B>&nbsp;
    </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<B><FONT size=2 face="serif">Option Call</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
      <center>
        <B><FONT size=2 face="serif">Rating</FONT></B><B><SUP><FONT size=2 face="serif">1</FONT></SUP></B>&nbsp;
            </center></TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        </TD>
        <TD align=center nowrap style="border-bottom:1px solid #000000;">
      <center>
        <B><FONT size=2 face="serif">(000)</FONT></B>&nbsp;
    </center></TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
      <center>
        <B><FONT size=2 face="serif">Description</FONT></B>&nbsp;
            </center></TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD align=center nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="serif">Provisions</FONT></B><B><SUP><FONT size=2 face="serif">2</FONT></SUP></B>&nbsp;
        </TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        </TD>
        <TD align=center nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="serif">Value</FONT></B>&nbsp;
        </TD>
</TR>
<TR>
        <TD colspan=9>

          <center>
    </center></TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>

          <center>
    </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

          <div align="right"></div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<B><FONT size=2 face="serif">Oregon&#151;3.6%</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
      <center>
        <FONT size=1 face="serif">AAA</FONT>&nbsp;
            </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
      <div align="right"><FONT size=1 face="serif">&#36; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,995</FONT>&nbsp;
            </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Lane Cnty. Sch. Dist. No. 4 GO, 3.75%, 1/01/11, FSA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">No Opt. Call</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">&#36; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,978,741</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>

          <center>
    </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

          <div align="right"></div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Washington &amp; Clackamas Cntys. Sch. Dist. GO,</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
      <center>
        <FONT size=1 face="serif">AAA</FONT>&nbsp;
            </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 <div align="right"><FONT size=1 face="serif">3,820</FONT>&nbsp;
    </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="serif">4.00%, 6/15/10, MBIA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">No Opt. Call</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">3,832,377</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
      <center>
        <FONT size=1 face="serif">AAA</FONT>&nbsp;
            </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 <div align="right"><FONT size=1 face="serif">3,720</FONT>&nbsp;
    </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="serif">4.00%, 6/15/11, MBIA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">No Opt. Call</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">3,726,547</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>

          <center>
    </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

          <div align="right"></div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">9,537,665</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>

          <center>
    </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

          <div align="right"></div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<B><FONT size=2 face="serif">Pennsylvania&#151;6.4%</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
      <center>
        <FONT size=1 face="serif">AAA</FONT>&nbsp;
            </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 <div align="right"><FONT size=1 face="serif">2,430</FONT>&nbsp;
    </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Central York Sch. Dist. GO, 4.125%, 6/01/11, FGIC</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">No Opt. Call</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">2,447,642</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
      <center>
        <FONT size=1 face="serif">AAA</FONT>&nbsp;
            </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 <div align="right"><FONT size=1 face="serif">1,875</FONT><SUP><FONT size=1 face="serif">3</FONT></SUP>
    </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Dauphin Cnty. Gen. Auth. RB, HAPSCO-Western PA. Hosp.
Proj., Ser. B, 6.25%, 7/01/07, MBIA </FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">ETM</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">1,916,362</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
      <center>
        <FONT size=1 face="serif">AAA</FONT>&nbsp;
            </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 <div align="right"><FONT size=1 face="serif">7,500</FONT>&nbsp;
    </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Higher Edl. Facs. Auth. RB, Univ. of PA. Hlth. Svcs. Proj., Ser. A, 5.25%, 8/01/10, FSA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">08/09 @ 101</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">7,801,350</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
      <center>
        <FONT size=1 face="serif">AAA</FONT>&nbsp;
            </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 <div align="right"><FONT size=1 face="serif">2,100</FONT>&nbsp;
    </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Philadelphia Wtr. &amp; Wst. RB, 5.625%, 6/15/08, AMBAC</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">No Opt. Call</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">2,169,447</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
      <center>
        <FONT size=1 face="serif">AAA</FONT>&nbsp;
            </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 <div align="right"><FONT size=1 face="serif">1,075</FONT>&nbsp;
    </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">State Pub. Sch. Bldg. Auth. RB, York Sch. Dist. Proj., 4.75%, 5/01/11, FSA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">No Opt. Call</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">1,111,873</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
      <center>
        <FONT size=1 face="serif">AAA</FONT>&nbsp;
            </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 <div align="right"><FONT size=1 face="serif">1,250</FONT>&nbsp;
    </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Wilson Sch. Dist. GO, 4.00%, 5/15/10, FSA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">No Opt. Call</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">1,253,950</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>

          <center>
    </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

          <div align="right"></div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">16,700,624</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>

          <center>
    </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

          <div align="right"></div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<B><FONT size=2 face="serif">Rhode Island&#151;2.0%</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
      <center>
        <FONT size=1 face="serif">AAA</FONT>&nbsp;
            </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
      <div align="right"><FONT size=1 face="serif">235</FONT>&nbsp;
            </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Clean Wtr. Protection Fin. Agcy. PCRB, Ser. A, 6.70%, 10/01/10, MBIA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">10/06 @ 100</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">236,579</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
      <center>
        <FONT size=1 face="serif">AAA</FONT>&nbsp;
            </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 <div align="right"><FONT size=1 face="serif">5,000</FONT><SUP><FONT size=1 face="serif">3</FONT></SUP>
    </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Rhode Island St. &amp; Providence Plantations GO, Ser. B, 4.20%, 6/01/10, FGIC</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">ETM</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">5,051,850</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>

          <center>
    </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

          <div align="right"></div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">5,288,429</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>

          <center>
    </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

          <div align="right"></div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<B><FONT size=2 face="serif">Tennessee&#151;0.8%</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>

          <center>
    </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

          <div align="right"></div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Clarksville Wtr. Swr. &amp; Gas RB,</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
      <center>
        <FONT size=1 face="serif">AAA</FONT>&nbsp;
            </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 <div align="right"><FONT size=1 face="serif">1,005</FONT>&nbsp;
    </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="serif">4.45%, 2/01/10, FSA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">No Opt. Call</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">1,023,562</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
      <center>
        <FONT size=1 face="serif">AAA</FONT>&nbsp;
            </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 <div align="right"><FONT size=1 face="serif">1,100</FONT>&nbsp;
    </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="serif">4.65%, 2/01/11, FSA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">No Opt. Call</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">1,131,878</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>

          <center>
    </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

          <div align="right"></div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">2,155,440</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>

          <center>
    </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

          <div align="right"></div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<B><FONT size=2 face="serif">Texas&#151;15.8%</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
      <center>
        <FONT size=1 face="serif">AAA</FONT>&nbsp;
            </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 <div align="right"><FONT size=1 face="serif">1,090</FONT>&nbsp;
    </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Addison GO, 3.375%, 2/15/11, FGIC</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">No Opt. Call</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">1,052,602</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>

          <center>
    </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

          <div align="right"></div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Bexar Met. Wtr. Dist. Wtr. Wks. Sys. RB,</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
      <center>
        <FONT size=1 face="serif">AAA</FONT>&nbsp;
            </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 <div align="right"><FONT size=1 face="serif">1,085</FONT>&nbsp;
    </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="serif">3.70%, 5/01/10, FSA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">No Opt. Call</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">1,075,051</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
      <center>
        <FONT size=1 face="serif">AAA</FONT>&nbsp;
            </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 <div align="right"><FONT size=1 face="serif">1,090</FONT>&nbsp;
    </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="serif">3.80%, 5/01/11, FSA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">No Opt. Call</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">1,080,016</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
      <center>
        <FONT size=1 face="serif">AAA</FONT>&nbsp;
            </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 <div align="right"><FONT size=1 face="serif">2,000</FONT>&nbsp;
    </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Dallas Rapid Transit RB, 4.30%, 12/01/10, AMBAC</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">No Opt. Call</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">2,026,360</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>

          <center>
    </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

          <div align="right"></div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Harris Cnty. GO,</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
      <center>
        <FONT size=1 face="serif">AAA</FONT>&nbsp;
            </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 <div align="right"><FONT size=1 face="serif">1,500</FONT>&nbsp;
    </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="serif">Ser. A, 5.00%, 10/01/10, FSA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">No Opt. Call</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">1,556,640</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
      <center>
        <FONT size=1 face="serif">AAA</FONT>&nbsp;
            </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
      <div align="right"><FONT size=1 face="serif">330</FONT><SUP><FONT size=1 face="serif">3</FONT></SUP>
            </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="serif">Ser. B, Zero Coupon, 8/15/08, FGIC</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">ETM</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">304,003</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
      <center>
        <FONT size=1 face="serif">AAA</FONT>&nbsp;
            </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 <div align="right"><FONT size=1 face="serif">2,255</FONT>&nbsp;
    </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="serif">Ser. B, Zero Coupon, 8/15/08, FGIC</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">No Opt. Call</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">2,070,067</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
      <center>
        <FONT size=1 face="serif">AAA</FONT>&nbsp;
            </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 <div align="right"><FONT size=1 face="serif">2,490</FONT>&nbsp;
    </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Houston Area Wtr. Corp. RB, Northeast Wtr. Purification Proj., 4.50%, 3/01/11, FGIC</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">No Opt. Call</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">2,542,265</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>

          <center>
    </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

          <div align="right"></div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Houston GO,</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
      <center>
        <FONT size=1 face="serif">AAA</FONT>&nbsp;
            </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 <div align="right"><FONT size=1 face="serif">5,000</FONT>&nbsp;
    </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="serif">Ser. A, 5.00%, 3/01/11, MBIA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">No Opt. Call</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">5,216,600</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
      <center>
        <FONT size=1 face="serif">AAA</FONT>&nbsp;
            </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 <div align="right"><FONT size=1 face="serif">2,000</FONT>&nbsp;
    </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="serif">Ser. A1, 5.00%, 3/01/11, MBIA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">No Opt. Call</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">2,086,640</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
      <center>
        <FONT size=1 face="serif">AAA</FONT>&nbsp;
            </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
      <div align="right"><FONT size=1 face="serif">10,440</FONT>&nbsp;
            </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Houston Wtr. &amp; Swr. Sys. RB, Ser. C, Zero Coupon, 12/01/10, AMBAC</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">No Opt. Call</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">8,690,360</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
      <center>
        <FONT size=1 face="serif">AAA</FONT>&nbsp;
            </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 <div align="right"><FONT size=1 face="serif">5,550</FONT>&nbsp;
    </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Katy Indpt. Sch. Dist. GO, Ser. A, Zero Coupon, 2/15/11, PSF</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">No Opt. Call</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">4,566,040</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
      <center>
        <FONT size=1 face="serif">AAA</FONT>&nbsp;
            </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 <div align="right"><FONT size=1 face="serif">4,000</FONT>&nbsp;
    </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Mun. Pwr. Agcy. RB, 5.50%, 9/01/10, MBIA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">No Opt. Call</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">4,233,520</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
      <center>
        <FONT size=1 face="serif">AAA</FONT>&nbsp;
            </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 <div align="right"><FONT size=1 face="serif">2,245</FONT>&nbsp;
    </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Pub. Fin. Auth. RB, 4.00%, 2/01/11, FGIC</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">No Opt. Call</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">2,244,955</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
      <center>
        <FONT size=1 face="serif">AAA</FONT>&nbsp;
            </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 <div align="right"><FONT size=1 face="serif">1,250</FONT>&nbsp;
    </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Texas Tech Univ. RB, Ser. 9, 5.00%, 2/15/11, AMBAC</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">No Opt. Call</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">1,302,075</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
      <center>
        <FONT size=1 face="serif">AAA</FONT>&nbsp;
            </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 <div align="right"><FONT size=1 face="serif">1,500</FONT>&nbsp;
    </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Univ. of Houston RB, Ser. A, 4.00%, 2/15/10, FSA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">No Opt. Call</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">1,502,955</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>

          <center>
    </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

          <div align="right"></div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">41,550,149</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>

          <center>
    </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

          <div align="right"></div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<B><FONT size=2 face="serif">Utah&#151;2.4%</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
      <center>
        <FONT size=1 face="serif">AAA</FONT>&nbsp;
            </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 <div align="right"><FONT size=1 face="serif">3,470</FONT>&nbsp;
    </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Intermountain Pwr. Agcy. Sply. RB, Ser. A, 5.25%, 7/01/11, MBIA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">07/09 @ 101</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">3,625,734</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
      <center>
        <FONT size=1 face="serif">AAA</FONT>&nbsp;
            </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 <div align="right"><FONT size=1 face="serif">3,175</FONT>&nbsp;
    </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Salt Lake Cnty. Wtr. Conservancy Dist. RB, Ser. A, Zero Coupon, 10/01/10, AMBAC</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">No Opt. Call</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">2,654,681</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>

          <center>
    </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

          <div align="right"></div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">6,280,415</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>

          <center>
    </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

          <div align="right"></div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<B><FONT size=2 face="serif">Washington&#151;13.0%</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
      <center>
        <FONT size=1 face="serif">AAA</FONT>&nbsp;
            </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 <div align="right"><FONT size=1 face="serif">7,345</FONT>&nbsp;
    </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Benton Cnty. Sch. Dist. No. 17 GO, Kennewick Sch. Proj., 4.50%, 12/01/10, FSA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">No Opt. Call</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">7,500,567</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
      <center>
        <FONT size=1 face="serif">AAA</FONT>&nbsp;
            </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 <div align="right"><FONT size=1 face="serif">1,000</FONT>&nbsp;
    </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Chelan Cnty. Sch. Dist. GO, 4.50%, 12/01/10, FSA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">No Opt. Call</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">1,021,180</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
      <center>
        <FONT size=1 face="serif">AAA</FONT>&nbsp;
            </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 <div align="right"><FONT size=1 face="serif">3,000</FONT>&nbsp;
    </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Clark Cnty. Pub. Util. Dist. No. 1 Elec. RB, 4.50%, 1/01/11, AMBAC</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">No Opt. Call</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">3,061,020</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
      <center>
        <FONT size=1 face="serif">AAA</FONT>&nbsp;
            </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 <div align="right"><FONT size=1 face="serif">2,040</FONT>&nbsp;
    </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Clark Cnty. Sch. Dist. No. 114 GO, Evergreen Proj., 4.125%, 12/01/10, FSA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">No Opt. Call</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">2,052,587</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>

          <center>
    </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

          <div align="right"></div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Pub. Pwr. Sply. Sys. RB,</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
      <center>
        <FONT size=1 face="serif">AAA</FONT>&nbsp;
            </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 <div align="right"><FONT size=1 face="serif">1,300</FONT>&nbsp;
    </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="serif">Ser. B, Zero Coupon, 7/01/10, MBIA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">No Opt. Call</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">1,101,074</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
      <center>
        <FONT size=1 face="serif">AAA</FONT>&nbsp;
            </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 <div align="right"><FONT size=1 face="serif">3,745</FONT>&nbsp;
    </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="serif">Nuclear Proj. No. 2, Ser. A, Zero Coupon, 7/01/10, MBIA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">No Opt. Call</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">3,171,940</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
      <center>
        <FONT size=1 face="serif">AAA</FONT>&nbsp;
            </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 &nbsp; &nbsp;
 <div align="right"><FONT size=1 face="serif">9,160</FONT><SUP><FONT size=1 face="serif">3</FONT></SUP>
    </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="serif">Nuclear Proj. No. 2, Ser. A, Zero Coupon, 7/01/10, MBIA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">ETM</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">7,773,543</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
      <center>
        <FONT size=1 face="serif">AAA</FONT>&nbsp;
            </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 <div align="right"><FONT size=1 face="serif">1,010</FONT>&nbsp;
    </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Tacoma GO, 4.625%, 12/01/10, FGIC</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">No Opt. Call</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">1,036,452</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
      <center>
        <FONT size=1 face="serif">AAA</FONT>&nbsp;
            </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 <div align="right"><FONT size=1 face="serif">5,000</FONT><SUP><FONT size=1 face="serif">4</FONT></SUP>
    </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Washington GO, Ser. A, 5.50%, 7/01/09, MBIA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">N/A</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">5,224,850</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
      <center>
        <FONT size=1 face="serif">AAA</FONT>&nbsp;
            </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 <div align="right"><FONT size=1 face="serif">2,280</FONT>&nbsp;
    </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Whatcom Cnty. Sch. Dist. No. 503 GO, 4.50%, 12/01/10, FSA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">No Opt. Call</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">2,328,290</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>

          <center>
    </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

          <div align="right"></div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">34,271,503</FONT>&nbsp;
        </TD>
</TR>
</TABLE>
<BR>
<P align="center">
<FONT size=2 face="serif">See Notes to Financial Statements.</FONT></P>
<P align="center">
<FONT size=2 face="serif">24</FONT></P>

<HR noshade align="center" width="100%" size=4>




<P STYLE="page-break-before:always"></P><PAGE>


<P align="justify">
<B><FONT size=2 face="serif">BlackRock Insured Municipal Term Trust (BMT) (continued)</FONT></B></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD width=6% align=left nowrap>

          <center>
    </center></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=5% align=center nowrap>
      <center>
        <B><FONT size=2 face="serif">Principal</FONT></B>&nbsp;
    </center></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=62% align=left nowrap>&nbsp;

        </TD>
        <TD width=7%>&nbsp;
        </TD>
        <TD width=7% align=left nowrap>&nbsp;

        </TD>
        <TD width=3%>&nbsp;
        </TD>
        <TD width=6% align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>

          <center>
    </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
      <center>
        <B><FONT size=2 face="serif">Amount</FONT></B>&nbsp;
    </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<B><FONT size=2 face="serif">Option Call</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap style="border-bottom:1px solid #000000;"> <center>
          <B><FONT size=2 face="serif">Rating</FONT></B><B><SUP><FONT size=2 face="serif">1</FONT></SUP></B>&nbsp;
    </center></TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
      <center>
        <B><FONT size=2 face="serif">(000)</FONT></B>&nbsp;
    </center></TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;"> <center>
          <B><FONT size=2 face="serif">Description</FONT></B>&nbsp;
    </center></TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD align=center nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="serif">Provisions</FONT></B><B><SUP><FONT size=2 face="serif">2</FONT></SUP></B>&nbsp;
        </TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        </TD>
        <TD align=center nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="serif">Value</FONT></B>&nbsp;
        </TD>
</TR>
<TR>
        <TD colspan=9>

          <center>
    </center></TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>

          <center>
    </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

          <div align="right"></div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<B><FONT size=2 face="serif">West Virginia&#151;3.6%</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>

          <center>
    </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

          <div align="right"></div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Econ. Dev. Auth. RB, Correctional Juvenile &amp; Pub.,</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
      <center>
        <FONT size=1 face="serif">AAA</FONT>&nbsp;
            </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
      <div align="right"><FONT size=1 face="serif">&#36;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4,420</FONT>&nbsp;
            </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="serif">Ser. A, 4.50%, 6/01/11, MBIA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">No Opt. Call</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">&#36;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4,515,384</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
      <center>
        <FONT size=1 face="serif">AAA</FONT>&nbsp;
            </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 <div align="right"><FONT size=1 face="serif">3,705</FONT>&nbsp;
    </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="serif">Ser. A, 4.50%, 6/01/10, MBIA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">No Opt. Call</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">3,776,581</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
      <center>
        <FONT size=1 face="serif">AAA</FONT>&nbsp;
            </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 <div align="right"><FONT size=1 face="serif">1,170</FONT>&nbsp;
    </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Sch. Bldg. Auth. RB, 4.00%, 7/01/11, AMBAC</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">No Opt. Call</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">1,169,473</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>

          <center>
    </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

          <div align="right"></div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">9,461,438</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>

          <center>
    </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

          <div align="right"></div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<B><FONT size=2 face="serif">Wisconsin&#151;5.9%</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
      <center>
        <FONT size=1 face="serif">AAA</FONT>&nbsp;
            </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 <div align="right"><FONT size=1 face="serif">1,045</FONT>&nbsp;
    </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Appleton Wtr. Wks. RB, 4.375%, 1/01/11, FGIC</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">No Opt. Call</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">1,060,947</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>

          <center>
    </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

          <div align="right"></div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Clean Wtr. RB,</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
      <center>
        <FONT size=1 face="serif">AAA</FONT>&nbsp;
            </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 <div align="right"><FONT size=1 face="serif">4,640</FONT>&nbsp;
    </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="serif">Ser. 2, 4.00%, 6/01/10, MBIA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">No Opt. Call</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">4,646,496</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
      <center>
        <FONT size=1 face="serif">AAA</FONT>&nbsp;
            </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 <div align="right"><FONT size=1 face="serif">9,850</FONT>&nbsp;
    </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="serif">Ser. 2, 4.00%, 6/01/11, MBIA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">No Opt. Call</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">9,845,370</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>

          <center>
    </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

          <div align="right"></div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">15,552,813</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>

          <center>
    </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

          <div align="right"></div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<B><FONT size=2 face="serif">Wyoming&#151;2.2%</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>

          <center>
    </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

          <div align="right"></div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Albany Cnty. Impvts. Statutory Trust, COP,</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
      <center>
        <FONT size=1 face="serif">AAA</FONT>&nbsp;
            </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 <div align="right"><FONT size=1 face="serif">1,325</FONT>&nbsp;
    </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="serif">4.00%, 1/15/10, MBIA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">No Opt. Call</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">1,327,584</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
      <center>
        <FONT size=1 face="serif">AAA</FONT>&nbsp;
            </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 <div align="right"><FONT size=1 face="serif">1,450</FONT>&nbsp;
    </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="serif">4.00%, 7/15/10, MBIA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">No Opt. Call</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">1,452,132</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
      <center>
        <FONT size=1 face="serif">AAA</FONT>&nbsp;
            </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 <div align="right"><FONT size=1 face="serif">1,480</FONT>&nbsp;
    </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="serif">4.00%, 1/15/11, MBIA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">No Opt. Call</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">1,479,985</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
      <center>
        <FONT size=1 face="serif">AAA</FONT>&nbsp;
            </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 <div align="right"><FONT size=1 face="serif">1,510</FONT>&nbsp;
    </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="serif">4.00%, 7/15/11, MBIA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">No Opt. Call</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">1,509,305</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>

          <center>
    </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

          <div align="right"></div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">5,769,006</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>

          <center>
    </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

          <div align="right"></div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<B><FONT size=1 face="serif">Total Long-Term Investments (cost &#36;332,261,443)</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">340,224,811</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>

          <center>
    </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

          <div align="right"></div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<B><FONT size=2 face="serif">SHORT-TERM INVESTMENTS&#151;33.5%</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>

          <center>
    </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

          <div align="right"></div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<B><FONT size=2 face="serif">California&#151;1.0%</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
      <center>
        <FONT size=1 face="serif">A-1+</FONT>&nbsp;
            </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 <div align="right"><FONT size=1 face="serif">2,495</FONT><SUP><FONT size=1 face="serif">5</FONT></SUP>
    </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Infrastructure &amp; Econ. Dev. Bank RB, 3.95%, 7/05/06, AMBAC, FRWD</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">N/A</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">2,495,000</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>

          <center>
    </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

          <div align="right"></div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<B><FONT size=2 face="serif">District of Columbia&#151;0.8%</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
      <center>
        <FONT size=1 face="serif">SP-1+</FONT>&nbsp;
            </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 <div align="right"><FONT size=1 face="serif">2,000</FONT><SUP><FONT size=1 face="serif">5</FONT></SUP>
    </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">District of Columbia GO, 3.95%, 7/05/06, FSA, FRWD</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">N/A</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">2,000,000</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>

          <center>
    </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

          <div align="right"></div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<B><FONT size=2 face="serif">Idaho&#151;0.8%</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
      <center>
        <FONT size=1 face="serif">A-1+</FONT>&nbsp;
            </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 <div align="right"><FONT size=1 face="serif">2,165</FONT><SUP><FONT size=1 face="serif">5</FONT></SUP>
    </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Hlth. Facs. Auth. RB, 3.98%, 7/03/06, FSA, FRDD</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">N/A</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">2,165,000</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>

          <center>
    </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

          <div align="right"></div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<B><FONT size=2 face="serif">Illinois&#151;0.9%</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
      <center>
        <FONT size=1 face="serif">SP-1+</FONT>&nbsp;
            </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 <div align="right"><FONT size=1 face="serif">2,480</FONT><SUP><FONT size=1 face="serif">5</FONT></SUP>
    </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">St. Toll Hwy. Auth. RB, 3.98%, 7/05/06, MBIA, FRWD</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">N/A</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">2,480,000</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>

          <center>
    </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

          <div align="right"></div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<B><FONT size=2 face="serif">Kentucky&#151;0.2%</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
      <center>
        <FONT size=1 face="serif">F1+</FONT>&nbsp;
            </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 <div align="right"><FONT size=1 face="serif">575</FONT><SUP><FONT size=1 face="serif">5</FONT></SUP>
    </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Breckinridge Cnty. Lease RB, 4.00%, 7/05/06, FRWD</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">N/A</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">575,000</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>

          <center>
    </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

          <div align="right"></div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<B><FONT size=2 face="serif">Louisiana&#151;1.1%</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
      <center>
        <FONT size=1 face="serif">A-1+</FONT>&nbsp;
            </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 <div align="right"><FONT size=1 face="serif">3,000</FONT><SUP><FONT size=1 face="serif">5</FONT></SUP>
    </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">East Baton Rouge Parish PCRB, Exxon Proj., 3.97%, 7/03/06, FRDD</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">N/A</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">3,000,000</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>

          <center>
    </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

          <div align="right"></div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<B><FONT size=2 face="serif">Maryland&#151;1.4%</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
      <center>
        <FONT size=1 face="serif">A-1+</FONT>&nbsp;
            </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 <div align="right"><FONT size=1 face="serif">3,668</FONT><SUP><FONT size=1 face="serif">5</FONT></SUP>
    </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Hlth. &amp; Higher Edl. Fac. Auth. RB, 3.98%, 7/06/06, FRWD</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">N/A</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">3,668,000</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>

          <center>
    </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

          <div align="right"></div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<B><FONT size=2 face="serif">Massachusetts&#151;7.2%</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>

          <center>
    </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

          <div align="right"></div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Hlth. &amp; Edl. Fac. Auth. RB, Harvard Univ. Proj.,</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
      <center>
        <FONT size=1 face="serif">A-1+</FONT>&nbsp;
            </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 <div align="right"><FONT size=1 face="serif">5,000</FONT><SUP><FONT size=1 face="serif">5</FONT></SUP>
    </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="serif">Ser. BB, 3.92%, 7/06/06, FRWD</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">N/A</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">5,000,000</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
      <center>
        <FONT size=1 face="serif">A-1+</FONT>&nbsp;
            </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
      <div align="right"><FONT size=1 face="serif">12,350</FONT><SUP><FONT size=1 face="serif">5</FONT></SUP>
    </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="serif">Ser. GG-1, 3.92%, 7/06/06, FRWD</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">N/A</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">12,350,000</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
      <center>
        <FONT size=1 face="serif">A-1+</FONT>&nbsp;
            </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 <div align="right"><FONT size=1 face="serif">1,600</FONT><SUP><FONT size=1 face="serif">5</FONT></SUP>
    </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="serif">Ser. R, 3.90%, 7/03/06, FRDD</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">N/A</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">1,600,000</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>

          <center>
    </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

          <div align="right"></div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">18,950,000</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>

          <center>
    </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

          <div align="right"></div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<B><FONT size=2 face="serif">Missouri&#151;3.0%</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
      <center>
        <FONT size=1 face="serif">A-1+</FONT>&nbsp;
            </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 <div align="right"><FONT size=1 face="serif">7,900</FONT><SUP><FONT size=1 face="serif">5</FONT></SUP>
    </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">St. Hlth. &amp; Edl. Fac. RB, Med. Research Facs. Stowers Inst. Proj., 3.98%, 7/06/06, MBIA, FRWD</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">N/A</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">7,900,000</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>

          <center>
    </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

          <div align="right"></div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<B><FONT size=2 face="serif">New Jersey&#151;1.3%</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
      <center>
        <FONT size=1 face="serif">A-1+</FONT>&nbsp;
            </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 <div align="right"><FONT size=1 face="serif">3,280</FONT><SUP><FONT size=1 face="serif">5</FONT></SUP>
    </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Sports &amp; Expo. Auth. RB, Ser. B2, 3.90%, 7/05/06, MBIA, FRWD</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">N/A</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">3,280,000</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>

          <center>
    </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

          <div align="right"></div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<B><FONT size=2 face="serif">North Carolina&#151;2.6%</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
      <center>
        <FONT size=1 face="serif">A-1+</FONT>&nbsp;
            </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 <div align="right"><FONT size=1 face="serif">6,845</FONT><SUP><FONT size=1 face="serif">5</FONT></SUP>
    </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Buncombe Cnty. Met. Swr. Dist. Swr. Sys. RB, 3.97%, 7/06/06, XLCA, FRWD</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">N/A</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">6,845,000</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>

          <center>
    </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

          <div align="right"></div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<B><FONT size=2 face="serif">Ohio&#151;7.2%</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
      <center>
        <FONT size=1 face="serif">VMIG1</FONT>&nbsp;
            </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
      <div align="right"><FONT size=1 face="serif">10,000</FONT><SUP><FONT size=1 face="serif">5</FONT></SUP>
    </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Columbus Regl. Arpt. Auth. RB, Ser. A, 3.99%, 7/06/06, FRWD</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">N/A</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">10,000,000</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
      <center>
        <FONT size=1 face="serif">VMIG1</FONT>&nbsp;
            </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 <div align="right"><FONT size=1 face="serif">8,900</FONT><SUP><FONT size=1 face="serif">5</FONT></SUP>
    </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Hamilton Cnty. Hosp. Facs. RB, Ser. A, 3.97%, 7/05/06, FRWD</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">N/A</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">8,900,000</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>

          <center>
    </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

          <div align="right"></div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">18,900,000</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>

          <center>
    </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

          <div align="right"></div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<B><FONT size=2 face="serif">Pennsylvania&#151;1.8%</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
      <center>
        <FONT size=1 face="serif">A-1+</FONT>&nbsp;
            </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 <div align="right"><FONT size=1 face="serif">1,500</FONT><SUP><FONT size=1 face="serif">5</FONT></SUP>
    </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Emmaus Gen. Auth. RB, 3.98%, 7/05/06, FSA, FRWD</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">N/A</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">1,500,000</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
      <center>
        <FONT size=1 face="serif">A-1+</FONT>&nbsp;
            </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 <div align="right"><FONT size=1 face="serif">2,000</FONT><SUP><FONT size=1 face="serif">5</FONT></SUP>
    </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Erie Wtr. Auth. RB, 3.98%, 7/06/06, FSA, FRWD</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">N/A</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">2,000,000</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
      <center>
        <FONT size=1 face="serif">A-1+</FONT>&nbsp;
            </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 <div align="right"><FONT size=1 face="serif">1,100</FONT><SUP><FONT size=1 face="serif">5</FONT></SUP>
    </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Harrisburg Auth. Sch. RB, Adj. Harrisburg Proj., 3.97%, 7/06/06, AMBAC, FRWD</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">N/A</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">1,100,000</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
      <center>
        <FONT size=1 face="serif">VMIG1</FONT>&nbsp;
            </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 <div align="right"><FONT size=1 face="serif">105</FONT><SUP><FONT size=1 face="serif">5</FONT></SUP>
    </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Higher Ed. Facs. Auth. RB, St. Sys. Higher Ed. Proj., Ser. A, 3.96%, 7/06/06, MBIA, FRWD</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">N/A</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">105,000</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>

          <center>
    </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

          <div align="right"></div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">4,705,000</FONT>&nbsp;
        </TD>
</TR>
</TABLE>
<BR>
<P align="center">
<FONT size=2 face="serif">See Notes to Financial Statements.</FONT></P>
<P align="center">
<FONT size=2 face="serif">25</FONT></P>

<HR noshade align="center" width="100%" size=4>




<P STYLE="page-break-before:always"></P><PAGE>


<P align="justify">
<B><FONT size=2 face="serif">BlackRock Insured Municipal Term Trust (BMT) (continued)</FONT></B></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD width=5% align=left nowrap>&nbsp;

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=5% align=center nowrap>
<B><FONT size=2 face="serif">Principal</FONT></B>&nbsp;
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=73% align=left nowrap>&nbsp;

        </TD>
        <TD width=7%>&nbsp;
        </TD>
        <TD width=6% align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<B><FONT size=2 face="serif">Amount</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap style="border-bottom:1px solid #000000;"> <center>
          <B><FONT size=2 face="serif">Rating</FONT></B><B><SUP><FONT size=2 face="serif">1</FONT></SUP></B>&nbsp;
    </center></TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        </TD>
        <TD align=center nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="serif">(000)</FONT></B>&nbsp;
        </TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;"> <center>
          <B><FONT size=2 face="serif">Description</FONT></B>&nbsp;
    </center></TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD align=center nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="serif">Value</FONT></B>&nbsp;
        </TD>
</TR>
<TR>
        <TD colspan=7>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<B><FONT size=2 face="serif">Puerto Rico&#151;0.4%</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
<FONT size=1 face="serif">A-1</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">&#36;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1,000</FONT><SUP><FONT size=1 face="serif">5</FONT></SUP>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Gov&#146;t. Dev. Bank RB, 3.87%, 7/05/06, MBIA, FRWD</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">&#36;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1,000,000</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<B><FONT size=2 face="serif">Tennessee&#151;2.5%</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
<FONT size=1 face="serif">VMIG1</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">6,620</FONT><SUP><FONT size=1 face="serif">5</FONT></SUP>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Clarksville Pub. Bldg. Auth. RB, 4.05%, 7/03/06, FRDD</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">6,620,000</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
  <TD align=center nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<B><FONT size=2 face="serif">Shares</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="serif">(000)</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<B><FONT size=2 face="serif">Money Market Fund&#151;1.3%</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
<FONT size=1 face="serif">NR</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
      <div align="right"><FONT size=1 face="serif">3,500</FONT>&nbsp;
            </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">AIM Tax Free Investment Co. Cash Reserve Portfolio</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">3,500,000</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<B><FONT size=1 face="serif">Total Short-Term Investments (cost &#36;88,083,000)</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">88,083,000</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<B><FONT size=1 face="serif">Total Investments&#151;162.9% (cost &#36;420,344,443</FONT></B><B><SUP><FONT size=1 face="serif">6</FONT></SUP></B><B><FONT size=1 face="serif">)</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">&#36;&nbsp; 428,307,811</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Other assets in excess of liabilities&#151;2.0%</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">5,193,993</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Preferred shares at redemption value, including dividends payable&#151;(64.9)%</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap><div style="border-bottom:1px solid #000000"> <font size=1 face="serif">(170,595,847</font><font size=1 face="serif">)</font> </div></TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<B><FONT size=1 face="serif">Net Assets Applicable to Common Shareholders&#151;100%</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:3px double #000000;">
<FONT size=1 face="serif">&#36; &nbsp;262,905,957</FONT>&nbsp;
        </TD>
</TR>
</TABLE>
<BR>
<hr align="left" noshade width="200" size="1" color=black>
<SUP><FONT size=1 face="serif">1 </FONT></SUP><FONT size=1 face="serif">Using
the higher of S&amp;P, Moody or Fitch&#146;s rating.</FONT>
<P align="justify">
<SUP><FONT size=1 face="serif">2 </FONT></SUP><FONT size=1 face="serif">Date (month/year) and price of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates.</FONT></P>
<P align="justify"><SUP><FONT size=1 face="serif">3 </FONT></SUP><FONT size=1 face="serif">Security is collateralized by municipal or U.S. Treasury obligations.</FONT></P>
<P align="justify">
<SUP><FONT size=1 face="serif">4 </FONT></SUP><FONT size=1 face="serif">This bond is prerefunded. U.S. government securities, held in escrow, are used to pay interest on this security, as well as retire the bond in full at the date indicated,
typically at a premium to par.</FONT></P>
<P align="justify">
<SUP><FONT size=1 face="serif">5 </FONT></SUP><FONT size=1 face="serif">For purposes of amortized cost valuation, the maturity date of this instrument is considered to be the earlier of the next date on which the security can be redeemed at par, or
the next date on which the rate of interest is adjusted. Rate shown is rate as of June 30, 2006.</FONT></P>
<P align="justify">
<SUP><FONT size=1 face="serif">6 </FONT></SUP><FONT size=1 face="serif">Cost for Federal income tax purposes is &#36;420,043,127. The net unrealized appreciation on a tax basis is &#36;8,264,684, consisting of &#36;9,267,880 gross unrealized
appreciation and &#36;1,003,196 gross unrealized depreciation.</FONT></P>
<P align="justify">
<FONT size=1 face="serif">The value (market value plus accrued interest) of securities that are covered by insurance, which ensures the payment of principal and interest, represent approximately 84.2% of the Trust&#146;s managed assets:</FONT></P>
<TABLE width="10%" border=0 align="center" cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD align=left nowrap>
<FONT size=1 face="serif">AMBAC</FONT>&nbsp;
        </TD>
        <TD align=left nowrap>
      <center>
        <FONT size=1 face="serif">&#151;</FONT>&nbsp;
            </center></TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">13.9%</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
<FONT size=1 face="serif">FGIC</FONT>&nbsp;
        </TD>
        <TD align=left nowrap>
      <center>
        <FONT size=1 face="serif">&#151;</FONT>&nbsp;
            </center></TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">16.4%</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
<FONT size=1 face="serif">FSA</FONT>&nbsp;
        </TD>
        <TD align=left nowrap>
      <center>
        <FONT size=1 face="serif">&#151;</FONT>&nbsp;
            </center></TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">17.7%</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
<FONT size=1 face="serif">MBIA</FONT>&nbsp;
        </TD>
        <TD align=left nowrap>
      <center>
        <FONT size=1 face="serif">&#151;</FONT>&nbsp;
            </center></TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">32.7%</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
<FONT size=1 face="serif">PSF</FONT>&nbsp;
        </TD>
        <TD align=left nowrap>
      <center>
        <FONT size=1 face="serif">&#151;</FONT>&nbsp;
            </center></TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">1.1%</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
<FONT size=1 face="serif">XLCA</FONT>&nbsp;
        </TD>
        <TD align=left nowrap>
      <center>
        <FONT size=1 face="serif">&#151;</FONT>&nbsp;
            </center></TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">1.6%</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
<FONT size=1 face="serif">Other</FONT>&nbsp;
        </TD>
        <TD align=left nowrap>
      <center>
        <FONT size=1 face="serif">&#151;</FONT>&nbsp;
            </center></TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">0.8%</FONT>&nbsp;
        </TD>
</TR>
</TABLE>
<BR>
<div style="border:1px solid #000000; padding:10px">
  <table width="95%" border=0 align="center" cellpadding=0 cellspacing=0>
    <tr valign="bottom">
      <td colspan="7" align=left nowrap>
        <center>
          <b><font size=2 face="serif">KEY TO ABBREVIATIONS</font></b>&nbsp;
      </center></td>
    </tr>
    <tr valign="bottom">
      <td align=left nowrap> <font size=2 face="serif">AMBAC</font>&nbsp; </td>
      <td align=left nowrap>
        <div align="right"><font size=2 face="sans-serif">&#151;</font>&nbsp; </div></td>
      <td align=left nowrap> <font size=2 face="serif">American Municipal Bond
          Assurance Corp.</font>&nbsp; </td>
      <td>&nbsp; </td>
      <td align=left nowrap> <font size=2 face="serif">GO</font>&nbsp; </td>
      <td align=right nowrap> <font size=2 face="sans-serif">&#151;</font>&nbsp; </td>
      <td align=left nowrap> <font size=2 face="serif">General Obligation</font>&nbsp; </td>
    </tr>
    <tr valign="bottom">
      <td align=left nowrap> <font size=2 face="serif">COP</font>&nbsp; </td>
      <td align=left nowrap>
        <div align="right"><font size=2 face="sans-serif">&#151;</font>&nbsp; </div></td>
      <td align=left nowrap> <font size=2 face="serif">Certificate of Participation</font>&nbsp; </td>
      <td>&nbsp; </td>
      <td align=left nowrap> <font size=2 face="serif">MBIA</font>&nbsp; </td>
      <td align=right nowrap> <font size=2 face="sans-serif">&#151;</font>&nbsp; </td>
      <td align=left nowrap> <font size=2 face="serif">Municipal Bond Insurance
          Assoc.</font>&nbsp; </td>
    </tr>
    <tr valign="bottom">
      <td align=left nowrap> <font size=2 face="serif">ETM</font>&nbsp; </td>
      <td align=left nowrap>
        <div align="right"><font size=2 face="sans-serif">&#151;</font>&nbsp; </div></td>
      <td align=left nowrap> <font size=2 face="serif">Escrowed to Maturity</font>&nbsp; </td>
      <td>&nbsp; </td>
      <td align=left nowrap> <font size=2 face="serif">PCRB</font>&nbsp; </td>
      <td align=right nowrap> <font size=2 face="sans-serif">&#151;</font>&nbsp; </td>
      <td align=left nowrap> <font size=2 face="serif">Pollution Control Revenue
          Bond</font>&nbsp; </td>
    </tr>
    <tr valign="bottom">
      <td align=left nowrap> <font size=2 face="serif">FGIC</font>&nbsp; </td>
      <td align=left nowrap>
        <div align="right"><font size=2 face="sans-serif">&#151;</font>&nbsp; </div></td>
      <td align=left nowrap> <font size=2 face="serif">Financial Guaranty Insurance
          Co.</font>&nbsp; </td>
      <td>&nbsp; </td>
      <td align=left nowrap> <font size=2 face="serif">RB</font>&nbsp; </td>
      <td align=right nowrap> <font size=2 face="sans-serif">&#151;</font>&nbsp; </td>
      <td align=left nowrap> <font size=2 face="serif">Revenue Bond</font>&nbsp; </td>
    </tr>
    <tr valign="bottom">
      <td align=left nowrap> <font size=2 face="serif">FRDD</font>&nbsp; </td>
      <td align=left nowrap>
        <div align="right"><font size=2 face="serif">&#151;</font>&nbsp; </div></td>
      <td align=left nowrap> <font size=2 face="serif">Floating Rate Daily Demand</font>&nbsp; </td>
      <td>&nbsp; </td>
      <td align=left nowrap> <font size=2 face="serif">ST</font>&nbsp; </td>
      <td align=right nowrap> <font size=2 face="sans-serif">&#151;</font>&nbsp; </td>
      <td align=left nowrap> <font size=2 face="serif">Special Tax</font>&nbsp; </td>
    </tr>
    <tr valign="bottom">
      <td align=left nowrap> <font size=2 face="serif">FRWD</font>&nbsp; </td>
      <td align=left nowrap>
        <div align="right"><font size=2 face="serif">&#151;</font>&nbsp; </div></td>
      <td align=left nowrap> <font size=2 face="serif">Floating Rate Weekly Demand</font>&nbsp; </td>
      <td>&nbsp; </td>
      <td align=left nowrap> <font size=2 face="serif">XLCA </font>&nbsp; </td>
      <td align=left nowrap>
        <div align="right"><font size=2 face="sans-serif">&#151;</font>&nbsp; </div></td>
      <td align=left nowrap> <font size=2 face="serif">XL Capital Assurance</font>&nbsp; </td>
    </tr>
    <tr valign="bottom">
      <td align=left nowrap> <font size=2 face="serif">FSA</font>&nbsp; </td>
      <td align=left nowrap>
        <div align="right"><font size=2 face="sans-serif">&#151;</font>&nbsp; </div></td>
      <td align=left nowrap> <font size=2 face="serif">Financial Security Assurance</font>&nbsp; </td>
      <td>&nbsp; </td>
      <td align=left nowrap>&nbsp; </td>
      <td align=left nowrap>&nbsp; </td>
      <td align=left nowrap>&nbsp; </td>
    </tr>
  </table>
  </div>
<BR>
<P align="center">
<FONT size=2 face="serif">See Notes to Financial Statements.</FONT></P>
<P align="center">
<FONT size=2 face="serif">26</FONT></P>

<HR noshade align="center" width="100%" size=4>




<P STYLE="page-break-before:always"></P><PAGE>
<P align="justify">
<B><FONT face="serif">PORTFOLIO OF INVESTMENTS (unaudited)</FONT></B><BR>
<B><FONT face="serif">JUNE 30, 2006</FONT></B></P>
<P align="justify">
<B><FONT size=2 face="serif">BlackRock Municipal 2018 Term Trust (BPK)</FONT></B></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD width=5% align=left nowrap>&nbsp;

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=5% align=center nowrap>
      <center>
        <B><FONT size=2 face="serif">Principal</FONT></B>&nbsp;
    </center></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=62% align=left nowrap>&nbsp;

        </TD>
        <TD width=8%>&nbsp;
        </TD>
        <TD width=7% align=left nowrap>&nbsp;

        </TD>
        <TD width=3%>&nbsp;
        </TD>
        <TD width=6% align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
      <center>
        <B><FONT size=2 face="serif">Amount</FONT></B>&nbsp;
    </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<B><FONT size=2 face="serif">Option Call</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
      <center>
        <B><FONT size=2 face="serif">Rating</FONT></B><B><SUP><FONT size=2 face="serif">1</FONT></SUP></B>&nbsp;
            </center></TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        </TD>
        <TD align=center nowrap style="border-bottom:1px solid #000000;">
      <center>
        <B><FONT size=2 face="serif">(000)</FONT></B>&nbsp;
    </center></TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;"> <center>
          <B><FONT size=2 face="serif">Description</FONT></B>&nbsp;
    </center></TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD align=center nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="serif">Provisions</FONT></B><B><SUP><FONT size=2 face="serif">2</FONT></SUP></B>&nbsp;
        </TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        </TD>
        <TD align=center nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="serif">Value</FONT></B>&nbsp;
        </TD>
</TR>
<TR>
        <TD colspan=9>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

          <div align="right"></div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<B><FONT size=2 face="serif">LONG-TERM INVESTMENTS&#151;151.0%</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

          <div align="right"></div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<B><FONT size=2 face="serif">Alabama&#151;2.5%</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
<FONT size=1 face="serif">A2</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
      <div align="right"><FONT size=1 face="serif">&#36; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5,845</FONT>&nbsp;
            </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Huntsville Hlth. Care Auth. RB, Ser. A, 5.625%, 6/01/22</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">06/12 @ 101</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">&#36;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6,125,209</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

          <div align="right"></div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<B><FONT size=2 face="serif">California&#151;7.0%</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
<FONT size=1 face="serif">A</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
      <div align="right"><FONT size=1 face="serif">1,750</FONT>&nbsp;
            </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Agua Caliente Band of Cahuilla Indians RB, 5.60%, 7/01/13</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">No Opt. Call</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">1,797,040</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
<FONT size=1 face="serif">AAA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
      <div align="right"><FONT size=1 face="serif">5,425</FONT>&nbsp;
            </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Clovis Unified Sch. Dist. Cap. Apprec. Election 2004 GO, Ser. A, Zero Coupon, 8/01/21, FGIC</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">No Opt. Call</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">2,638,829</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
<FONT size=1 face="serif">NR</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
      <div align="right"><FONT size=1 face="serif">1,235</FONT>&nbsp;
            </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Lincoln Cmny. Facs. Dist. 1 ST, 5.90%, 9/01/24</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">09/13 @ 102</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">1,295,058</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
<FONT size=1 face="serif">BBB+</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
      <div align="right"><FONT size=1 face="serif">5,000</FONT>&nbsp;
            </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Poll. Ctrl. Fin. Auth. Sld. Wst. Disp. RB, Republic Svcs., Inc. Proj., Ser. C, 5.25%, 6/01/23</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">No Opt. Call</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">5,146,400</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
<FONT size=1 face="serif">BBB</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
      <div align="right"><FONT size=1 face="serif">6,500</FONT>&nbsp;
            </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Poll. Ctrl. Sld. RB, Wst. Mgmt. Inc. Proj., Ser. C, 5.125%, 11/01/23</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">11/15 @ 101</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">6,580,340</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

          <div align="right"></div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">17,457,667</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

          <div align="right"></div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<B><FONT size=2 face="serif">Colorado&#151;4.2%</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
<FONT size=1 face="serif">BBB</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
      <div align="right"><FONT size=1 face="serif">5,000</FONT>&nbsp;
            </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Hsg. &amp; Fin. Auth. Sld. Wst. RB, Wst. Mgmt. Inc. Proj., 5.70%, 7/01/18</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">No Opt. Call</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">5,294,150</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
<FONT size=1 face="serif">Baa2</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
      <div align="right"><FONT size=1 face="serif">5,010</FONT>&nbsp;
            </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Park Creek Met. Dist. RB, Sr. Ltd. Ppty. Tax Proj., 5.25%, 12/01/20</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">12/15 @ 101</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">5,135,801</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

          <div align="right"></div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">10,429,951</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

          <div align="right"></div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<B><FONT size=2 face="serif">Connecticut&#151;1.6%</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
<FONT size=1 face="serif">Baa3</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 <div align="right"><FONT size=1 face="serif">3,750</FONT><SUP><FONT size=1 face="serif">3</FONT></SUP>
    </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Mashantucket Western Pequot Tribe Spec. RB, Ser. B, 5.75%, 9/01/18</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">09/07 @ 102</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">3,877,800</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

          <div align="right"></div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<B><FONT size=2 face="serif">Florida&#151;10.8%</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
<FONT size=1 face="serif">NR</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
      <div align="right"><FONT size=1 face="serif">670</FONT>&nbsp;
            </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Baywinds Cmnty. Dev. Dist. SA, Ser. B, 4.90%, 5/01/12</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">No Opt. Call</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">666,938</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
<FONT size=1 face="serif">Baa</FONT><SUP><FONT size=1 face="serif">5</FONT></SUP>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 <div align="right"><FONT size=1 face="serif">1,585</FONT><SUP><FONT size=1 face="serif">4</FONT></SUP>
    </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Cap. Trust Agcy. Multi-Fam. Hsg. RB, American Oppty. Proj., Ser. A, 5.75%, 6/01/23</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">06/13 @ 102</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">1,511,662</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
<FONT size=1 face="serif">NR</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
      <div align="right"><FONT size=1 face="serif">2,000</FONT>&nbsp;
            </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">CFM Cmnty. Dev. Dist. Cap. Impvt. RB, Ser. B, 5.875%, 5/01/14</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">No Opt. Call</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">2,028,000</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

          <div align="right"></div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Live Oak Cmnty. Dev. Dist. SA,</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
<FONT size=1 face="serif">NR</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
      <div align="right"><FONT size=1 face="serif">1,860</FONT>&nbsp;
            </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="serif">No. 1, Ser. B, 5.00%, 11/01/09</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">No Opt. Call</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">1,847,426</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
<FONT size=1 face="serif">NR</FONT><SUP><FONT size=1 face="serif">5</FONT></SUP>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
      <div align="right"><FONT size=1 face="serif">90</FONT>&nbsp;
            </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="serif">No. 2, Ser. B, 5.30%, 5/01/08</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">No Opt. Call</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">90,079</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
<FONT size=1 face="serif">BB+</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
      <div align="right"><FONT size=1 face="serif">4,515</FONT>&nbsp;
            </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Miami Beach Hlth. Facs. Auth. RB, Mt. Sinai Med. Ctr. Proj., 6.75%, 11/15/21</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">11/14 @ 100</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">5,008,444</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
<FONT size=1 face="serif">NR</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
      <div align="right"><FONT size=1 face="serif">1,595</FONT>&nbsp;
            </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Pine Islands Cmnty. Dev. Dist. Util. Sys. RB, 5.30%, 11/01/10</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">No Opt. Call</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">1,572,750</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
<FONT size=1 face="serif">NR</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
      <div align="right"><FONT size=1 face="serif">3,920</FONT>&nbsp;
            </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Stevens Plantation Cmnty. Dist. SA, Ser. B, 6.375%, 5/01/13</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">No Opt. Call</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">3,966,334</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
<FONT size=1 face="serif">NR</FONT><SUP><FONT size=1 face="serif">5</FONT></SUP>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
      <div align="right"><FONT size=1 face="serif">5,410</FONT>&nbsp;
            </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Vlg. Ctr. Cmnty. Dev. Dist. RB, Ser. B, 5.875%, 1/01/15</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">No Opt. Call</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">5,519,661</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
<FONT size=1 face="serif">NR</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
      <div align="right"><FONT size=1 face="serif">3,130</FONT>&nbsp;
            </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Vlg. of Westport Cmnty. Dev. Dist. Cap. Impvt. RB, Ser. A, 5.40%, 5/01/20</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">05/13 @ 100</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">3,074,036</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
<FONT size=1 face="serif">NR</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
      <div align="right"><FONT size=1 face="serif">1,450</FONT>&nbsp;
            </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Westchester Cmnty. Dev. Dist. No. 1 SA, 6.00%, 5/01/23</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">05/13 @ 101</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">1,506,768</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

          <div align="right"></div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">26,792,098</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

          <div align="right"></div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<B><FONT size=2 face="serif">Illinois&#151;24.3%</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
<FONT size=1 face="serif">NR</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 <div align="right"><FONT size=1 face="serif">1,825</FONT><SUP><FONT size=1 face="serif">3</FONT></SUP>
    </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Centerpoint Intermodal Ctr. Prog. Trust TA, Ser. A, 8.00%, 6/15/23</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">No Opt. Call</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">1,815,273</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

          <div align="right"></div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Chicago O&#146;Hare Intl. Arpt. RB,</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
<FONT size=1 face="serif">AAA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
      <div align="right"><FONT size=1 face="serif">5,000</FONT>&nbsp;
            </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="serif">Ser. A, 5.00%, 1/01/19, AMBAC</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">01/16 @ 100</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">5,167,850</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
<FONT size=1 face="serif">AAA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
      <div align="right"><FONT size=1 face="serif">8,000</FONT>&nbsp;
            </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="serif">Ser. A, 5.00%, 1/01/20, AMBAC</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">01/16 @ 100</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">8,243,680</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
<FONT size=1 face="serif">AAA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
      <div align="right"><FONT size=1 face="serif">5,000</FONT>&nbsp;
            </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="serif">Ser. A, 5.75%, 1/01/18, MBIA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">01/12 @ 100</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">5,313,300</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
<FONT size=1 face="serif">A2</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
      <div align="right"><FONT size=1 face="serif">12,500</FONT><SUP><FONT size=1 face="serif">4</FONT></SUP>
            </div></TD>
        <TD><SUP><FONT size=1 face="serif">,6</FONT></SUP>
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Dev. Fin. Auth. Adventist Hlth. Sys. RB, Sunbelt Oblig. Proj., 5.50%, 11/15/09</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">N/A</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">13,176,375</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
<FONT size=1 face="serif">BBB</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
      <div align="right"><FONT size=1 face="serif">5,980</FONT>&nbsp;
            </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Edl. Facs. Auth. Student Hsg. Edl. Adv. Fund RB, Univ. Ctr. Proj., 6.00%, 5/01/22</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">05/12 @ 101</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">6,383,112</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
<FONT size=1 face="serif">Baa2</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
      <div align="right"><FONT size=1 face="serif">2,750</FONT>&nbsp;
            </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Fin. Auth. Student Hsg. RB, MJH Ed. Asst. Living Proj., Ser. A, 5.50%, 6/01/19</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">06/14 @ 100</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">2,872,045</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
<FONT size=1 face="serif">A</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
      <div align="right"><FONT size=1 face="serif">5,000</FONT>&nbsp;
            </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Hlth. Facs. Auth. RB, Elmhurst Mem. Hlth. Care Proj., 5.50%, 1/01/22</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">01/13 @ 100</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">5,156,550</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

          <div align="right"></div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Kane &amp; Du Page Cntys. Sch. Dist. GO,</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
<FONT size=1 face="serif">AAA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
      <div align="right"><FONT size=1 face="serif">4,625</FONT>&nbsp;
            </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="serif">Ser. B, Zero Coupon, 1/01/18, FSA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">01/12 @ 72.425</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">2,655,212</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
<FONT size=1 face="serif">AAA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
      <div align="right"><FONT size=1 face="serif">4,100</FONT>&nbsp;
            </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="serif">Ser. B, Zero Coupon, 1/01/19, FSA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">01/12 @ 67.935</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">2,207,891</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
<FONT size=1 face="serif">AAA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
      <div align="right"><FONT size=1 face="serif">2,950</FONT>&nbsp;
            </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="serif">Ser. B, Zero Coupon, 1/01/21, FSA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">01/12 @ 60.038</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">1,413,846</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
<FONT size=1 face="serif">AAA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
      <div align="right"><FONT size=1 face="serif">1,700</FONT>&nbsp;
            </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="serif">Ser. B, Zero Coupon, 1/01/22, FSA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">01/12 @ 56.454</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">760,750</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

          <div align="right"></div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Sports Facs. Auth. RB,</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
<FONT size=1 face="serif">AAA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
      <div align="right"><FONT size=1 face="serif">1,885</FONT>&nbsp;
            </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="serif">Zero Coupon, 6/15/19, AMBAC</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">06/15 @ 101</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">1,642,872</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
<FONT size=1 face="serif">AAA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
      <div align="right"><FONT size=1 face="serif">1,985</FONT>&nbsp;
            </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="serif">Zero Coupon, 6/15/20, AMBAC</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">06/15 @ 101</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">1,728,141</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
<FONT size=1 face="serif">AAA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
      <div align="right"><FONT size=1 face="serif">2,090</FONT>&nbsp;
            </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="serif">Zero Coupon, 6/15/21, AMBAC</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">06/15 @ 101</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">1,819,199</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

          <div align="right"></div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">60,356,096</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

          <div align="right"></div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<B><FONT size=2 face="serif">Indiana&#151;10.6%</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
<FONT size=1 face="serif">AA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
      <div align="right"><FONT size=1 face="serif">13,970</FONT><SUP><FONT size=1 face="serif">4</FONT></SUP>
            </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Hlth. Fac. Fin. Auth. RB, Sisters of St. Francis Proj., 5.75%, 11/01/11</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">N/A</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">15,278,430</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
<FONT size=1 face="serif">BBB</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
      <div align="right"><FONT size=1 face="serif">2,500</FONT>&nbsp;
            </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Indianapolis Arpt. Auth. RB, FedEx Corp. Proj., 5.10%, 1/15/17</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">No Opt. Call</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">2,542,750</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
<FONT size=1 face="serif">BBB+</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
      <div align="right"><FONT size=1 face="serif">4,000</FONT>&nbsp;
            </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Petersburg PCRB, Pwr. &amp; Lt. Conv. Proj., 5.75%, 8/01/21</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">08/11 @ 102</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">4,214,520</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
<FONT size=1 face="serif">NR</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
      <div align="right"><FONT size=1 face="serif">4,350</FONT>&nbsp;
            </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Vincennes Econ. Dev. RB, Southwest Indiana Regl. Youth Proj., 6.25%, 1/01/24</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">01/09 @ 102</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">4,195,619</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

          <div align="right"></div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">26,231,319</FONT>&nbsp;
        </TD>
</TR>
</TABLE>
<BR>
<P align="center">
<FONT size=2 face="serif">See Notes to Financial Statements.</FONT></P>
<P align="center">
<FONT size=2 face="serif">27</FONT></P>

<HR noshade align="center" width="100%" size=4>




<P STYLE="page-break-before:always"></P><PAGE>


<P align="justify">
<B><FONT size=2 face="serif">BlackRock Municipal 2018 Term Trust (BPK) (continued)</FONT></B></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD width=6% align=left nowrap>&nbsp;

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=5% align=center nowrap>
      <center>
        <B><FONT size=2 face="serif">Principal</FONT></B>&nbsp;
    </center></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=62% align=left nowrap>&nbsp;

        </TD>
        <TD width=7%>&nbsp;
        </TD>
        <TD width=7% align=left nowrap>&nbsp;

        </TD>
        <TD width=3%>&nbsp;
        </TD>
        <TD width=6% align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
      <center>
        <B><FONT size=2 face="serif">Amount</FONT></B>&nbsp;
    </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<B><FONT size=2 face="serif">Option Call</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
      <center>
        <B><FONT size=2 face="serif">Rating</FONT></B><B><SUP><FONT size=2 face="serif">1</FONT></SUP></B>&nbsp;
            </center></TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        </TD>
        <TD align=center nowrap style="border-bottom:1px solid #000000;">
      <center>
        <B><FONT size=2 face="serif">(000)</FONT></B>&nbsp;
    </center></TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;"> <center>
          <B><FONT size=2 face="serif">Description</FONT></B>&nbsp;
    </center></TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD align=center nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="serif">Provisions</FONT></B><B><SUP><FONT size=2 face="serif">2</FONT></SUP></B>&nbsp;
        </TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        </TD>
        <TD align=center nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="serif">Value</FONT></B>&nbsp;
        </TD>
</TR>
<TR>
        <TD colspan=9>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

          <div align="right"></div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<B><FONT size=2 face="serif">Louisiana&#151;1.3%</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
<FONT size=1 face="serif">AAA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
      <div align="right"><FONT size=1 face="serif">&#36;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3,145</FONT>&nbsp;
            </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Pub. Facs. Auth. Dept. of Pub. Safety RB, 5.875%, 6/15/14, MBIA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">06/10 @ 100</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">&#36;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3,298,350</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

          <div align="right"></div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<B><FONT size=2 face="serif">Maryland&#151;2.1%</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
<FONT size=1 face="serif">NR</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 <div align="right"><FONT size=1 face="serif">5,170</FONT>&nbsp;
    </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Frederick Cnty. ST, Urbana Cmnty. Dev. Auth. Proj., Ser. A, 5.80%, 7/01/20</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">07/07 @ 102</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">5,217,771</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

          <div align="right"></div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<B><FONT size=2 face="serif">Michigan&#151;3.1%</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
<FONT size=1 face="serif">A1</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 <div align="right"><FONT size=1 face="serif">5,450</FONT><SUP><FONT size=1 face="serif">4</FONT></SUP>
    </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Hosp. Fin. Auth. RB, Henry Ford Hlth. Sys. Proj., Ser. A, 6.00%, 11/15/09</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">N/A</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">5,838,530</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
<FONT size=1 face="serif">A</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
      <div align="right"><FONT size=1 face="serif">700</FONT>&nbsp;
            </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Pontiac Tax Increment Fin. Auth. Dev. Area 2 RB, 5.625%, 6/01/22, ACA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">06/12 @ 101</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">732,718</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
<FONT size=1 face="serif">A</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 <div align="right"><FONT size=1 face="serif">1,000</FONT>&nbsp;
    </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Pontiac Tax Increment Fin. Auth. Dev. Area 3 RB, 5.375%, 6/01/17, ACA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">06/12 @ 101</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">1,038,160</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

          <div align="right"></div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">7,609,408</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

          <div align="right"></div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<B><FONT size=2 face="serif">Mississippi&#151;4.2%</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
<FONT size=1 face="serif">BBB</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 <div align="right"><FONT size=1 face="serif">9,000</FONT>&nbsp;
    </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Lowndes Cnty. Sld. Wst. Disp. PCRB, Weyerhaeuser Co. Proj., Ser. A, 6.80%, 4/01/22</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">No Opt. Call</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">10,480,590</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

          <div align="right"></div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<B><FONT size=2 face="serif">Multi-State&#151;10.3%</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
<FONT size=1 face="serif">A3</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
      <div align="right"><FONT size=1 face="serif">14,000</FONT><SUP><FONT size=1 face="serif">3</FONT></SUP>
            </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Charter Mac Equity Issuer Trust, Ser. A-3, 6.80%, 10/01/52</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">No Opt. Call</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">15,575,840</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

          <div align="right"></div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Munimae TE Bond Subsidiary LLC,</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
<FONT size=1 face="serif">Baa1</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 <div align="right"><FONT size=1 face="serif">6,000</FONT><SUP><FONT size=1 face="serif">3</FONT></SUP>
    </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="serif">Ser. B2, 5.20%, 6/30/49</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">09/14 @ 100</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">6,039,420</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
<FONT size=1 face="serif">Baa3</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 <div align="right"><FONT size=1 face="serif">4,000</FONT><SUP><FONT size=1 face="serif">3</FONT></SUP>
    </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="serif">Ser. D, 5.90%, 11/29/49</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">09/15 @ 101</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">3,971,520</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

          <div align="right"></div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">25,586,780</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

          <div align="right"></div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<B><FONT size=2 face="serif">Nevada&#151;3.0%</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
<FONT size=1 face="serif">BBB+</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 <div align="right"><FONT size=1 face="serif">5,000</FONT>&nbsp;
    </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Dept. of Bus. &amp; Ind. Republic Svc. RB, 5.625%, 12/01/26</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">No Opt. Call</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">5,259,150</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
<FONT size=1 face="serif">NR</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 <div align="right"><FONT size=1 face="serif">1,000</FONT>&nbsp;
    </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Henderson Local Impvt. Dist. No. T18 SA, 5.15%, 9/01/21</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">09/06 @ 103</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">988,100</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
<FONT size=1 face="serif">NR</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 <div align="right"><FONT size=1 face="serif">1,100</FONT>&nbsp;
    </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Las Vegas Spec. Imp. Dist. 809, RB, Summerlin Area Proj., 5.35%, 6/01/17</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">12/06 @ 103</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">1,104,455</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

          <div align="right"></div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">7,351,705</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

          <div align="right"></div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<B><FONT size=2 face="serif">New Hampshire&#151;6.3%</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

          <div align="right"></div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Bus. Fin. Auth. PCRB, Pub. Svc. Co. Proj.,</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
<FONT size=1 face="serif">AAA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 <div align="right"><FONT size=1 face="serif">6,000</FONT>&nbsp;
    </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="serif">Ser. B, 4.75%, 5/01/21, MBIA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">06/13 @ 102</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">5,942,940</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
<FONT size=1 face="serif">AAA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 <div align="right"><FONT size=1 face="serif">7,000</FONT>&nbsp;
    </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="serif">Ser. C, 5.45%, 5/01/21, MBIA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">05/12 @ 101</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">7,483,420</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
<FONT size=1 face="serif">A+</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 <div align="right"><FONT size=1 face="serif">2,025</FONT>&nbsp;
    </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Hlth. &amp; Ed. Facs. Auth. RB, Exeter Hosp. Proj., 6.00%, 10/01/24</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">10/11 @ 101</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">2,188,053</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

          <div align="right"></div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">15,614,413</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

          <div align="right"></div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<B><FONT size=2 face="serif">New Jersey&#151;12.7%</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

          <div align="right"></div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Econ. Dev. Auth.,</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
<FONT size=1 face="serif">BBB</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 <div align="right"><FONT size=1 face="serif">8,500</FONT>&nbsp;
    </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="serif">RB, Cigarette Tax Proj., 5.50%, 6/15/24</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">06/12 @ 100</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">8,802,430</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
<FONT size=1 face="serif">B</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 <div align="right"><FONT size=1 face="serif">4,065</FONT>&nbsp;
    </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="serif">RB, Continental Airlines, Inc. Proj., 7.00%, 11/15/30</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">11/10 @ 101</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">4,183,983</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
<FONT size=1 face="serif">B</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 <div align="right"><FONT size=1 face="serif">6,750</FONT>&nbsp;
    </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="serif">RB, Continental Airlines, Inc. Proj., 7.20%, 11/15/30</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">11/10 @ 101</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">7,008,120</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
<FONT size=1 face="serif">Baa3</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 <div align="right"><FONT size=1 face="serif">8,410</FONT>&nbsp;
    </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="serif">SA, Kapkowski Rd. Landfill Proj., 5.50%, 4/01/16</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">No Opt. Call</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">8,855,225</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
<FONT size=1 face="serif">NR</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 <div align="right"><FONT size=1 face="serif">2,500</FONT>&nbsp;
    </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Middlesex Cnty. Impvt. Auth. RB, Heldrich Ctr. Hotel Proj., Ser. B, 6.125%, 1/01/25</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">01/15 @ 100</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">2,519,250</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

          <div align="right"></div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">31,369,008</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

          <div align="right"></div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<B><FONT size=2 face="serif">New York&#151;7.9%</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
<FONT size=1 face="serif">AA-</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 <div align="right"><FONT size=1 face="serif">7,500</FONT>&nbsp;
    </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">City of New York GO, 5.00%, 9/01/18</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">09/15 @ 100</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">7,749,900</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
<FONT size=1 face="serif">B</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 <div align="right"><FONT size=1 face="serif">3,460</FONT>&nbsp;
    </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">New York City Indl. Dev. Agcy. RB, American Airlines, JFK Intl. Arpt. Proj., 7.625%, 8/01/25</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">08/16 @ 101</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">3,995,989</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
<FONT size=1 face="serif">AA-</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 <div align="right"><FONT size=1 face="serif">7,500</FONT>&nbsp;
    </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Tobacco Settlement Fin. Corp. SA, Ser. B1, 5.50%, 6/01/20</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">06/13 @ 100</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">7,977,000</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

          <div align="right"></div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">19,722,889</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

          <div align="right"></div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<B><FONT size=2 face="serif">North Carolina&#151;1.7%</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
<FONT size=1 face="serif">A-</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 <div align="right"><FONT size=1 face="serif">4,000</FONT>&nbsp;
    </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Wake Cnty. Ind. Facs. PCRB, Carolina Pwr. &amp; Lt. Co. Proj., 5.375%, 2/01/17</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">02/12 @ 101</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">4,169,680</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

          <div align="right"></div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<B><FONT size=2 face="serif">Ohio&#151;0.2%</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
<FONT size=1 face="serif">NR</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
      <div align="right"><FONT size=1 face="serif">500</FONT>&nbsp;
            </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Pinnacle Cmnty. Infrastructure Fin. Auth. Facs. RB, Ser. A, 6.00%, 12/01/22</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">12/14 @ 101</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">512,450</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

          <div align="right"></div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<B><FONT size=2 face="serif">Oklahoma&#151;1.2%</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
<FONT size=1 face="serif">B</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 <div align="right"><FONT size=1 face="serif">2,700</FONT>&nbsp;
    </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Tulsa Mun. Arpt. Trust RB, Ser. A, 7.75%, 6/01/35</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">No Opt. Call</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">2,978,802</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

          <div align="right"></div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<B><FONT size=2 face="serif">Pennsylvania&#151;7.4%</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
<FONT size=1 face="serif">NR</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 <div align="right"><FONT size=1 face="serif">2,000</FONT>&nbsp;
    </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Montgomery Cnty. Indl. Dev. Auth. RB, Whitemarsh Continuing Care Proj., 6.00%, 2/01/21</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">02/15 @ 100</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">2,097,360</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

          <div align="right"></div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Philadelphia Auth. for Ind. Dev. RB,</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
<FONT size=1 face="serif">AAA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 <div align="right"><FONT size=1 face="serif">5,000</FONT>&nbsp;
    </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="serif">Ser. B, 5.50%, 10/01/18, FSA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">10/11 @ 101</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">5,337,700</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
<FONT size=1 face="serif">AAA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 <div align="right"><FONT size=1 face="serif">5,000</FONT>&nbsp;
    </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="serif">Ser. B, 5.50%, 10/01/19, FSA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">10/11 @ 101</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">5,332,850</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

          <div align="right"></div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">West Cornwall Twnshp. Mun. Auth. Coll. RB, Elizabethtown Coll. Proj.,</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
<FONT size=1 face="serif">BBB+</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 <div align="right"><FONT size=1 face="serif">2,500</FONT><SUP><FONT size=1 face="serif">4</FONT></SUP>
    </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="serif">5.90%, 12/15/11</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">N/A</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">2,648,650</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
<FONT size=1 face="serif">BBB+</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 <div align="right"><FONT size=1 face="serif">2,650</FONT><SUP><FONT size=1 face="serif">4</FONT></SUP></div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="serif">6.00%, 12/15/11</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">N/A</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">2,828,027</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

          <div align="right"></div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">18,244,587</FONT>&nbsp;
        </TD>
</TR>
</TABLE>
<BR>
<P align="center">
<FONT size=2 face="serif">See Notes to Financial Statements.</FONT></P>
<P align="center">
<FONT size=2 face="serif">28</FONT></P>

<HR noshade align="center" width="100%" size=4>

<P align="left" style="page-break-before:always"></P><PAGE>



<P align="justify">
<B><FONT size=2 face="serif">BlackRock Municipal 2018 Term Trust (BPK) (continued)</FONT></B></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD width=5% align=left nowrap>&nbsp;

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=5% align=center nowrap>
      <center>
        <B><FONT size=2 face="serif">Principal</FONT></B>&nbsp;
    </center></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=62% align=left nowrap>&nbsp;

        </TD>
        <TD width=9%>&nbsp;
        </TD>
        <TD width=7% align=left nowrap>&nbsp;

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
      <center>
        <B><FONT size=2 face="serif">Amount</FONT></B>&nbsp;
    </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<B><FONT size=2 face="serif">Option Call</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
      <center>
        <B><FONT size=2 face="serif">Rating</FONT></B><B><SUP><FONT size=2 face="serif">1</FONT></SUP></B>&nbsp;
            </center></TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
      <center>
        <B><FONT size=2 face="serif">(000)</FONT></B>&nbsp;
    </center></TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;"> <center>
          <B><FONT size=2 face="serif">Description</FONT></B>&nbsp;
    </center></TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD align=center nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="serif">Provisions</FONT></B><B><SUP><FONT size=2 face="serif">2</FONT></SUP></B>&nbsp;
        </TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        </TD>
        <TD align=center nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="serif">Value</FONT></B>&nbsp;
        </TD>
</TR>
<TR>
        <TD colspan=9>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

          <div align="right"></div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<B><FONT size=2 face="serif">South Carolina&#151;2.1%</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
<FONT size=1 face="serif">BBB+</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
      <div align="right"><FONT size=1 face="serif">&#36;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5,000</FONT>&nbsp;
            </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Jobs Econ. Dev. Auth. Hosp. Fac. RB, Palmetto Hlth. Alliance Proj., Ser. A, 6.125%, 8/01/23</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">08/13 @ 100</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">&#36; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5,297,749</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

          <div align="right"></div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<B><FONT size=2 face="serif">Tennessee&#151;2.5%</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
<FONT size=1 face="serif">AAA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
      <div align="right"><FONT size=1 face="serif">12,000</FONT>&nbsp;
            </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Knox Cnty. Hlth. Edl. &amp; Hsg. Facs. Brd. Hosp. Facs. RB, Ser. A, Zero Coupon, 1/01/19, FSA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">01/13 @ 71.667</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">6,114,000</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

          <div align="right"></div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<B><FONT size=2 face="serif">Texas&#151;11.2%</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
<FONT size=1 face="serif">BBB</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 <div align="right"><FONT size=1 face="serif">2,000</FONT>&nbsp;
    </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Alliance Arpt. Auth., Inc. Spl. Fac. RB, Fedex Corp. Proj., 4.85%, 4/01/21</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">04/16 @ 100</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">1,954,560</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

          <div align="right"></div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Birdville Indpt. Sch. Dist. GO,</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
<FONT size=1 face="serif">AAA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 <div align="right"><FONT size=1 face="serif">1,615</FONT>&nbsp;
    </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="serif">Zero Coupon, 2/15/18</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">No Opt. Call</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">933,308</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
<FONT size=1 face="serif">AAA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 <div align="right"><FONT size=1 face="serif">1,815</FONT>&nbsp;
    </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="serif">Zero Coupon, 2/15/19</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">No Opt. Call</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">990,700</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
<FONT size=1 face="serif">AAA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 <div align="right"><FONT size=1 face="serif">2,625</FONT>&nbsp;
    </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="serif">Zero Coupon, 2/15/20</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">No Opt. Call</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">1,354,789</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
<FONT size=1 face="serif">AAA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 <div align="right"><FONT size=1 face="serif">2,500</FONT>&nbsp;
    </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="serif">Zero Coupon, 2/15/21</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">No Opt. Call</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">1,220,350</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
<FONT size=1 face="serif">BBB</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
      <div align="right"><FONT size=1 face="serif">10,010</FONT>&nbsp;
            </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Brazos River Auth. PCRB, TXU Elec. Co. Proj., Ser. C, 5.75%, 5/01/36</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">No Opt. Call</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">10,512,302</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

          <div align="right"></div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Dallas Ft. Worth Intl. Arpt. Fac. Impvt. RB,</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
<FONT size=1 face="serif">AAA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 <div align="right"><FONT size=1 face="serif">5,000</FONT>&nbsp;
    </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="serif">Ser. A, 5.875%, 11/01/17, FGIC</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">11/11 @ 100</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">5,353,400</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
<FONT size=1 face="serif">AAA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 <div align="right"><FONT size=1 face="serif">5,000</FONT>&nbsp;
    </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="serif">Ser. A, 5.875%, 11/01/18, FGIC</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">11/11 @ 100</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">5,341,150</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

          <div align="right"></div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">27,660,559</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

          <div align="right"></div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<B><FONT size=2 face="serif">Trust Territories&#151;1.6%</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
<FONT size=1 face="serif">A</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 <div align="right"><FONT size=1 face="serif">4,000</FONT><SUP><FONT size=1 face="serif">3</FONT></SUP>
    </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">San Manuel Entertainment Auth., 2004 Gaming Proj., Ser. C, 4.50%, 12/01/16</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">12/13 @ 102</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">3,918,160</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

          <div align="right"></div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<B><FONT size=2 face="serif">Washington&#151;4.7%</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

          <div align="right"></div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Energy Northwest Wind Proj. RB,</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
<FONT size=1 face="serif">A-</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 <div align="right"><FONT size=1 face="serif">5,000</FONT><SUP><FONT size=1 face="serif">4</FONT></SUP>
    </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="serif">Ser. A, 6.00%, 1/01/07</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">N/A</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">5,198,200</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
<FONT size=1 face="serif">A-</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 <div align="right"><FONT size=1 face="serif">6,175</FONT><SUP><FONT size=1 face="serif">4</FONT></SUP></div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="serif">Ser. B, 5.875%, 1/01/07</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">N/A</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">6,416,134</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

          <div align="right"></div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">11,614,334</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

          <div align="right"></div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<B><FONT size=2 face="serif">Wisconsin&#151;6.5%</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

          <div align="right"></div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Hlth. &amp; Edl. Facs. Auth. RB,</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
<FONT size=1 face="serif">AA-</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 <div align="right"><FONT size=1 face="serif">4,560</FONT><SUP><FONT size=1 face="serif">4</FONT></SUP>
    </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="serif">Foredert &amp; Cmnty. Proj., 5.375%, 10/01/11</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">N/A</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">4,901,498</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
<FONT size=1 face="serif">AA-</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
      <div align="right"><FONT size=1 face="serif">440</FONT>&nbsp;
            </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="serif">Foredert &amp; Cmnty. Proj., 5.375%, 10/01/21</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">10/11 @ 101</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">455,378</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
<FONT size=1 face="serif">A</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
      <div align="right"><FONT size=1 face="serif">10,000</FONT>&nbsp;
            </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="serif">Wheaton Franciscan Svcs. Proj., 6.25%, 8/15/22</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">02/12 @ 101</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">10,827,700</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

          <div align="right"></div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">16,184,576</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

          <div align="right"></div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<B><FONT size=1 face="serif">Total Long-Term Investments (cost &#36;357,251,494)</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">374,215,951</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

          <div align="right"></div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<B><FONT size=2 face="serif">SHORT-TERM INVESTMENTS&#151;3.0%</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

          <div align="right"></div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<B><FONT size=2 face="serif">New York&#151;1.2%</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
<FONT size=1 face="serif">A-1+</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 <div align="right"><FONT size=1 face="serif">3,000</FONT><SUP><FONT size=1 face="serif">7</FONT></SUP>
    </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Triborough Brdg. &amp; Tunl. Auth. RB, 3.93%, 7/06/06, FRWD</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">N/A</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">3,000,000</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

          <div align="right"></div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<B><FONT size=2 face="serif">Tennessee&#151;1.1%</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
<FONT size=1 face="serif">VMIG1</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 <div align="right"><FONT size=1 face="serif">2,700</FONT><SUP><FONT size=1 face="serif">7</FONT></SUP></div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Montgomery Cnty. Pub. Bldg. Auth. RB, 4.05%, 7/03/06, FRDD</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">N/A</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">2,700,000</FONT>&nbsp;
        </TD>
</TR>
</TABLE>
<BR>
<P align="center">
<FONT size=2 face="serif">See Notes to Financial Statements.</FONT></P>
<P align="center">
<FONT size=2 face="serif">29</FONT></P>

<HR noshade align="center" width="100%" size=4>




<P STYLE="page-break-before:always"></P><PAGE>


<P align="justify">
<B><FONT size=2 face="serif">BlackRock Municipal 2018 Term Trust (BPK) (continued)</FONT></B></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD width=15% align=center nowrap>
<B><FONT size=2 face="serif">Shares</FONT></B>&nbsp;
        </TD>
        <TD width=70% align=left nowrap>&nbsp;

        </TD>
        <TD width=9%>&nbsp;
        </TD>
        <TD width=6% align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="serif">(000)</FONT></B>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;"> <center>
          <B><FONT size=2 face="serif">Description</FONT></B>&nbsp;
    </center></TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD align=center nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="serif">Value</FONT></B>&nbsp;
        </TD>
</TR>
<TR>
        <TD colspan=4>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>
<B><FONT size=2 face="serif">Money Market Fund&#151;0.7%</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
<FONT size=1 face="serif">1,750</FONT>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">AIM Tax Free Investment Co. Cash Reserve Portfolio</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">&#36;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;1,750,000</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>
<B><FONT size=1 face="serif">Total Short-Term Investments (cost &#36;7,450,000)</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">7,450,000</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>
<B><FONT size=1 face="serif">Total Investments&#151;154.0% (cost &#36;364,701,494</FONT></B><B><SUP><FONT size=1 face="serif">8</FONT></SUP></B><B><FONT size=1 face="serif">)</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">&#36;&nbsp; 381,665,951</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Other assets in excess of liabilities&#151;1.5%</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">3,824,601</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Preferred shares at redemption value, including dividends payable&#151;(55.5)%</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap><div style="border-bottom:1px solid #000000"> <font size=1 face="serif">(137,621,962)</font> </div></TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>
<B><FONT size=1 face="serif">Net Assets Applicable to Common Shareholders&#151;100%</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:3px double #000000;">
<FONT size=1 face="serif">&#36;&nbsp; 247,868,590</FONT>&nbsp;
        </TD>
</TR>
</TABLE>
<BR>
<hr align="left" noshade width="200" size="1" color=black>
<SUP><FONT size=1 face="serif">1 </FONT></SUP><FONT size=1 face="serif">Using
the higher of S&amp;P, Moody or Fitch&#146;s rating.</FONT>
<P align="justify">
<SUP><FONT size=1 face="serif">2 </FONT></SUP><FONT size=1 face="serif">Date (month/year) and price of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates.</FONT></P>
<P align="justify">
<SUP><FONT size=1 face="serif">3 </FONT></SUP><FONT size=1 face="serif">Security is not registered under the Securities Act of 1933. These securities may be resold in transactions in accordance with Rule 144A under that Act, to qualified
institutional buyers. As of June 30, 2006, the Trust held 14.2% of its net assets, with a current market value of &#36;35,198,013, in securities restricted as to resale.</FONT></P>
<P align="justify">
<SUP><FONT size=1 face="serif">4 </FONT></SUP><FONT size=1 face="serif">This bond is prerefunded. U.S. government securities, held in escrow, are used to pay interest on this security, as well as retire the bond in full at the date indicated,
typically at a premium to par.</FONT></P>
<P align="justify">
<SUP><FONT size=1 face="serif">5 </FONT></SUP><FONT size=1 face="serif">Security is deemed to be of investment grade quality by the investment advisor.</FONT></P>
<P align="justify"><SUP><FONT size=1 face="serif">6 </FONT></SUP><FONT size=1 face="serif">Security pledged
  as collateral.</FONT></P>
<P align="justify">
<SUP><FONT size=1 face="serif">7 </FONT></SUP><FONT size=1 face="serif">For purposes of amortized cost valuation, the maturity date of this instrument is considered to be the earlier of the next date on which the security can be redeemed at par, or
the next date on which the rate of interest is adjusted. Rate shown is rate as of June 30, 2006.</FONT></P>
<P align="justify">
<SUP><FONT size=1 face="serif">8 </FONT></SUP><FONT size=1 face="serif">Cost for Federal income tax purposes is &#36;364,605,064. The net unrealized appreciation on a tax basis is &#36;17,060,887, consisting of &#36;18,106,460 gross unrealized
appreciation and &#36;1,045,573 gross unrealized depreciation.</FONT></P>
<div style="border:1px solid #000000; padding:10px">
  <table width="95%" border=0 align="center" cellpadding=0 cellspacing=0>
    <tr valign="bottom">
      <td align=center colspan=7> <b><font size=2 face="serif">KEY TO ABBREVIATIONS</font></b> </td>
    </tr>
    <tr valign="bottom">
      <td align=left nowrap> <font size=2 face="serif">ACA</font>&nbsp; </td>
      <td align=left nowrap>
        <div align="right"><font size=2 face="sans-serif">&#151;</font>&nbsp; </div></td>
      <td align=left nowrap> <font size=2 face="serif">American Capital Access</font>&nbsp; </td>
      <td>&nbsp; </td>
      <td align=left nowrap> <font size=2 face="serif">MBIA</font>&nbsp; </td>
      <td align=left nowrap>
        <div align="right"><font size=2 face="sans-serif">&#151;</font>&nbsp; </div></td>
      <td align=left nowrap> <font size=2 face="serif">Municipal Bond Insurance
          Assoc.</font>&nbsp; </td>
    </tr>
    <tr valign="bottom">
      <td align=left nowrap> <font size=2 face="serif">AMBAC</font>&nbsp; </td>
      <td align=left nowrap>
        <div align="right"><font size=2 face="sans-serif">&#151;</font>&nbsp; </div></td>
      <td align=left nowrap> <font size=2 face="serif">American Municipal Bond
          Assurance Corp.</font>&nbsp; </td>
      <td>&nbsp; </td>
      <td align=left nowrap> <font size=2 face="serif">PCRB</font>&nbsp; </td>
      <td align=left nowrap>
        <div align="right"><font size=2 face="sans-serif">&#151;</font>&nbsp; </div></td>
      <td align=left nowrap> <font size=2 face="serif">Pollution Control Revenue
          Bond</font>&nbsp; </td>
    </tr>
    <tr valign="bottom">
      <td align=left nowrap> <font size=2 face="serif">FGIC</font>&nbsp; </td>
      <td align=left nowrap>
        <div align="right"><font size=2 face="sans-serif">&#151;</font>&nbsp; </div></td>
      <td align=left nowrap> <font size=2 face="serif">Financial Guaranty Insurance
          Co.</font>&nbsp; </td>
      <td>&nbsp; </td>
      <td align=left nowrap> <font size=2 face="serif">RB</font>&nbsp; </td>
      <td align=left nowrap>
        <div align="right"><font size=2 face="sans-serif">&#151;</font>&nbsp; </div></td>
      <td align=left nowrap> <font size=2 face="serif">Revenue Bond</font>&nbsp; </td>
    </tr>
    <tr valign="bottom">
      <td align=left nowrap> <font size=2 face="serif">FRDD</font>&nbsp; </td>
      <td align=left nowrap>
        <div align="right"><font size=2 face="sans-serif">&#151;</font>&nbsp; </div></td>
      <td align=left nowrap> <font size=2 face="serif">Floating Rate Daily Demand</font>&nbsp; </td>
      <td>&nbsp; </td>
      <td align=left nowrap> <font size=2 face="serif">SA</font>&nbsp; </td>
      <td align=left nowrap>
        <div align="right"><font size=2 face="sans-serif">&#151;</font>&nbsp; </div></td>
      <td align=left nowrap> <font size=2 face="serif">Special Assessment</font>&nbsp; </td>
    </tr>
    <tr valign="bottom">
      <td align=left nowrap> <font size=2 face="serif">FRWD</font>&nbsp; </td>
      <td align=left nowrap>
        <div align="right"><font size=2 face="sans-serif">&#151;</font>&nbsp; </div></td>
      <td align=left nowrap> <font size=2 face="serif">Floating Rate Weekly Demand</font>&nbsp; </td>
      <td>&nbsp; </td>
      <td align=left nowrap> <font size=2 face="serif">ST</font>&nbsp; </td>
      <td align=left nowrap>
        <div align="right"><font size=2 face="sans-serif">&#151;</font>&nbsp; </div></td>
      <td align=left nowrap> <font size=2 face="serif">Special Tax</font>&nbsp; </td>
    </tr>
    <tr valign="bottom">
      <td align=left nowrap> <font size=2 face="serif">FSA</font>&nbsp; </td>
      <td align=left nowrap>
        <div align="right"><font size=2 face="sans-serif">&#151;</font>&nbsp; </div></td>
      <td align=left nowrap> <font size=2 face="serif">Financial Security Assurance</font>&nbsp; </td>
      <td>&nbsp; </td>
      <td align=left nowrap> <font size=2 face="serif">TA</font>&nbsp; </td>
      <td align=left nowrap>
        <div align="right"><font size=2 face="serif">&#151;</font>&nbsp; </div></td>
      <td align=left nowrap> <font size=2 face="serif">Tax Allocation</font>&nbsp; </td>
    </tr>
    <tr valign="bottom">
      <td align=left nowrap> <font size=2 face="serif">GO</font>&nbsp; </td>
      <td align=left nowrap>
        <div align="right"><font size=2 face="sans-serif">&#151;</font>&nbsp; </div></td>
      <td align=left nowrap> <font size=2 face="serif">General Obligation</font>&nbsp; </td>
      <td>&nbsp; </td>
      <td align=left nowrap>&nbsp; </td>
      <td align=left nowrap>
        <div align="right"></div></td>
      <td align=left nowrap>&nbsp; </td>
    </tr>
  </table>
  </div>
<BR>
<P align="center">
<FONT size=2 face="serif">See Notes to Financial Statements.</FONT></P>
<P align="center">
<FONT size=2 face="serif">30</FONT></P>

<HR noshade align="center" width="100%" size=4>




<P STYLE="page-break-before:always"></P><PAGE>
<P align="justify">
<B><FONT face="serif">PORTFOLIO OF INVESTMENTS (unaudited)</FONT></B><BR>
<B><FONT face="serif">JUNE 30, 2006</FONT></B></P>
<P align="justify">
<B><FONT size=2 face="serif">BlackRock Municipal 2020 Term Trust (BKK)</FONT></B></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD width=5% align=left nowrap>&nbsp;

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=5% align=center nowrap>
<B><FONT size=2 face="serif">Principal</FONT></B>&nbsp;
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=62% align=left nowrap>&nbsp;

        </TD>
        <TD width=8%>&nbsp;
        </TD>
        <TD width=7% align=left nowrap>&nbsp;

        </TD>
        <TD width=3%>&nbsp;
        </TD>
        <TD width=6% align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<B><FONT size=2 face="serif">Amount</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<B><FONT size=2 face="serif">Option Call</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
      <center>
        <B><FONT size=2 face="serif">Rating</FONT></B><B><SUP><FONT size=2 face="serif">1</FONT></SUP></B>&nbsp;
            </center></TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
      <center>
        <B><FONT size=2 face="serif">(000)</FONT></B>&nbsp;
            </center></TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;"> <center>
          <B><FONT size=2 face="serif">Description</FONT></B>&nbsp;
    </center></TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD align=center nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="serif">Provisions</FONT></B><B><SUP><FONT size=2 face="serif">2</FONT></SUP></B>&nbsp;
        </TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        </TD>
        <TD align=center nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="serif">Value</FONT></B>&nbsp;
        </TD>
</TR>
<TR>
        <TD colspan=9>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<B><FONT size=2 face="serif">LONG-TERM INVESTMENTS&#151;148.9%</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<B><FONT size=2 face="serif">California&#151;22.9%</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
<FONT size=1 face="serif">A+</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">&#36;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12,000</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">California, GO, 5.00%, 11/01/22</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">11/13 @ 100</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">&#36;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12,272,160</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Foothill/Eastern Corridor Agcy. Toll Rd. Cap. Apprec. RB,</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
<FONT size=1 face="serif">BBB</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">12,500</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="serif">Zero Coupon, 1/15/21</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">01/10 @ 53.346</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">5,324,625</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
<FONT size=1 face="serif">BBB</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">10,000</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="serif">Zero Coupon, 1/15/22</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">01/10 @ 50.177</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">4,007,600</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Golden St. Tobacco Sec. Corp. RB,</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
<FONT size=1 face="serif">BBB</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">3,000</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="serif">Ser. A-1, 6.625%, 6/01/40</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">06/13 @ 100</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">3,333,150</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
<FONT size=1 face="serif">BBB</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">12,010</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="serif">Ser. A-1, 6.75%, 6/01/39</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">06/13 @ 100</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">13,431,383</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
<FONT size=1 face="serif">BBB</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">975</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="serif">Ser. A-3, 7.875%, 6/01/42</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">06/13 @ 100</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">1,167,114</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
<FONT size=1 face="serif">BBB</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">1,470</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="serif">Ser. A-5, 7.875%, 6/01/42</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">06/13 @ 100</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">1,759,649</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
<FONT size=1 face="serif">AAA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">20,000</FONT><SUP><FONT size=1 face="serif">3</FONT></SUP>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="serif">Ser. B, 5.375%, 6/01/10</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">N/A</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">21,050,200</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
<FONT size=1 face="serif">AAA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">6,865</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Riverside Cnty. RB, Riverside Cnty. Hosp. Proj., Zero Coupon, 6/01/25, MBIA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">No Opt. Call</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">2,620,645</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
<FONT size=1 face="serif">A+</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">5,000</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Statewide Cmntys. Dev. Auth. RB, John Muir Hlth. Proj., Ser. A, 5.00%, 8/15/22</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">08/16 @ 100</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">5,099,200</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">70,065,726</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<B><FONT size=2 face="serif">Colorado&#151;1.7%</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
<FONT size=1 face="serif">AAA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">4,500</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">E-470 Pub. Hwy. Auth. Cap. Apprec. RB, Ser. B, Zero Coupon, 9/01/22, MBIA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">No Opt. Call</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">2,036,205</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
<FONT size=1 face="serif">Baa2</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">3,000</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Park Creek Met. Dist. RB, 5.25%, 12/01/25</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">12/15 @ 101</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">3,033,480</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">5,069,685</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<B><FONT size=2 face="serif">District of Columbia&#151;5.2%</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">District of Columbia RB, Friendship Pub. Charter Sch., Inc. Proj.,</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
<FONT size=1 face="serif">A</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">3,320</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="serif">5.00%, 6/01/23, ACA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">06/14 @ 100</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">3,267,743</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
<FONT size=1 face="serif">A</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">2,680</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="serif">5.75%, 6/01/18, ACA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">06/14 @ 100</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">2,833,028</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
<FONT size=1 face="serif">AAA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">5,000</FONT><SUP><FONT size=1 face="serif">4</FONT></SUP>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Met. Washington Arpts. Auth. Arpt. Sys. RB, Ser. C-2, 5.00%, 10/01/24, FSA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">10/14 @ 100</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">5,094,250</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
<FONT size=1 face="serif">BBB</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">4,215</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Tobacco Settlement Fin. Corp. RB, 6.50%, 5/15/33</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">No Opt. Call</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">4,739,430</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">15,934,451</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<B><FONT size=2 face="serif">Florida&#151;15.0%</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
<FONT size=1 face="serif">NR</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">830</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Baywinds Cmnty. Dev. Dist. SA, Ser. B, 4.90%, 5/01/12</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">No Opt. Call</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">826,207</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
<FONT size=1 face="serif">NR</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">4,690</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Bellago Edl. Facs. Benefit Dist. SA, Ser. A, 5.85%, 5/01/22</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">05/14 @ 100</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">4,745,342</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
<FONT size=1 face="serif">Baa2</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">1,500</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Cap. Trust Agcy. Multi-Fam. Hsg. RB, American Oppty. Proj., Ser. A, 5.75%, 6/01/23</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">06/13 @ 102</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">1,430,595</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
<FONT size=1 face="serif">NR</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">3,000</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">CFM Cmnty. Dev. Dist. Cap. Impvt. RB, Ser. B, 5.875%, 5/01/14</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">No Opt. Call</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">3,042,000</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
<FONT size=1 face="serif">NR</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">4,320</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Grand Hampton Cmnty. Dev. Dist. Cap. Impvt. RB, 6.10%, 5/01/24</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">05/13 @ 101</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">4,438,541</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
<FONT size=1 face="serif">NR</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">4,025</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Habitat Cmnty. Dev. Dist. SA, 5.80%, 5/01/25</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">05/14 @ 101</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">4,106,546</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
<FONT size=1 face="serif">BB+</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">5,475</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Miami Beach Hlth. Facs. Auth. RB, Mt. Sinai Med. Ctr. Proj., 6.75%, 11/15/21</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">11/14 @ 100</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">6,073,363</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
<FONT size=1 face="serif">NR</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">4,525</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Middle Vlg. Cmnty. Dev. Dist. SA, Ser. A, 5.80%, 5/01/22</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">05/13 @ 100</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">4,607,626</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
<FONT size=1 face="serif">NR</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">1,000</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Pine Islands Cmnty. Dev. Dist. Util. Sys. RB, 5.30%, 11/01/10</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">No Opt. Call</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">986,050</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
<FONT size=1 face="serif">NR</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">6,080</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Stevens Plantation Cmnty. Dist. SA, Ser. B, 6.375%, 5/01/13</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">No Opt. Call</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">6,151,866</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
<FONT size=1 face="serif">NR</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">3,480</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Vlg. Cmnty. Dev. Dist. Assmt. No. 5 SA, Ser. A, 6.00%, 5/01/22</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">05/13 @ 101</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">3,600,478</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
<FONT size=1 face="serif">NR</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">5,810</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Westchester Cmnty. Dev. Dist. No. 1 SA, 6.00%, 5/01/23</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">05/13 @ 101</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">6,037,461</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">46,046,075</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<B><FONT size=2 face="serif">Georgia&#151;1.6%</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
<FONT size=1 face="serif">BBB</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">2,500</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Milledgeville Baldwin Cnty. Dev. Auth. RB, Georgia Coll. &amp; St. Univ. Fndtn. Proj., 5.50%, 9/01/24</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">09/14 @ 101</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">2,599,975</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
<FONT size=1 face="serif">BBB</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">2,350</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Richmond Cnty. Dev. Auth. Env. Impvt. RB, 5.75%, 11/01/27</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">11/13 @ 100</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">2,400,407</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">5,000,382</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<B><FONT size=2 face="serif">Illinois&#151;12.4%</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
<FONT size=1 face="serif">NR</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">2,155</FONT><SUP><FONT size=1 face="serif">5</FONT></SUP>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Centerpoint Intermodal Ctr. Prog. Trust TA, Ser. A, 8.00%, 6/15/23</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">No Opt. Call</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">2,143,514</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Chicago O&#146;Hare Intl. Arpt. RB,</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
<FONT size=1 face="serif">AAA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">5,000</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="serif">Ser. A, 5.00%, 1/01/21, AMBAC</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">01/16 @ 100</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">5,144,550</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
<FONT size=1 face="serif">AAA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">7,000</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="serif">Ser. A, 5.00%, 1/01/22, AMBAC</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">01/16 @ 100</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">7,191,590</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
<FONT size=1 face="serif">A-</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">5,000</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Dev. Fin. Auth. RB, DePaul Univ. Proj., Ser. C, 5.25%, 10/01/24</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">10/14 @ 100</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">5,189,100</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
<FONT size=1 face="serif">AA+</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">4,800</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Edl. Fac. Auth. RB, Northwestern Univ. Proj., 5.00%, 12/01/21</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">12/13 @ 100</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">4,943,376</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Fin. Auth. Student Hsg. RB, MJH Ed. Asst. Living Proj.,</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
<FONT size=1 face="serif">Baa2</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">2,725</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="serif">Ser. A, 5.00%, 6/01/24</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">06/14 @ 100</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">2,721,594</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
<FONT size=1 face="serif">Baa2</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">3,250</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="serif">Ser. A, 5.50%, 6/01/19</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">06/14 @ 100</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">3,394,235</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
<FONT size=1 face="serif">Baa3</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">1,075</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="serif">Ser. B, 5.00%, 6/01/24</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">06/14 @ 100</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">1,062,229</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
<FONT size=1 face="serif">AAA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">13,455</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Met. Pier &amp; Expo. Auth. Ded. RB, McCormick Place Expansion Proj., Ser. A, Zero Coupon,</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="serif">6/15/22, MBIA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">No Opt. Call</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">6,257,920</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">38,048,108</FONT>&nbsp;
        </TD>
</TR>
</TABLE><BR>
<P align="center">
<FONT size=2 face="serif">See Notes to Financial Statements.</FONT></P>
<P align="center">
<FONT size=2 face="serif">31</FONT></P>

<HR noshade align="center" width="100%" size=4>




<P STYLE="page-break-before:always"></P><PAGE>


<P align="justify">
<B><FONT size=2 face="serif">BlackRock Municipal 2020 Term Trust (BKK) (continued)</FONT></B></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD width=6% align=left nowrap>&nbsp;

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=5% align=center nowrap>
      <center>
        <B><FONT size=2 face="serif">Principal</FONT></B>&nbsp;
    </center></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=61% align=left nowrap>&nbsp;

        </TD>
        <TD width=7%>&nbsp;
        </TD>
        <TD width=7% align=left nowrap>&nbsp;

        </TD>
        <TD width=3%>&nbsp;
        </TD>
        <TD width=7% align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
      <center>
        <B><FONT size=2 face="serif">Amount</FONT></B>&nbsp;
    </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<B><FONT size=2 face="serif">Option Call</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
      <center>
        <B><FONT size=2 face="serif">Rating</FONT></B><B><SUP><FONT size=2 face="serif">1</FONT></SUP></B>&nbsp;
            </center></TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        </TD>
        <TD align=center nowrap style="border-bottom:1px solid #000000;">
      <center>
        <B><FONT size=2 face="serif">(000)</FONT></B>&nbsp;
    </center></TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;"> <center>
          <B><FONT size=2 face="serif">Description</FONT></B>&nbsp;
    </center></TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD align=center nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="serif">Provisions</FONT></B><B><SUP><FONT size=2 face="serif">2</FONT></SUP></B>&nbsp;
        </TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        </TD>
        <TD align=center nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="serif">Value</FONT></B>&nbsp;
        </TD>
</TR>
<TR>
        <TD colspan=9>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

          <div align="right"></div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<B><FONT size=2 face="serif">Indiana&#151;4.9%</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
<FONT size=1 face="serif">BBB</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
      <div align="right"><FONT size=1 face="serif">&#36;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10,000</FONT>&nbsp;
            </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Indianapolis Arpt. Auth. RB, FedEx Corp. Proj., 5.10%, 1/15/17</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">No Opt. Call</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">&#36;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10,171,000</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
<FONT size=1 face="serif">NR</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 <div align="right"><FONT size=1 face="serif">5,140</FONT>&nbsp;
    </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Vincennes Econ. Dev. RB, Southwest Indiana Regl. Youth Proj., 6.25%, 1/01/24</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">01/09 @ 102</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">4,957,581</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

          <div align="right"></div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">15,128,581</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

          <div align="right"></div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<B><FONT size=2 face="serif">Kansas&#151;1.0%</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
<FONT size=1 face="serif">AAA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 <div align="right"><FONT size=1 face="serif">6,440</FONT>&nbsp;
    </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Wyandotte Cnty. Unified Gov&#146;t. SO RB, Intl. Speedway Proj., Zero Coupon,</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

          <div align="right"></div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="serif">12/01/20, MBIA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">No Opt. Call</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">3,175,500</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

          <div align="right"></div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<B><FONT size=2 face="serif">Kentucky&#151;1.3%</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
<FONT size=1 face="serif">BBB</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 <div align="right"><FONT size=1 face="serif">3,750</FONT>&nbsp;
    </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Maysville Sld. Wst. Disp. RB, Inland Container Corp. Proj., 6.90%, 9/01/22</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">09/13 @ 102</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">4,081,837</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

          <div align="right"></div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<B><FONT size=2 face="serif">Louisiana&#151;0.7%</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
<FONT size=1 face="serif">BBB</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 <div align="right"><FONT size=1 face="serif">2,000</FONT>&nbsp;
    </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">De Soto Parish Env. Impvt. RB, Ser. A, 5.85%, 11/01/27</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">11/13 @ 100</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">2,054,860</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

          <div align="right"></div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<B><FONT size=2 face="serif">Maryland&#151;5.6%</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

          <div align="right"></div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Frederick Cnty. ST, Urbana Cmnty. Dev. Auth. Proj.,</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
<FONT size=1 face="serif">NR</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 <div align="right"><FONT size=1 face="serif">3,000</FONT>&nbsp;
    </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="serif">6.625%, 7/01/25</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">07/07 @ 102</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">3,090,270</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
<FONT size=1 face="serif">NR</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 <div align="right"><FONT size=1 face="serif">5,171</FONT>&nbsp;
    </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="serif">Ser. A, 5.80%, 7/01/20</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">07/07 @ 102</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">5,218,780</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
<FONT size=1 face="serif">BBB+</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 <div align="right"><FONT size=1 face="serif">8,500</FONT>&nbsp;
    </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Hlth. &amp; Higher Edl. Facs. RB, Medstar Hlth. Proj., 5.375%, 8/15/24</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">08/14 @ 100</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">8,795,800</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

          <div align="right"></div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">17,104,850</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

          <div align="right"></div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<B><FONT size=2 face="serif">Massachusetts&#151;1.5%</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
<FONT size=1 face="serif">BBB</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 <div align="right"><FONT size=1 face="serif">4,500</FONT>&nbsp;
    </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Dev. Fin. Agcy. Sld. Wst. Disp. RB, Wst. Mgmt., Inc. Proj., 5.45%, 6/01/14</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">No Opt. Call</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">4,693,275</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

          <div align="right"></div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<B><FONT size=2 face="serif">Minnesota&#151;0.4%</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
<FONT size=1 face="serif">A2</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 <div align="right"><FONT size=1 face="serif">1,250</FONT>&nbsp;
    </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Higher Ed. Facs. Auth. RB, Univ. of St. Thomas Proj., Ser. 5, 5.00%, 10/01/24</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">10/14 @ 100</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">1,276,988</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

          <div align="right"></div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<B><FONT size=2 face="serif">Mississippi&#151;1.0%</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
<FONT size=1 face="serif">BBB</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 <div align="right"><FONT size=1 face="serif">3,000</FONT>&nbsp;
    </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Warren Cnty. Env. Impvt. RB, Intl. Paper Proj., Ser. A, 5.85%, 11/01/27</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">11/13 @ 100</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">3,082,290</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

          <div align="right"></div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<B><FONT size=2 face="serif">Missouri&#151;3.5%</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
<FONT size=1 face="serif">BBB+</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 <div align="right"><FONT size=1 face="serif">5,000</FONT>&nbsp;
    </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Dev. Fin. Brd. RB, Branson Landing Proj., Ser. A, 5.50%, 12/01/24</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">06/14 @ 100</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">5,161,300</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
<FONT size=1 face="serif">AA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 <div align="right"><FONT size=1 face="serif">5,500</FONT>&nbsp;
    </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Hlth. &amp; Ed. Fac. RB, BJC Hlth. Sys. Proj., Ser. A, 5.00%, 5/15/20</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">05/15 @ 100</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">5,646,190</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

          <div align="right"></div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">10,807,490</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

          <div align="right"></div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<B><FONT size=2 face="serif">Multi-State&#151;7.3%</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

          <div align="right"></div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Charter Mac Equity Issuer Trust,</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
<FONT size=1 face="serif">A3</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 <div align="right"><FONT size=1 face="serif">1,000</FONT><SUP><FONT size=1 face="serif">5</FONT></SUP>
    </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="serif">Ser. A, 5.75%, 4/30/15</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">No Opt. Call</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">1,048,510</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
<FONT size=1 face="serif">A3</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap><div align="right"><FONT size=1 face="serif">2,500</FONT><SUP><FONT size=1 face="serif">5</FONT></SUP></div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="serif">Ser. A, 6.00%, 4/30/19</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">No Opt. Call</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">2,670,700</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
<FONT size=1 face="serif">Baa1</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 <div align="right"><FONT size=1 face="serif">4,000</FONT><SUP><FONT size=1 face="serif">5</FONT></SUP></div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="serif">Ser. B, 6.00%, 4/30/15</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">No Opt. Call</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">4,115,360</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
<FONT size=1 face="serif">Baa1</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 <div align="right"><FONT size=1 face="serif">2,500</FONT><SUP><FONT size=1 face="serif">5</FONT></SUP>
    </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="serif">Ser. B, 6.30%, 4/30/19</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">No Opt. Call</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">2,609,375</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

          <div align="right"></div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Munimae TE Bond Subsidiary, LLC,</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
<FONT size=1 face="serif">Baa2</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 <div align="right"><FONT size=1 face="serif">5,000</FONT><SUP><FONT size=1 face="serif">5</FONT></SUP>
    </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="serif">Ser. C1, 5.80%, 6/30/49</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">09/14 @ 100</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">4,963,550</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
<FONT size=1 face="serif">Baa2</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 <div align="right"><FONT size=1 face="serif">5,000</FONT><SUP><FONT size=1 face="serif">5</FONT></SUP>
    </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="serif">Ser. C2, 5.80%, 6/30/49</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">09/19 @ 100</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">4,895,650</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
<FONT size=1 face="serif">Baa3</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 <div align="right"><FONT size=1 face="serif">2,000</FONT><SUP><FONT size=1 face="serif">5</FONT></SUP>
    </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="serif">Ser. D, 5.90%, 9/15/49</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">09/15 @ 101</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">1,985,760</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

          <div align="right"></div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">22,288,905</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

          <div align="right"></div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<B><FONT size=2 face="serif">Nevada&#151;0.6%</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
<FONT size=1 face="serif">NR</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 <div align="right"><FONT size=1 face="serif">1,765</FONT>&nbsp;
    </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Henderson Local Impvt. Dist. No. T18 SA, 5.15%, 9/01/21</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">09/06 @ 103</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">1,743,997</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

          <div align="right"></div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<B><FONT size=2 face="serif">New Hampshire&#151;4.9%</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
<FONT size=1 face="serif">AAA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
      <div align="right"><FONT size=1 face="serif">10,000</FONT>&nbsp;
            </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Bus. Fin. Auth. PCRB, Pub. Svc. Co. Proj., Ser. B, 4.75%, 5/01/21, MBIA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">06/13 @ 102</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">9,904,900</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
<FONT size=1 face="serif">A-</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 <div align="right"><FONT size=1 face="serif">5,000</FONT>&nbsp;
    </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Hlth. &amp; Edu. Fac. RB, Elliot Hosp. Proj., Ser. B, 5.60%, 10/01/22</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">10/13 @ 100</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">5,201,400</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

          <div align="right"></div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">15,106,300</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

          <div align="right"></div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<B><FONT size=2 face="serif">New Jersey&#151;11.8%</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

          <div align="right"></div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Econ. Dev. Auth. RB,</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
<FONT size=1 face="serif">Baa3</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 <div align="right"><FONT size=1 face="serif">7,500</FONT>&nbsp;
    </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="serif">Kapkowski Rd. Landfill Proj., 6.50%, 4/01/31</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">No Opt. Call</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">8,511,075</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
<FONT size=1 face="serif">BBB</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
      <div align="right"><FONT size=1 face="serif">11,500</FONT>&nbsp;
            </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="serif">Cigarette Tax Proj., 5.50%, 6/15/24</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">06/12 @ 100</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">11,909,170</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
<FONT size=1 face="serif">B</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 <div align="right"><FONT size=1 face="serif">5,000</FONT>&nbsp;
    </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="serif">Continental Airlines, Inc. Proj., 7.00%, 11/15/30</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">11/10 @ 101</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">5,146,350</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
<FONT size=1 face="serif">B</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 <div align="right"><FONT size=1 face="serif">1,500</FONT>&nbsp;
    </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="serif">Continental Airlines, Inc. Proj., 9.00%, 6/01/33</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">06/13 @ 101</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">1,708,065</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
<FONT size=1 face="serif">BBB-</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 <div align="right"><FONT size=1 face="serif">1,000</FONT>&nbsp;
    </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="serif">First Mtg. Winchester Proj., Ser. A, 4.80%, 11/01/13</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">No Opt. Call</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">992,560</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
<FONT size=1 face="serif">Baa1</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 <div align="right"><FONT size=1 face="serif">4,000</FONT>&nbsp;
    </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Hlth. Care Fac. Fin. Auth. RB, Cap. Hlth. Sys. Oblig. Grp. Proj., Ser. A, 5.75%, 7/01/23</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">07/13 @ 100</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">4,211,160</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

          <div align="right"></div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Middlesex Cnty. Impvt. Auth. RB,</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
<FONT size=1 face="serif">NR</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 <div align="right"><FONT size=1 face="serif">2,500</FONT>&nbsp;
    </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="serif">Heldrich Ctr. Hotel Proj., Ser. B, 6.125%, 1/01/25</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">01/15 @ 100</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">2,519,250</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
<FONT size=1 face="serif">Baa1</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 <div align="right"><FONT size=1 face="serif">1,000</FONT>&nbsp;
    </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="serif">Str. Student Hsg. Proj., Ser. A, 5.00%, 8/15/23</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">08/14 @ 100</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">1,001,420</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

          <div align="right"></div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">35,999,050</FONT>&nbsp;
        </TD>
</TR>
</TABLE>
<BR>
<P align="center">
<FONT size=2 face="serif">See Notes to Financial Statements.</FONT></P>
<P align="center">
<FONT size=2 face="serif">32</FONT></P>

<HR noshade align="center" width="100%" size=4>




<P STYLE="page-break-before:always"></P><PAGE>


<P align="justify">
<B><FONT size=2 face="serif">BlackRock Municipal 2020 Term Trust (BKK) (continued)</FONT></B></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD width=5% align=left nowrap>&nbsp;

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=5% align=center nowrap>
<B><FONT size=2 face="serif">Principal</FONT></B>&nbsp;
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=62% align=left nowrap>&nbsp;

        </TD>
        <TD width=9%>&nbsp;
        </TD>
        <TD width=7% align=left nowrap>&nbsp;

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<B><FONT size=2 face="serif">Amount</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<B><FONT size=2 face="serif">Option Call</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
      <center>
        <B><FONT size=2 face="serif">Rating</FONT></B><B><SUP><FONT size=2 face="serif">1</FONT></SUP></B>&nbsp;
            </center></TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
      <center>
        <B><FONT size=2 face="serif">(000)</FONT></B>&nbsp;
            </center></TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;"> <center>
          <B><FONT size=2 face="serif">Description</FONT></B>&nbsp;
    </center></TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD align=center nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="serif">Provisions</FONT></B><B><SUP><FONT size=2 face="serif">2</FONT></SUP></B>&nbsp;
        </TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        </TD>
        <TD align=center nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="serif">Value</FONT></B>&nbsp;
        </TD>
</TR>
<TR>
        <TD colspan=9>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<B><FONT size=2 face="serif">New York&#151;8.5%</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">New York City Indl. Dev. Agcy. RB American Airlines,</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
<FONT size=1 face="serif">B</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">&#36;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5,635</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="serif">JFK Intl. Arpt. Proj., 7.625%, 8/01/25</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">08/16 @ 101</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">&#36; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6,507,918</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
<FONT size=1 face="serif">B</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">5,000</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="serif">JFK Intl. Arpt. Proj., 7.75%, 8/01/31</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">08/16 @ 101</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">5,780,200</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
<FONT size=1 face="serif">AAA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">8,500</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">St. Energy Research &amp; Dev. RB, Brooklyn Union Gas/Keyspan Proj.,</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="serif">Ser. A, 4.70%, 2/01/24, FGIC</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">02/16 @ 100</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">8,310,790</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
<FONT size=1 face="serif">AA-</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">5,000</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Tobacco Settlement Fin. Corp. SA, Ser. B1, 5.50%, 6/01/20</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">06/13 @ 100</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">5,318,000</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">25,916,908</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<B><FONT size=2 face="serif">Ohio&#151;5.0%</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Cuyahoga Cnty. RB, Cleveland Clinic Hlth. Sys. Proj.,</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
<FONT size=1 face="serif">Aa3</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">3,000</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="serif">6.00%, 1/01/19</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">07/13 @ 100</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">3,269,040</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
<FONT size=1 face="serif">Aa3</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">10,000</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="serif">6.00%, 1/01/20</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">07/13 @ 100</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">10,871,900</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
<FONT size=1 face="serif">NR</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">1,100</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Pinnacle Cmnty. Infrastructure Fin. Auth. Facs. RB, Ser. A, 6.00%, 12/01/22</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">12/14 @ 101</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">1,127,390</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">15,268,330</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<B><FONT size=2 face="serif">Oklahoma&#151;1.2%</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
<FONT size=1 face="serif">B</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">3,350</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Tulsa Mun. Arpt. Trust RB, Ser. A, 7.75%, 6/01/35</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">No Opt. Call</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">3,695,921</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<B><FONT size=2 face="serif">Pennsylvania&#151;6.2%</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
<FONT size=1 face="serif">BBB+</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">6,680</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Higher Edl. Fac. RB, La Salle Univ. Proj., 5.50%, 5/01/26</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">05/13 @ 100</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">6,932,972</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
<FONT size=1 face="serif">A+</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">10,000</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Lancaster Cnty. Hosp. Auth. RB, Gen. Hosp. Proj., 5.75%, 3/15/20</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">09/13 @ 100</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">10,684,000</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
<FONT size=1 face="serif">NR</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">1,275</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Montgomery Cnty. Indl. Dev. Auth. RB, Whitemarsh Continuing Care Proj., 6.00%, 2/01/21</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">02/15 @ 100</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">1,337,067</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">18,954,039</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<B><FONT size=2 face="serif">Puerto Rico&#151;3.6%</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
<FONT size=1 face="serif">A3</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">10,900</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Elec. Pwr. Auth. RB, Ser. NN, 5.125%, 7/01/24</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">07/13 @ 100</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">11,108,081</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<B><FONT size=2 face="serif">Rhode Island&#151;1.5%</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
<FONT size=1 face="serif">Baa2</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">4,500</FONT><SUP><FONT size=1 face="serif">3</FONT></SUP>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Hlth. &amp; Edl. Bldg. Corp. Hosp. Fin. RB, Ser. A, 5.875%, 9/15/08</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">N/A</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">4,686,570</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<B><FONT size=2 face="serif">Texas&#151;5.8%</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
<FONT size=1 face="serif">BBB</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">1,100</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Brazos River Auth. PCRB, TXU Energy Co. LLC Proj., Ser. A, 6.75%, 4/01/38</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">No Opt. Call</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">1,224,047</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
<FONT size=1 face="serif">BBB-</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">3,500</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Port Corpus Christi Indl. Dev. Corp. RB, Valero Proj., Ser. C, 5.40%, 4/01/18</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">04/08 @ 102</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">3,628,520</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Tpke. Auth. RB, Central Texas Tpke. Sys. Proj.,</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
<FONT size=1 face="serif">AAA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">7,990</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="serif">Ser. A, Zero Coupon, 8/15/21, AMBAC</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">No Opt. Call</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">3,833,762</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
<FONT size=1 face="serif">AAA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">8,450</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="serif">Ser. A, Zero Coupon, 8/15/24, AMBAC</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">No Opt. Call</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">3,443,037</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Weatherford Indpt. Sch. Dist. GO,</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
<FONT size=1 face="serif">AAA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">6,945</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="serif">Zero Coupon, 2/15/23, PSF</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">02/11 @ 50.236</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">2,826,684</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
<FONT size=1 face="serif">AAA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">6,945</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="serif">Zero Coupon, 2/15/24, PSF</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">02/11 @ 47.435</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">2,666,672</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">17,622,722</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<B><FONT size=2 face="serif">Trust Territories&#151;1.3%</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
<FONT size=1 face="serif">A</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">4,000</FONT><SUP><FONT size=1 face="serif">5</FONT></SUP>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">San Manuel Entertainment Auth., 2004 Gaming Proj., Ser.C, 4.50%, 12/01/16</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">12/13 @ 102</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">3,918,160</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<B><FONT size=2 face="serif">U.S. Virgin Islands&#151;0.3%</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
<FONT size=1 face="serif">BBB</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">1,000</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Pub. Fin. Auth. RB, Sen. Lien Matching Fund Loan, Ser. A, 5.25%, 10/01/17</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">10/14 @ 100</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">1,035,060</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<B><FONT size=2 face="serif">Virginia&#151;7.6%</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
<FONT size=1 face="serif">NR</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">5,000</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Celebrate North Cmnty. Dev. Auth. SA, Ser. B, 6.60%, 3/01/25</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">03/14 @ 102</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">5,200,700</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
<FONT size=1 face="serif">BBB</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">10,000</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Charles City Cnty. Econ. Dev. Auth. Sld. Wst. Disp. RB, 5.125%, 8/01/27</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">06/06 @ 100</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">10,035,100</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
<FONT size=1 face="serif">Baa1</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">7,500</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Mecklenburg Cnty. Ind. Dev. Auth. RB, Exempt FAC-UAE LP Proj., 6.50%, 10/15/17</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">10/12 @ 100</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">8,111,400</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">23,347,200</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<B><FONT size=2 face="serif">Washington&#151;2.5%</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Washington, GO,</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
<FONT size=1 face="serif">AAA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">10,000</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="serif">Ser. S-5, Zero Coupon, 1/01/19, FGIC</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">No Opt. Call</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">5,530,800</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
<FONT size=1 face="serif">AAA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">4,630</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="serif">Mtr. Veh. Proj., Ser. F, Zero Coupon, 12/01/21, MBIA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">No Opt. Call</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">2,183,462</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">7,714,262</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<B><FONT size=2 face="serif">Wisconsin&#151;2.1%</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Hlth. &amp; Ed. Fac. Auth. RB, Wheaton Franciscan Svcs. Proj.,</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
<FONT size=1 face="serif">A</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">2,880</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="serif">5.50%, 8/15/17</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">08/13 @ 100</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">3,017,722</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
<FONT size=1 face="serif">A</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">3,190</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="serif">5.50%, 8/15/18</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">08/13 @ 100</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">3,324,937</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">6,342,659</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<B><FONT size=1 face="serif">Total Long-Term Investments (cost &#36;439,434,967)</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">456,318,262</FONT>&nbsp;
        </TD>
</TR>
</TABLE><BR>
<P align="center">
<FONT size=2 face="serif">See Notes to Financial Statements.</FONT></P>
<P align="center">
<FONT size=2 face="serif">33</FONT></P>

<HR noshade align="center" width="100%" size=4>




<P STYLE="page-break-before:always"></P><PAGE>


<P align="justify">
<B><FONT size=2 face="serif">BlackRock Municipal 2020 Term Trust (BKK) (continued)</FONT></B></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD width="5%" align=left nowrap>&nbsp;

        </TD>
        <TD width="2%">&nbsp;
        </TD>
        <TD width="5%" align=center nowrap>
<B><FONT size=2 face="serif">Principal</FONT></B>&nbsp;
        </TD>
        <TD width="2%">&nbsp;
        </TD>
        <TD width="72%" align=left nowrap>&nbsp;

        </TD>
        <TD width="7%">&nbsp;
        </TD>
        <TD width="7%" align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<B><FONT size=2 face="serif">Amount</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
      <center>
        <B><FONT size=2 face="serif">Rating</FONT></B><B><SUP><FONT size=2 face="serif">1</FONT></SUP></B>&nbsp;
            </center></TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
      <center>
        <B><FONT size=2 face="serif">(000)</FONT></B>&nbsp;
            </center></TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;"> <center>
          <B><FONT size=2 face="serif">Description</FONT></B>&nbsp;
    </center></TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD align=center nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="serif">Value</FONT></B>&nbsp;
        </TD>
</TR>
<TR>
        <TD colspan=7>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<B><FONT size=2 face="serif">SHORT-TERM INVESTMENTS&#151;7.3%</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<B><FONT size=2 face="serif">Delaware&#151;4.2%</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
<FONT size=1 face="serif">A-1+</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">&#36;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13,000</FONT><SUP><FONT size=1 face="serif">6</FONT></SUP>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">St. Econ. Dev. Auth. RB, Hosp. Billing Proj., Ser. B, 3.98%, 7/05/06, FRWD</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">&#36; &nbsp;&nbsp;&nbsp;&nbsp;13,000,000</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<B><FONT size=2 face="serif">New York&#151;1.4%</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Triborough Brdg. &amp; Tunl. Auth. RB,</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
<FONT size=1 face="serif">A-1+</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">3,900</FONT><SUP><FONT size=1 face="serif">6</FONT></SUP></TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
      <div align="left"><FONT size=1 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.93%, 7/06/06, FRWD</FONT>&nbsp;
            </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">3,900,000</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
<FONT size=1 face="serif">A-1+</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">300</FONT><SUP><FONT size=1 face="serif">6</FONT></SUP>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
      <div align="left"><FONT size=1 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.94%, 7/06/06, FRWD</FONT>&nbsp;
            </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">300,000</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">4,200,000</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<B><FONT size=2 face="serif">North Dakota&#151;0.1%</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
<FONT size=1 face="serif">VMIG1</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">300</FONT><SUP><FONT size=1 face="serif">6</FONT></SUP>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Grand Forks Hosp. Fac. RB, United Hosp. Oblig. Grp. Proj., 4.07%, 7/03/06, FRDD</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">300,000</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<B><FONT size=2 face="serif">Tennessee&#151;1.6%</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
<FONT size=1 face="serif">VMIG1</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD>
      <div align="right"><FONT size=1 face="serif">4,800</FONT><SUP><FONT size=1 face="serif">6</FONT></SUP></div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Montgomery Cnty. Pub. Bldg. Auth. RB, 4.05%, 7/03/06, FRDD</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">4,800,000</FONT>&nbsp;
        </TD>
</TR>
<TR>
        <TD>&nbsp;

        </TD>
    <TD>&nbsp;</TD>
    <TD><div style="border-bottom:1px solid #000000">&nbsp;</div></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
      <center>
        <B><FONT size=2 face="serif">Shares</FONT></B>&nbsp;
            </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
      <center>
        <B><FONT size=2 face="serif">(000)</FONT></B>&nbsp;
            </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<B><FONT size=2 face="serif">Money Market Fund&#151;0.0%</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
<FONT size=1 face="serif">NR</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">100</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">AIM Tax Free Investment Co. Cash Reserve Portfolio</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">100,000</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<B><FONT size=1 face="serif">Total Short-Term Investments (cost &#36;22,400,000)</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">22,400,000</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<B><FONT size=1 face="serif">Total Investments&#151;156.2% (cost &#36;461,834,967</FONT></B><B><SUP><FONT size=1 face="serif">7</FONT></SUP></B><B><FONT size=1 face="serif">)</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">&#36;&nbsp; 478,718,262</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Other assets in excess of liabilities&#151;1.8%</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">5,433,085</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Preferred shares at redemption value, including dividends payable&#151;(58.0)%</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap><div style="border-bottom:1px solid #000000"> <font size=1 face="serif">(177,667,551)</font> </div></TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<B><FONT size=1 face="serif">Net Assets Applicable to Common Shareholders&#151;100%</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:3px double #000000;">
<FONT size=1 face="serif">&#36;&nbsp; 306,483,796</FONT>&nbsp;
        </TD>
</TR>
</TABLE>
<BR>
<hr align="left" noshade width="200" size="1" color=black>
<SUP><FONT size=1 face="serif">1 </FONT></SUP><FONT size=1 face="serif">Using
the higher of S&amp;P, Moody or Fitch&#146;s rating.</FONT>
<P align="justify">
<SUP><FONT size=1 face="serif">2 </FONT></SUP><FONT size=1 face="serif">Date (month/year) and price of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates.</FONT></P>
<P align="justify">
<SUP><FONT size=1 face="serif">3 </FONT></SUP><FONT size=1 face="serif">This bond is prerefunded. U.S. government securities, held in escrow, are used to pay interest on this security, as well as retire the bond in full at the date indicated,
typically at a premium to par.</FONT></P>
<P align="justify">
<SUP><FONT size=1 face="serif">4 </FONT></SUP><FONT size=1 face="serif">Security pledged as collateral.</FONT></P>
<P align="justify">
<SUP><FONT size=1 face="serif">5 </FONT></SUP><FONT size=1 face="serif">Security is not registered under the Securities Act of 1933. These securities may be resold in transactions in accordance with Rule 144A under that Act, to qualified
institutional buyers. As of June 30, 2006, the Trust held 9.3% of its net assets, with a current market value of &#36;28,350,579, in securities restricted as to resale.</FONT></P>
<P align="justify">
<SUP><FONT size=1 face="serif">6 </FONT></SUP><FONT size=1 face="serif">For purposes of amortized cost valuation, the maturity date of this instrument is considered to be the earlier of the next date on which the security can be redeemed at par, or
the next date on which the rate of interest is adjusted. Rate shown is rate as of June 30, 2006.</FONT></P>
<P align="justify">
<SUP><FONT size=1 face="serif">7 </FONT></SUP><FONT size=1 face="serif">Cost for Federal income tax purposes is &#36;461,810,384. The net unrealized appreciation on a tax basis is &#36;16,907,878, consisting of &#36;18,146,103 gross unrealized
appreciation and &#36;1,238,225 gross unrealized depreciation.</FONT></P>
<div style="border:1px solid #000000; padding:10px">
  <table width="95%" border=0 align="center" cellpadding=0 cellspacing=0>
    <tr valign="bottom">
      <td colspan="6" align=left nowrap>
        <div align="right"></div>
        <center>
          <b><font size=2 face="serif">KEY TO ABBREVIATIONS</font></b>
        </center>
        <div align="right"></div></td>
    </tr>
    <tr valign="bottom">
      <td align=left nowrap> <font size=2 face="serif">ACA</font>&nbsp; </td>
      <td align=left nowrap>
        <div align="right"><font size=2 face="sans-serif">&#151;</font>&nbsp; </div></td>
      <td align=left nowrap> <font size=2 face="serif">American Capital Access</font>&nbsp; </td>
      <td align=left nowrap> <font size=2 face="serif">PCRB</font>&nbsp; </td>
      <td align=left nowrap>
        <div align="right"><font size=2 face="sans-serif">&#151;</font>&nbsp; </div></td>
      <td align=left nowrap> <font size=2 face="serif">Pollution Control Revenue
          Bond</font>&nbsp; </td>
    </tr>
    <tr valign="bottom">
      <td align=left nowrap> <font size=2 face="serif">AMBAC</font>&nbsp; </td>
      <td align=left nowrap>
        <div align="right"><font size=2 face="sans-serif">&#151;</font>&nbsp; </div></td>
      <td align=left nowrap> <font size=2 face="serif">American Municipal Bond
          Assurance Corp.</font>&nbsp; </td>
      <td align=left nowrap> <font size=2 face="serif">PSF</font>&nbsp; </td>
      <td align=left nowrap>
        <div align="right"><font size=2 face="serif">&#151;</font>&nbsp; </div></td>
      <td align=left nowrap> <font size=2 face="serif">Public School Fund Guaranteed</font>&nbsp; </td>
    </tr>
    <tr valign="bottom">
      <td align=left nowrap> <font size=2 face="serif">FGIC</font>&nbsp; </td>
      <td align=left nowrap>
        <div align="right"><font size=2 face="sans-serif">&#151;</font>&nbsp; </div></td>
      <td align=left nowrap> <font size=2 face="serif">Financial Guaranty Insurance
          Co.</font>&nbsp; </td>
      <td align=left nowrap> <font size=2 face="serif">RB</font>&nbsp; </td>
      <td align=left nowrap>
        <div align="right"><font size=2 face="sans-serif">&#151;</font>&nbsp; </div></td>
      <td align=left nowrap> <font size=2 face="serif">Revenue Bond</font>&nbsp; </td>
    </tr>
    <tr valign="bottom">
      <td align=left nowrap> <font size=2 face="serif">FRDD</font>&nbsp; </td>
      <td align=left nowrap>
        <div align="right"><font size=2 face="sans-serif">&#151;</font>&nbsp; </div></td>
      <td align=left nowrap> <font size=2 face="serif">Floating Rate Daily Demand</font>&nbsp; </td>
      <td align=left nowrap> <font size=2 face="serif">SA</font>&nbsp; </td>
      <td align=left nowrap>
        <div align="right"><font size=2 face="sans-serif">&#151;</font>&nbsp; </div></td>
      <td align=left nowrap> <font size=2 face="serif">Special Assessment</font>&nbsp; </td>
    </tr>
    <tr valign="bottom">
      <td align=left nowrap> <font size=2 face="serif">FRWD</font>&nbsp; </td>
      <td align=left nowrap>
        <div align="right"><font size=2 face="sans-serif">&#151;</font>&nbsp; </div></td>
      <td align=left nowrap> <font size=2 face="serif">Floating Rate Weekly Demand</font>&nbsp; </td>
      <td align=left nowrap> <font size=2 face="serif">SO</font>&nbsp; </td>
      <td align=left nowrap>
        <div align="right"><font size=2 face="serif">&#151;</font>&nbsp; </div></td>
      <td align=left nowrap> <font size=2 face="serif">Special Obligation</font>&nbsp; </td>
    </tr>
    <tr valign="bottom">
      <td align=left nowrap> <font size=2 face="serif">FSA</font>&nbsp; </td>
      <td align=left nowrap>
        <div align="right"><font size=2 face="sans-serif">&#151;</font>&nbsp; </div></td>
      <td align=left nowrap> <font size=2 face="serif">Financial Security Assurance</font>&nbsp; </td>
      <td align=left nowrap> <font size=2 face="serif">ST</font>&nbsp; </td>
      <td align=left nowrap>
        <div align="right"><font size=2 face="sans-serif">&#151;</font>&nbsp; </div></td>
      <td align=left nowrap> <font size=2 face="serif">Special Tax</font>&nbsp; </td>
    </tr>
    <tr valign="bottom">
      <td align=left nowrap> <font size=2 face="serif">GO</font>&nbsp; </td>
      <td align=left nowrap>
        <div align="right"><font size=2 face="sans-serif">&#151;</font>&nbsp; </div></td>
      <td align=left nowrap> <font size=2 face="serif">General Obligation</font>&nbsp; </td>
      <td align=left nowrap> <font size=2 face="serif">TA</font>&nbsp; </td>
      <td align=left nowrap>
        <div align="right"><font size=2 face="serif">&#151;</font>&nbsp; </div></td>
      <td align=left nowrap> <font size=2 face="serif">Tax Allocation</font>&nbsp; </td>
    </tr>
    <tr valign="bottom">
      <td align=left nowrap> <font size=2 face="serif">MBIA</font>&nbsp; </td>
      <td align=left nowrap>
        <div align="right"><font size=2 face="sans-serif">&#151;</font>&nbsp; </div></td>
      <td align=left nowrap> <font size=2 face="serif">Municipal Bond Insurance
          Assoc.</font>&nbsp; </td>
      <td align=left nowrap>&nbsp; </td>
      <td align=left nowrap>
        <div align="right"></div></td>
      <td align=left nowrap>&nbsp; </td>
    </tr>
  </table>
  </div>
<BR>
<P align="center">
<FONT size=2 face="serif">See Notes to Financial Statements.</FONT></P>
<P align="center">
<FONT size=2 face="serif">34</FONT></P>

<HR noshade align="center" width="100%" size=4>




<P STYLE="page-break-before:always"></P><PAGE>
<P align="justify">
<B><FONT face="serif">PORTFOLIO OF INVESTMENTS (unaudited)</FONT></B><BR>
<B><FONT face="serif">JUNE 30, 2006</FONT></B></P>
<P align="justify">
<B><FONT size=2 face="serif">BlackRock Municipal Target Term Trust (BMN)</FONT></B></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD width=5% align=left nowrap>

          <center>
    </center></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=5% align=center nowrap>
<B><FONT size=2 face="serif">Principal</FONT></B>&nbsp;
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=61% align=left nowrap>&nbsp;

        </TD>
        <TD width=9%>&nbsp;
        </TD>
        <TD width=7% align=left nowrap>&nbsp;

        </TD>
        <TD width=3%>&nbsp;
        </TD>
        <TD width=6% align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>

          <center>
    </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<B><FONT size=2 face="serif">Amount</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<B><FONT size=2 face="serif">Option Call</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
      <center>
        <B><FONT size=2 face="serif">Rating</FONT></B><B><SUP><FONT size=2 face="serif">1</FONT></SUP></B>&nbsp;
            </center></TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
      <center>
        <B><FONT size=2 face="serif">(000)</FONT></B>&nbsp;
            </center></TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;"> <center>
          <B><FONT size=2 face="serif">Description</FONT></B>&nbsp;
    </center></TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD align=center nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="serif">Provisions</FONT></B><B><SUP><FONT size=2 face="serif">2</FONT></SUP></B>&nbsp;
        </TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        </TD>
        <TD align=center nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="serif">Value</FONT></B>&nbsp;
        </TD>
</TR>
<TR>
        <TD colspan=9>

          <center>
    </center></TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>

          <center>
    </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<B><FONT size=2 face="serif">LONG-TERM INVESTMENTS&#151;50.5%</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>

          <center>
    </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<B><FONT size=2 face="serif">Arkansas&#151;1.1%</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
      <center>
        <FONT size=1 face="serif">AAA</FONT>&nbsp;
            </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">&#36; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5,000</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Univ. of Arkansas Athl. Fac. RB, Razorback Stadium Proj., 3.55%, 12/01/21, FSA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">No Opt. Call</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">&#36; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4,995,600</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>

          <center>
    </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<B><FONT size=2 face="serif">California&#151;1.3%</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
      <center>
        <FONT size=1 face="serif">AAA</FONT>&nbsp;
            </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">6,000</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">California GO, 6.30%, 9/01/06, AMBAC</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">No Opt. Call</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">6,023,400</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>

          <center>
    </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<B><FONT size=2 face="serif">Colorado&#151;2.5%</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
      <center>
        <FONT size=1 face="serif">AAA</FONT>&nbsp;
            </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">1,015</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">El Paso Cnty. COP, Detention Fac. Proj., Ser. B, 2.50%, 12/01/06, AMBAC</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">No Opt. Call</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">1,007,408</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
      <center>
        <FONT size=1 face="serif">AAA</FONT>&nbsp;
            </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">9,700</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Met. Football Stadium Dist. Sales Tax RB, Ser. A, Zero Coupon, 1/01/07, MBIA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">No Opt. Call</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">9,520,453</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
      <center>
        <FONT size=1 face="serif">AAA</FONT>&nbsp;
            </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">1,100</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Thornton COP, 2.50%, 12/01/06, AMBAC</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">No Opt. Call</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">1,091,563</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>

          <center>
    </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">11,619,424</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>

          <center>
    </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<B><FONT size=2 face="serif">Florida&#151;1.0%</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
      <center>
        <FONT size=1 face="serif">AAA</FONT>&nbsp;
            </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">910</FONT><SUP><FONT size=1 face="serif">3</FONT></SUP>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Orange Cnty. Tourist Dev. RB, Ser. A, 6.375%, 10/01/06, AMBAC</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">ETM</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">915,679</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
      <center>
        <FONT size=1 face="serif">AAA</FONT>&nbsp;
            </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">2,000</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Sarasota Wtr. &amp; Swr. Sys. RB, 4.25%, 10/01/06, MBIA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">No Opt. Call</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">2,002,200</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
      <center>
        <FONT size=1 face="serif">AAA</FONT>&nbsp;
            </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">1,865</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Tampa Wtr. &amp; Swr. RB, 5.50%, 10/01/06, FSA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">No Opt. Call</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">1,872,441</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>

          <center>
    </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">4,790,320</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>

          <center>
    </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<B><FONT size=2 face="serif">Hawaii&#151;2.0%</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>

          <center>
    </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Hawaii GO,</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
      <center>
        <FONT size=1 face="serif">AAA</FONT>&nbsp;
            </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">5,675</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="serif">Ser. CP, 5.50%, 10/01/06, FGIC</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">No Opt. Call</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">5,697,359</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
      <center>
        <FONT size=1 face="serif">AAA</FONT>&nbsp;
            </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">1,265</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="serif">Ser. CW, 3.60%, 8/01/06, FGIC</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">No Opt. Call</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">1,264,671</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
      <center>
        <FONT size=1 face="serif">AAA</FONT>&nbsp;
            </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">2,275</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Honolulu City &amp; Cnty. GO, Ser. A, 4.00%, 9/01/06, FSA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">No Opt. Call</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">2,275,660</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>

          <center>
    </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">9,237,690</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>

          <center>
    </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<B><FONT size=2 face="serif">Illinois&#151;3.5%</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>

          <center>
    </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Champain Cnty. Cmnty. No. 116 GO,</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
      <center>
        <FONT size=1 face="serif">AAA</FONT>&nbsp;
            </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">385</FONT><SUP><FONT size=1 face="serif">3</FONT></SUP>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="serif">Ser. C, Zero Coupon, 1/01/07, FGIC</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">ETM</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">377,908</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
      <center>
        <FONT size=1 face="serif">AAA</FONT>&nbsp;
            </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">680</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="serif">Ser. C, Zero Coupon, 1/01/07, FGIC</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">No Opt. Call</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">667,345</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
      <center>
        <FONT size=1 face="serif">AAA</FONT>&nbsp;
            </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">15,080</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Illinois GO, Ser. I, 3.25%, 11/01/06, FGIC</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">No Opt. Call</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">15,042,300</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>

          <center>
    </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">16,087,553</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>

          <center>
    </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<B><FONT size=2 face="serif">Indiana&#151;2.0%</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
      <center>
        <FONT size=1 face="serif">AAA</FONT>&nbsp;
            </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">9,000</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Univ. Student Fee RB, Zero Coupon, 8/01/06, AMBAC</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">No Opt. Call</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">8,975,970</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>

          <center>
    </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<B><FONT size=2 face="serif">Kentucky&#151;1.7%</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>

          <center>
    </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Ppty. &amp; Bldgs. Auth. RB, Proj. No. 69,</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
      <center>
        <FONT size=1 face="serif">AAA</FONT>&nbsp;
            </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">2,035</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="serif">Ser. B, 4.00%, 8/01/06, FSA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">No Opt. Call</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">2,035,143</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
      <center>
        <FONT size=1 face="serif">AAA</FONT>&nbsp;
            </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">5,560</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="serif">Ser. C, 4.00%, 8/01/06, FSA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">No Opt. Call</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">5,560,389</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>

          <center>
    </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">7,595,532</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>

          <center>
    </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<B><FONT size=2 face="serif">Louisiana&#151;3.8%</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
      <center>
        <FONT size=1 face="serif">AAA</FONT>&nbsp;
            </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">7,480</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">MuniMae Trust RB, Ser. 7, Cl. A, 4.40%, 12/16/08</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">No Opt. Call</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">7,461,973</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
      <center>
        <FONT size=1 face="serif">AAA</FONT>&nbsp;
            </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">5,250</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">New Orleans GO, Zero Coupon, 9/01/06, AMBAC</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">No Opt. Call</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">5,218,605</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
      <center>
        <FONT size=1 face="serif">AAA</FONT>&nbsp;
            </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">4,565</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Pub. Facs. Auth. RB, Ochsner Clinic Fndtn. Proj., Ser. A, 3.00%, 5/15/07, MBIA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">No Opt. Call</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">4,511,772</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>

          <center>
    </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">17,192,350</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>

          <center>
    </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<B><FONT size=2 face="serif">Michigan&#151;1.1%</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
      <center>
        <FONT size=1 face="serif">AAA</FONT>&nbsp;
            </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">4,850</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Trunk Line RB, Ser. A, 4.00%, 11/01/06, FSA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">No Opt. Call</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">4,853,249</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>

          <center>
    </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<B><FONT size=2 face="serif">Minnesota&#151;1.2%</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
      <center>
        <FONT size=1 face="serif">AAA</FONT>&nbsp;
            </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">375</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Hsg. Fin. Auth. RB, Ser. D, 5.35%, 8/01/06, MBIA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">07/06 @ 101</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">375,019</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
      <center>
        <FONT size=1 face="serif">AAA</FONT>&nbsp;
            </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">5,075</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Met. Council Minneapolis-St. Paul GO, 5.25%, 12/01/06</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">No Opt. Call</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">5,106,465</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>

          <center>
    </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">5,481,484</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>

          <center>
    </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<B><FONT size=2 face="serif">Nebraska&#151;0.8%</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
      <center>
        <FONT size=1 face="serif">AAA</FONT>&nbsp;
            </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">3,850</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Douglas Cnty. Sch. Dist. No. 17 Millard GO, 3.20%, 11/15/06, FSA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">No Opt. Call</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">3,838,027</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>

          <center>
    </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<B><FONT size=2 face="serif">Nevada&#151;0.2%</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
      <center>
        <FONT size=1 face="serif">AAA</FONT>&nbsp;
            </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">800</FONT><SUP><FONT size=1 face="serif">3</FONT></SUP>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Dept. of Bus. &amp; Ind. RB, Las Vegas Monorail Proj., Zero Coupon, 1/01/07, AMBAC</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">ETM</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">784,552</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>

          <center>
    </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<B><FONT size=2 face="serif">New Jersey&#151;0.3%</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
      <center>
        <FONT size=1 face="serif">AAA</FONT>&nbsp;
            </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">70</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Elizabeth GO, 6.60%, 8/01/06, MBIA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">07/06 @ 100</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">70,113</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
      <center>
        <FONT size=1 face="serif">AAA</FONT>&nbsp;
            </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">1,000</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Monmouth Cnty. Impvt. Auth. Gov&#146;t. Loan RB, 2.34%, 12/01/06, FSA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">No Opt. Call</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">991,360</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
      <center>
        <FONT size=1 face="serif">AAA</FONT>&nbsp;
            </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">375</FONT><SUP><FONT size=1 face="serif">3</FONT></SUP>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">N. Jersey Dist. Wtr. Sply. RB, Wanaque So. Proj., 6.50%, 7/01/06, MBIA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">ETM</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">375,000</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>

          <center>
    </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">1,436,473</FONT>&nbsp;
        </TD>
</TR>
</TABLE>
<BR>
<P align="center">
<FONT size=2 face="serif">See Notes to Financial Statements.</FONT></P>
<P align="center">
<FONT size=2 face="serif">35</FONT></P>

<HR noshade align="center" width="100%" size=4>




<P STYLE="page-break-before:always"></P><PAGE>


<P align="justify">
<B><FONT size=2 face="serif">BlackRock Municipal Target Term Trust (BMN) (continued)</FONT></B></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD width=5% align=left nowrap>&nbsp;

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=5% align=center nowrap>
<B><FONT size=2 face="serif">Principal</FONT></B>&nbsp;
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=59% align=left nowrap>&nbsp;

        </TD>
        <TD width=11%>&nbsp;
        </TD>
        <TD width=7% align=left nowrap>&nbsp;

        </TD>
        <TD width=3%>&nbsp;
        </TD>
        <TD width=6% align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<B><FONT size=2 face="serif">Amount</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<B><FONT size=2 face="serif">Option Call</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
      <center>
        <B><FONT size=2 face="serif">Rating</FONT></B><B><SUP><FONT size=2 face="serif">1</FONT></SUP></B>&nbsp;
            </center></TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
      <center>
        <B><FONT size=2 face="serif">(000)</FONT></B>&nbsp;
            </center></TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;"> <center>
          <B><FONT size=2 face="serif">Description</FONT></B>&nbsp;
    </center></TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD align=center nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="serif">Provisions</FONT></B><B><SUP><FONT size=2 face="serif">2</FONT></SUP></B>&nbsp;
        </TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        </TD>
        <TD align=center nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="serif">Value</FONT></B>&nbsp;
        </TD>
</TR>
<TR>
        <TD colspan=9>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<B><FONT size=2 face="serif">New York&#151;3.9%</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
<FONT size=1 face="serif">AAA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">&#36;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8,070</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Hsg. Fin. Agcy. Hsg. Proj. Mtg. RB, Ser. A, 5.50%, 11/01/06, FSA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">07/06 @ 102</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">&#36;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8,081,137</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">New York GO,</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
<FONT size=1 face="serif">AAA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">2,895</FONT><SUP><FONT size=1 face="serif">3</FONT></SUP>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="serif">Ser. E, 6.125%, 8/01/06, MBIA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">ETM</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">2,899,777</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
<FONT size=1 face="serif">AAA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">7,105</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="serif">Ser. E, 6.125%, 8/01/06, MBIA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">No Opt. Call</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">7,116,652</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">18,097,566</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<B><FONT size=2 face="serif">Ohio&#151;3.9%</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Bldg. Auth. RB,</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
<FONT size=1 face="serif">AAA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">4,585</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="serif">Admin. Bldg. Fd. Proj., Ser. A, 5.00%, 10/01/06, FSA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">No Opt. Call</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">4,598,113</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
<FONT size=1 face="serif">AAA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">10,000</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="serif">Correction Facs. Proj., Ser. A, 5.00%, 10/01/06, FSA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">No Opt. Call</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">10,028,100</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
<FONT size=1 face="serif">AAA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">2,170</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Cincinnati City Sch. Dist. Sch. Impvt. GO, 4.00%, 12/01/06, MBIA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">No Opt. Call</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">2,172,192</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
<FONT size=1 face="serif">AAA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">1,285</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Milford Sch. Dist. GO, 3.25%, 12/01/06, FSA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">No Opt. Call</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">1,281,312</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">18,079,717</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<B><FONT size=2 face="serif">Oregon&#151;0.4%</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
<FONT size=1 face="serif">AAA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">2,020</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Dept. of Admin. Svcs. COP, Ser. A, 5.00%, 11/01/06, FSA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">No Opt. Call</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">2,027,555</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<B><FONT size=2 face="serif">Pennsylvania&#151;1.5%</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
<FONT size=1 face="serif">AAA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">1,000</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Philadelphia GO, 4.00%, 9/15/06, FSA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">No Opt. Call</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">1,000,390</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
<FONT size=1 face="serif">AAA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">3,620</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Pittsburgh Pub. Auth. Pkg. RB, 2.75%, 12/01/06, AMBAC</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">No Opt. Call</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">3,597,882</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
<FONT size=1 face="serif">AAA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">2,375</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Tpke. Comm. RB, Ser. A, 4.125%, 12/01/06, FGIC</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">No Opt. Call</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">2,378,396</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">6,976,668</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<B><FONT size=2 face="serif">Rhode Island&#151;0.7%</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
<FONT size=1 face="serif">AAA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">3,400</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Rhode Island &amp; Providence Plantations GO, Ser. A, 4.00%, 12/01/06, FSA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">No Opt. Call</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">3,403,162</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<B><FONT size=2 face="serif">Texas&#151;10.3%</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
<FONT size=1 face="serif">AAA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">6,575</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Austin Wtr. &amp; Wstwtr. Sys. RB, Ser. C, 3.75%, 11/15/06, FSA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">No Opt. Call</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">6,573,553</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
<FONT size=1 face="serif">AAA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">8,500</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Cypress-Fairbanks Indpt. Sch. Dist. GO, Zero Coupon, 8/01/06, AMBAC</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">No Opt. Call</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">8,477,305</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
<FONT size=1 face="serif">AAA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">6,355</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Dallas Rapid Transit RB, 3.70%, 12/01/06, AMBAC</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">No Opt. Call</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">6,352,585</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
<FONT size=1 face="serif">AAA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">2,280</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Denton Util. Sys. Mult. Util. Impvt. RB, 4.25%, 12/01/06, AMBAC</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">No Opt. Call</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">2,284,195</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
<FONT size=1 face="serif">AAA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">15,000</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Mun. Pwr. Agcy. RB, Zero Coupon, 9/01/06, AMBAC</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">No Opt. Call</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">14,913,000</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
<FONT size=1 face="serif">AAA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">6,035</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">MuniMae Trust RB, Ser. 10, Cl. A, 4.40%, 7/25/08</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">No Opt. Call</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">6,012,912</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
<FONT size=1 face="serif">AAA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">2,465</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Round Rock Indpt. Sch. Dist. GO, Ser. A, 4.25%, 8/01/06, PSF</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">No Opt. Call</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">2,465,666</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">47,079,216</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<B><FONT size=2 face="serif">Utah&#151;1.3%</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
<FONT size=1 face="serif">AAA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">5,950</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Utah GO, Ser. B, 4.50%, 7/01/06</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">No Opt. Call</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">5,950,000</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<B><FONT size=2 face="serif">Washington&#151;6.0%</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
<FONT size=1 face="serif">AAA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">1,325</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Benton Cnty. Pub. Util. Dist. Elec. RB, 3.75%, 11/01/06, FSA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">No Opt. Call</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">1,324,709</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">King Cnty. GO,</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
<FONT size=1 face="serif">AAA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">75</FONT><SUP><FONT size=1 face="serif">3</FONT></SUP></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="serif">3.50%, 12/01/06, MBIA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">ETM</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">74,952</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
<FONT size=1 face="serif">AAA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">2,015</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="serif">3.50%, 12/01/06, MBIA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">No Opt. Call</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">2,011,675</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
<FONT size=1 face="serif">AAA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">2,100</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Kitsap Cnty. GO, Ser. B, 4.00%, 12/01/06, AMBAC</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">No Opt. Call</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">2,101,869</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
<FONT size=1 face="serif">AAA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">12,875</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Pub. Pwr. Sply. RB, Nuclear Proj. No. 2, Ser. A, Zero Coupon, 7/01/06, MBIA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">No Opt. Call</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">12,875,000</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
<FONT size=1 face="serif">AAA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">5,620</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Snohomish Cnty. Pub. Util. Dist. Elec. RB, 4.125%, 12/01/06, FSA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">No Opt. Call</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">5,627,587</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
<FONT size=1 face="serif">AAA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">3,360</FONT><SUP><FONT size=1 face="serif">4</FONT></SUP>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Thurston Cnty. Sch. Dist. No. 3 GO, 4.25%, 12/01/06, FSA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">N/A</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">3,366,317</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">27,382,109</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<B><FONT size=1 face="serif">Total Long-Term Investments (cost &#36;231,876,931)</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">231,907,617</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<B><FONT size=2 face="serif">SHORT-TERM INVESTMENTS&#151;49.4%</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<B><FONT size=2 face="serif">Nebraska&#151;2.2%</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
<FONT size=1 face="serif">A-1+</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">10,237</FONT><SUP><FONT size=1 face="serif">5</FONT></SUP>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">American Pub. Energy Agcy. Gas Sply. RB, Ser. A, 3.99%, 7/06/06, FRWD</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">N/A</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">10,237,000</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<B><FONT size=2 face="serif">Taxable Commercial Paper&#151;38.1%</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
<FONT size=1 face="serif">A-1</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">20,000</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Amsterdam Fdg. Corp., 5.07%, 7/11/06</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">N/A</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">19,971,833</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
<FONT size=1 face="serif">F1+</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">20,000</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Atomium Fdg. Corp., 5.07%, 7/05/06</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">N/A</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">19,988,733</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
<FONT size=1 face="serif">F1+</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">2,000</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Credit Suisse FB USA, Inc., 5.17%, 11/02/06</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">N/A</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">1,964,385</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
<FONT size=1 face="serif">A-1</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">20,000</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Fairway Fin. Ltd., 5.05%, 7/05/06</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">N/A</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">19,988,778</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
<FONT size=1 face="serif">F1+</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">20,000</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Nordea N.A., Inc., 5.75%, 12/01/06</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">N/A</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">19,560,550</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
<FONT size=1 face="serif">A-1</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">16,777</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Scaldis Capital LLC, 5.07%, 7/06/06</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">N/A</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">16,765,186</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
<FONT size=1 face="serif">A-1+</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">20,000</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Svenska Handlesbanken, Inc., 5.07%, 7/05/06</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">N/A</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">19,988,733</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
<FONT size=1 face="serif">A-1</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">20,000</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Thames Asset Global Sec., 5.06%, 7/06/06</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">N/A</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">19,985,945</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
<FONT size=1 face="serif">A-1+</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">16,700</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">UBS Fin. DE, Inc., 5.05%, 7/07/06</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">N/A</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">16,685,944</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
<FONT size=1 face="serif">A-1</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">20,000</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Victory Receivable Corp., 5.09%, 7/06/06</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">N/A</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">19,985,861</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">174,885,948</FONT>&nbsp;
        </TD>
</TR>
</TABLE><BR>
<P align="center">
<FONT size=2 face="serif">See Notes to Financial Statements.</FONT></P>
<P align="center">
<FONT size=2 face="serif">36</FONT></P>

<HR noshade align="center" width="100%" size=4>




<P STYLE="page-break-before:always"></P><PAGE>


<P align="justify">
<B><FONT size=2 face="serif">BlackRock Municipal Target Term Trust (BMN) (continued)</FONT></B></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD width="8%" align=center nowrap>&nbsp;</TD>
        <TD width="5%" align=center nowrap>
<B><FONT size=2 face="serif">Principal</FONT></B>&nbsp;
        </TD>
        <TD width="2%">&nbsp;
        </TD>
        <TD width="70%" align=left nowrap>&nbsp;

        </TD>
        <TD width="9%">&nbsp;
        </TD>
        <TD width="6%" align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
  <TD align=center nowrap>&nbsp;</TD>
        <TD align=center nowrap>
<B><FONT size=2 face="serif">Amount</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
  <TD align=center nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
        <TD align=center nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="serif">(000)</FONT></B>&nbsp;
        </TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
 &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;<B><FONT size=2 face="serif">Description</FONT></B>&nbsp;
        </TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD align=center nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="serif">Value</FONT></B>&nbsp;
        </TD>
</TR>
<TR>
        <TD colspan=6>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<B><FONT size=2 face="serif">U.S. Government and Agency Securities&#151;5.9%</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
  <TD>&nbsp;</TD>
        <TD>
      <div align="right"><FONT size=1 face="serif">&#36; 27,200</FONT><SUP><FONT size=1 face="serif">6</FONT></SUP></div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Fed. Home Loan Bank, 4.972%, 7/03/06</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">&#36;&nbsp;&nbsp;&nbsp; 27,192,505</FONT>&nbsp;
        </TD>
</TR>
<TR>
  <TD>&nbsp;</TD>
        <TD><div style="border-bottom:1px solid #000000">&nbsp;</div>

        </TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=center nowrap>&nbsp;</TD>
        <TD align=center nowrap>
<B><FONT size=2 face="serif">Shares</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
  <TD>&nbsp;</TD>
  <TD align=center nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="serif">(000)</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
  <TD align=center nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<B><FONT size=2 face="serif">Money Market Fund&#151;3.2%</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
  <TD align=center nowrap>&nbsp;</TD>
        <TD align=center nowrap>
      <div align="right"><FONT size=1 face="serif">14,450</FONT>&nbsp;
            </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">AIM Tax Free Investment Co. Cash Reserve Portfolio</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">14,450,000</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<B><FONT size=1 face="serif">Total Short-Term Investments (cost &#36;226,765,453)</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">226,765,453</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<B><FONT size=1 face="serif">Total Investments&#151;99.9% (cost &#36;458,642,384</FONT></B><B><SUP><FONT size=1 face="serif">7</FONT></SUP></B><B><FONT size=1 face="serif">)</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">&#36; 458,673,070</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Other assets in excess of liabilities&#151;0.1%</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">202,804</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<B><FONT size=1 face="serif">Net Assets Applicable to Common Shareholders&#151;100%</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:3px double #000000;">
<FONT size=1 face="serif">&#36; 458,875,874</FONT>&nbsp;
        </TD>
</TR>
</TABLE>
<BR>
<hr align="left" noshade width="200" size="1" color=black>
<SUP><FONT size=1 face="serif">1 </FONT></SUP><FONT size=1 face="serif">Using
the higher of S&amp;P, Moody or Fitch&#146;s rating.</FONT>
<P align="justify">
<SUP><FONT size=1 face="serif">2 </FONT></SUP><FONT size=1 face="serif">Date (month/year) and price of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates.</FONT></P>
<P align="justify"><SUP><FONT size=1 face="serif">3 </FONT></SUP><FONT size=1 face="serif">Security is collateralized by municipal or U.S. Treasury obligations.</FONT></P>
<P align="justify">
<SUP><FONT size=1 face="serif">4 </FONT></SUP><FONT size=1 face="serif">This bond is prerefunded. U.S. government securities, held in escrow, are used to pay interest on this security, as well as retire the bond in full at the date indicated,
typically at a premium to par.</FONT></P>
<P align="justify">
<SUP><FONT size=1 face="serif">5 </FONT></SUP><FONT size=1 face="serif">For purposes of amortized cost valuation, the maturity date of this instrument is considered to be the earlier of the next date on which the security can be redeemed at par, or
the next date on which the rate of interest is adjusted. Rate shown is rate as of June 30, 2006.</FONT></P>
<P align="justify">
<SUP><FONT size=1 face="serif">6 </FONT></SUP><FONT size=1 face="serif">Rate shown is the yield to maturity as of June 30, 2006.</FONT></P>
<P align="justify">
<SUP><FONT size=1 face="serif">7 </FONT></SUP><FONT size=1 face="serif">Cost for Federal income tax purposes is &#36;458,496,826. The net unrealized appreciation on a tax basis is &#36;176,244, consisting of &#36;392,373 gross unrealized
appreciation and &#36;216,129 gross unrealized depreciation.</FONT></P>
<div style="border:1px solid #000000; padding:10px">
  <table width="95%" border=0 align="center" cellpadding=0 cellspacing=0>
    <tr valign="bottom">
      <td colspan="6" align=left nowrap>
        <center>
          <b><font size=2 face="serif">KEY TO ABBREVIATIONS</font></b>&nbsp;
      </center></td>
    </tr>
    <tr valign="bottom">
      <td align=left nowrap> <font size=2 face="serif">AMBAC</font>&nbsp; </td>
      <td align=left nowrap>
        <div align="right"><font size=2 face="sans-serif">&#151;</font>&nbsp; </div></td>
      <td align=left nowrap> <font size=2 face="serif">American Municipal Bond
          Assurance Corp.</font>&nbsp; </td>
      <td align=left nowrap> <font size=2 face="serif">FSA</font>&nbsp; </td>
      <td align=right nowrap> <font size=2 face="sans-serif">&#151;</font>&nbsp; </td>
      <td align=left nowrap> <font size=2 face="serif">Financial Security Assurance</font>&nbsp; </td>
    </tr>
    <tr valign="bottom">
      <td align=left nowrap> <font size=2 face="serif">COP</font>&nbsp; </td>
      <td align=left nowrap>
        <div align="right"><font size=2 face="sans-serif">&#151;</font>&nbsp; </div></td>
      <td align=left nowrap> <font size=2 face="serif">Certificate of Participation</font>&nbsp; </td>
      <td align=left nowrap> <font size=2 face="serif">GO</font>&nbsp; </td>
      <td align=right nowrap> <font size=2 face="sans-serif">&#151;</font>&nbsp; </td>
      <td align=left nowrap> <font size=2 face="serif">General Obligation</font>&nbsp; </td>
    </tr>
    <tr valign="bottom">
      <td align=left nowrap> <font size=2 face="serif">ETM</font>&nbsp; </td>
      <td align=left nowrap>
        <div align="right"><font size=2 face="sans-serif">&#151;</font>&nbsp; </div></td>
      <td align=left nowrap> <font size=2 face="serif">Escrowed to Maturity</font>&nbsp; </td>
      <td align=left nowrap> <font size=2 face="serif">MBIA</font>&nbsp; </td>
      <td align=right nowrap> <font size=2 face="sans-serif">&#151;</font>&nbsp; </td>
      <td align=left nowrap> <font size=2 face="serif">Municipal Bond Insurance
          Assoc.</font>&nbsp; </td>
    </tr>
    <tr valign="bottom">
      <td align=left nowrap> <font size=2 face="serif">FGIC</font>&nbsp; </td>
      <td align=left nowrap>
        <div align="right"><font size=2 face="sans-serif">&#151;</font>&nbsp; </div></td>
      <td align=left nowrap> <font size=2 face="serif">Financial Guaranty Insurance
          Co.</font>&nbsp; </td>
      <td align=left nowrap> <font size=2 face="serif">PSF</font>&nbsp; </td>
      <td align=right nowrap> <font size=2 face="sans-serif">&#151;</font>&nbsp; </td>
      <td align=left nowrap> <font size=2 face="serif">Public School Fund Guaranteed</font>&nbsp; </td>
    </tr>
    <tr valign="bottom">
      <td align=left nowrap> <font size=2 face="serif">FRWD</font>&nbsp; </td>
      <td align=left nowrap>
        <div align="right"><font size=2 face="sans-serif">&#151;</font>&nbsp; </div></td>
      <td align=left nowrap> <font size=2 face="serif">Floating Rate Weekly Demand</font>&nbsp; </td>
      <td align=left nowrap> <font size=2 face="serif">RB</font>&nbsp; </td>
      <td align=right nowrap> <font size=2 face="sans-serif">&#151;</font>&nbsp; </td>
      <td align=left nowrap> <font size=2 face="serif">Revenue Bond</font>&nbsp; </td>
    </tr>
  </table>
  </div>
<BR>
<P align="center">
<FONT size=2 face="serif">See Notes to Financial Statements.</FONT></P>
<P align="center">
<FONT size=2 face="serif">37</FONT></P>

<HR noshade align="center" width="100%" size=4>




<P STYLE="page-break-before:always"></P><PAGE>
<P align="justify">
<B><FONT face="serif">PORTFOLIO OF INVESTMENTS (unaudited)</FONT></B><BR>
<B><FONT face="serif">JUNE 30, 2006</FONT></B></P>
<P align="justify">
<B><FONT size=2 face="serif">BlackRock Strategic Municipal Trust (BSD)</FONT></B></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD width=5% align=left nowrap>&nbsp;

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=5% align=center nowrap>
<B><FONT size=2 face="serif">Principal</FONT></B>&nbsp;
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=62% align=left nowrap>&nbsp;

        </TD>
        <TD width=9%>&nbsp;
        </TD>
        <TD width=7% align=left nowrap>&nbsp;

        </TD>
        <TD width=3%>&nbsp;
        </TD>
        <TD width=5% align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<B><FONT size=2 face="serif">Amount</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<B><FONT size=2 face="serif">Option Call</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
      <center>
        <B><FONT size=2 face="serif">Rating</FONT></B><B><SUP><FONT size=2 face="serif">1</FONT></SUP></B>&nbsp;
            </center></TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
      <center>
        <B><FONT size=2 face="serif">(000)</FONT></B>&nbsp;
            </center></TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;"> <center>
          <B><FONT size=2 face="serif">Description</FONT></B>&nbsp;
    </center></TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD align=center nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="serif">Provisions</FONT></B><B><SUP><FONT size=2 face="serif">2</FONT></SUP></B>&nbsp;
        </TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        </TD>
        <TD align=center nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="serif">Value</FONT></B>&nbsp;
        </TD>
</TR>
<TR>
        <TD colspan=9>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<B><FONT size=2 face="serif">LONG-TERM INVESTMENTS&#151;154.3%</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<B><FONT size=2 face="serif">Alabama&#151;9.9%</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
<FONT size=1 face="serif">AAA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">&#36; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;320</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Birmingham Wtr. Wks. &amp; Swr. Brd. RB, Ser. A, 4.50%, 1/01/35, FSA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">01/16 @ 100</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">&#36;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 303,274</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
<FONT size=1 face="serif">Baa3</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">3,000</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Courtland Ind. Dev. Brd., PCRB, Champion Intl. Corp. Proj., Ser. A, 6.70%, 11/01/29</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">11/09 @ 101</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">3,184,140</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
<FONT size=1 face="serif">AA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">7,000</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Pub. Sch. &amp; Coll. Auth. Cap. Impvt. RB, Ser. C, 5.75%, 7/01/18</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">07/09 @ 101.5</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">7,447,090</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">10,934,504</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<B><FONT size=2 face="serif">Arizona&#151;1.8%</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
<FONT size=1 face="serif">AA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">1,165</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Salt River RB, Salt River Agricultural Impvt. &amp; Pwr. Dist. Elec. Proj., Ser. A, 5.00%, 1/01/37</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">01/16 @ 100</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">1,190,595</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">San. Luis Fac. Dev. Corp. RB, Regl. Detention Ctr. Proj.,</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
<FONT size=1 face="serif">NR</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">210</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="serif">6.25%, 5/01/15</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">05/10 @ 107</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">208,610</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
<FONT size=1 face="serif">NR</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">210</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="serif">7.00%, 5/01/20</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">05/10 @ 107</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">208,181</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
<FONT size=1 face="serif">NR</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">420</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="serif">7.25%, 5/01/27</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">05/10 @ 107</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">419,824</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">2,027,210</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<B><FONT size=2 face="serif">California&#151;14.7%</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">California Cnty. Tobacco RB,</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
<FONT size=1 face="serif">BBB-</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">585</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="serif">Ser. B, Zero Coupon, 6/01/46</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">06/16 @ 17.602</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">48,660</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
<FONT size=1 face="serif">BB</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">3,095</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="serif">Ser. C, Zero Coupon, 6/01/55</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">06/16 @ 8.9</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">115,970</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
<FONT size=1 face="serif">NR</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">3,955</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="serif">Ser. D, Zero Coupon, 6/01/55</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">06/16 @ 6.219</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">99,231</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
<FONT size=1 face="serif">AAA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">5,000</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">California GO, 5.00%, 3/01/33</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">03/15 @ 100</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">5,066,300</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
<FONT size=1 face="serif">AAA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">4,295</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Golden St. Tobacco Sec. Corp. RB, 5.00%, 6/01/45, AMBAC</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">06/15 @ 100</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">4,319,310</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
<FONT size=1 face="serif">AA-</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">1,835</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Univ. of California RB, Ser. B, 4.75%, 5/15/38</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">No Opt. Call</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">1,773,509</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
<FONT size=1 face="serif">AAA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">5,000</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">West Valley-Mission Cmnty. Coll. Dist., Election 2004 A GO, 4.75%, 8/01/30, FSA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">No Opt. Call</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">4,922,300</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">16,345,280</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<B><FONT size=2 face="serif">Colorado&#151;3.0%</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
<FONT size=1 face="serif">AAA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">10,000</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Northwest Pkwy. Pub. Hwy. Auth. RB, Ser. B, Zero Coupon, 6/15/30, FSA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">06/11 @ 31.387</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">2,469,300</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
<FONT size=1 face="serif">Baa2</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">440</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Park Creek Met. Dist. Ppty. Tax RB, 5.50%, 12/01/37</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">12/15 @ 101</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">445,957</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
<FONT size=1 face="serif">AAA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">445</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Springs Co. Utils. RB, Ser. C, 5.00%, 11/15/45, FSA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">11/15 @ 100</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">449,281</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">3,364,538</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<B><FONT size=2 face="serif">Connecticut&#151;8.7%</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Mashantucket Western Pequot Tribe Spec. RB,</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
<FONT size=1 face="serif">Baa3</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">1,500</FONT><SUP><FONT size=1 face="serif">3</FONT></SUP>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="serif">Ser. A, 5.50%, 9/01/28</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">09/09 @ 101</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">1,527,120</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
<FONT size=1 face="serif">Baa3</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">8,000</FONT><SUP><FONT size=1 face="serif">3</FONT></SUP>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="serif">Ser. B, 5.75%, 9/01/27</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">09/07 @ 102</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">8,168,800</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">9,695,920</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<B><FONT size=2 face="serif">Florida&#151;14.4%</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
<FONT size=1 face="serif">NR</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">1,730</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Arborwood Cmnty. Dev. Dist. SA, Master Infrastructure Proj., Ser. B, 5.10%, 5/01/14</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">No Opt. Call</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">1,721,022</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
<FONT size=1 face="serif">BBB+</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">1,050</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Halifax Hosp. Med. Ctr. RB, Ser. A, 5.00%, 6/01/38</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">06/16 @ 100</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">1,022,196</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
<FONT size=1 face="serif">NR</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">3,300</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Hillsborough Cnty. Ind. Dev. Auth. RB, Nat. Gypsum Proj., Ser. A, 7.125%, 4/01/30</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">10/10 @ 101</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">3,583,338</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
<FONT size=1 face="serif">AAA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">530</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">JEA Wtr. &amp; Swr. Sys. RB, Ser. A, 4.75%, 10/01/36, MBIA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">04/11 @ 100</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">513,432</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
<FONT size=1 face="serif">BB+</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">2,045</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Miami Beach Hlth. Facs. Auth. RB, Mt. Sinai Med. Ctr. Proj., 6.75%, 11/15/21</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">11/14 @ 100</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">2,268,498</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
<FONT size=1 face="serif">AAA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">5,265</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Orange Cnty. Tourist Dev. Tax RB, 4.75%, 10/01/32, XLCA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">10/16 @ 100</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">5,171,599</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
<FONT size=1 face="serif">NR</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">1,630</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Sumter Landing Cmnty. Dev. Dist. RB, Ser B, 5.70%, 10/01/38</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">10/15 @ 100</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">1,609,152</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">15,889,237</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<B><FONT size=2 face="serif">Illinois&#151;10.0%</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
<FONT size=1 face="serif">NR</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">850</FONT><SUP><FONT size=1 face="serif">3</FONT></SUP>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Centerpoint Intermodal Ctr. Prog. Trust TA, Ser. A, 8.00%, 6/15/23</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">No Opt. Call</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">845,469</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
<FONT size=1 face="serif">AAA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">520</FONT><SUP><FONT size=1 face="serif">4</FONT></SUP>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Chicago Brd. of Ed. Sch. Reform GO, 5.75%, 12/01/07, AMBAC</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">N/A</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">544,227</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
<FONT size=1 face="serif">AA+</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">5,000</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Edl. Fac. Auth. RB, Northwestern Univ. Proj., 5.00%, 12/01/33</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">12/13 @ 100</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">5,086,400</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Fin. Auth. RB,</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
<FONT size=1 face="serif">BB+</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">295</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="serif">Friendship Vlg. Schaumburg Proj., Ser. A, 5.625%, 2/15/37</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">02/15 @ 100</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">294,802</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
<FONT size=1 face="serif">Baa2</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">375</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="serif">Student Hsg., MJH Ed. Asst. Living Proj., Ser. A, 5.125%, 6/01/35</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">06/14 @ 100</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">373,313</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
<FONT size=1 face="serif">Baa3</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">300</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="serif">Student Hsg., MJH Ed. Asst. Living Proj., Ser. B, 5.375%, 6/01/35</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">06/14 @ 100</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">298,578</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
<FONT size=1 face="serif">AAA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">1,740</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Mun. Elec. Pwr. Sply. RB, 4.50%, 2/01/35, FGIC</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">02/16 @ 100</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">1,628,449</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
<FONT size=1 face="serif">AAA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">1,000</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">O&#146;Hare Intl. Arpt. RB, Ser. A, 5.00%, 1/01/30, MBIA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">01/15 @ 100</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">1,015,890</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
<FONT size=1 face="serif">AAA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">1,000</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Vlg. of Bolingbrook GO, Ser. A, 4.75%, 1/01/38, MBIA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">01/15 @ 100</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">974,480</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">11,061,608</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<B><FONT size=2 face="serif">Indiana&#151;1.1%</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
<FONT size=1 face="serif">AAA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">1,325</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Mun. Pwr. Sply. Sys. RB, Ser. A, 4.50%, 1/01/32, AMBAC</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">01/16 @ 100</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">1,246,480</FONT>&nbsp;
        </TD>
</TR>
</TABLE><BR>
<P align="center">
<FONT size=2 face="serif">See Notes to Financial Statements.</FONT></P>
<P align="center">
<FONT size=2 face="serif">38</FONT></P>

<HR noshade align="center" width="100%" size=4>




<P STYLE="page-break-before:always"></P><PAGE>


<P align="justify">
<B><FONT size=2 face="serif">BlackRock Strategic Municipal Trust (BSD) (continued)</FONT></B></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD width=6% align=left nowrap>&nbsp;

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=5% align=center nowrap>
<B><FONT size=2 face="serif">Principal</FONT></B>&nbsp;
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=61% align=left nowrap>&nbsp;

        </TD>
        <TD width=7%>&nbsp;
        </TD>
        <TD width=7% align=left nowrap>&nbsp;

        </TD>
        <TD width=3%>&nbsp;
        </TD>
        <TD width=7% align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<B><FONT size=2 face="serif">Amount</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<B><FONT size=2 face="serif">Option Call</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
      <center>
        <B><FONT size=2 face="serif">Rating</FONT></B><B><SUP><FONT size=2 face="serif">1</FONT></SUP></B>&nbsp;
            </center></TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
      <center>
        <B><FONT size=2 face="serif">(000)</FONT></B>&nbsp;
            </center></TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;"> <center>
          <B><FONT size=2 face="serif">Description</FONT></B>&nbsp;
    </center></TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
      <center>
        <B><FONT size=2 face="serif">Provisions</FONT></B><B><SUP><FONT size=2 face="serif">2</FONT></SUP></B>&nbsp;
            </center></TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
 &nbsp; &nbsp; &nbsp; &nbsp;<B><FONT size=2 face="serif">Value</FONT></B>&nbsp;
        </TD>
</TR>
<TR>
        <TD colspan=9>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<B><FONT size=2 face="serif">Kentucky&#151;11.9%</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
<FONT size=1 face="serif">AAA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">&#36;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32,345</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Econ. Dev. Fin. Sys. RB, Norton Hlth. Care, Inc. Proj., Ser. B, Zero Coupon, 10/01/24, MBIA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">No Opt. Call</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">&#36;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13,236,544</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<B><FONT size=2 face="serif">Louisiana&#151;4.3%</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
<FONT size=1 face="serif">AAA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">4,700</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">St. Gas &amp; Fuels Tax RB, Ser. A, 5.00%, 5/01/35, FGIC</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">05/15 @ 100</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">4,773,367</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<B><FONT size=2 face="serif">Massachusetts&#151;1.1%</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
<FONT size=1 face="serif">AA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">1,235</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">St. Wtr. Res. Auth. Gen. RB, Ser. A, 5.00%, 8/01/41</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">08/16 @ 100</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">1,255,489</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<B><FONT size=2 face="serif">Michigan&#151;3.2%</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
<FONT size=1 face="serif">AAA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">2,000</FONT><SUP><FONT size=1 face="serif">4</FONT></SUP></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Hosp. Fin. Auth. RB, Mercy Hlth. Svcs., 5.75%, 8/15/09, MBIA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">N/A</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">2,119,540</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">St. Hosp. Fin. Auth. RB, Henry Ford Hlth. Sys. Proj.,</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
<FONT size=1 face="serif">A1</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">730</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="serif">Ser. A, 5.00%, 11/15/38</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">11/16 @ 100</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">731,124</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
<FONT size=1 face="serif">A1</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">730</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="serif">Ser. A, 5.25%, 11/15/46</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">11/16 @ 100</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">742,206</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">3,592,870</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<B><FONT size=2 face="serif">Missouri&#151;4.3%</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
<FONT size=1 face="serif">A2</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">2,000</FONT><SUP><FONT size=1 face="serif">4</FONT></SUP>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Hlth. &amp; Edl. Facs. Auth., Hlth. Facs. RB, St. Anthony&#146;s Med. Ctr. Proj., 6.125%, 12/01/10</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">N/A</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">2,190,120</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
<FONT size=1 face="serif">AAA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">2,620</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Joint Mun. Elec. Util. Comm. RB, Plum Point Proj., 4.60%, 1/01/36, MBIA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">01/16 @ 100</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">2,537,784</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">4,727,904</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<B><FONT size=2 face="serif">Multi-State&#151;5.8%</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
<FONT size=1 face="serif">Baa1</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">2,000</FONT><SUP><FONT size=1 face="serif">3</FONT></SUP>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Charter Mac Equity Issuer Trust, Ser. B, 7.60%, 11/30/10</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">No Opt. Call</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">2,212,940</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
<FONT size=1 face="serif">A3</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">4,000</FONT><SUP><FONT size=1 face="serif">3</FONT></SUP>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">MuniMae TE Bond Subsidiary LLC, Ser. A, 6.875%, 6/30/49</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">06/09 @ 100</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">4,253,240</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">6,466,180</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<B><FONT size=2 face="serif">Nebraska&#151;1.0%</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
<FONT size=1 face="serif">AA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">1,205</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Omaha Pub. Pwr. Dist. Elec. Sys. RB, Ser. A, 4.75%, 2/01/44</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">02/14 @ 100</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">1,152,173</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<B><FONT size=2 face="serif">New Jersey&#151;0.6%</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
<FONT size=1 face="serif">NR</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">645</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Middlesex Cnty. Impvt. Auth. RB, Heldrich Ctr. Hotel Proj., Ser. B, 6.25%, 1/01/37</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">01/15 @ 100</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">650,992</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<B><FONT size=2 face="serif">New York&#151;16.2%</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
<FONT size=1 face="serif">NR</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">315</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Albany Indl. Dev. Agcy. RB, New Covenant Charter Sch. Proj., Ser. A, 7.00%, 5/01/35</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">05/15 @ 102</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">291,504</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
<FONT size=1 face="serif">AAA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">840</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Convention Ctr. Dev. RB, Hotel Unit Fee Secured, 5.00%, 11/15/44, AMBAC</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">11/15 @ 100</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">849,971</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
<FONT size=1 face="serif">AA-</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">6,830</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Liberty Dev. Corp. RB, 5.25%, 10/01/35</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">No Opt. Call</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">7,265,071</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
<FONT size=1 face="serif">Aa1</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">2,500</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Mtg. Agcy. Homeowner Mtg. RB, Ser. 85, 5.70%, 10/01/17</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">09/09 @ 100</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">2,597,375</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
<FONT size=1 face="serif">B</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">6,000</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">New York City Indl. Dev. Agcy. RB, American Airlines, JFK Intl. Arpt. Proj., 7.75%, 8/01/31</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">08/16 @ 101</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">6,936,240</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">17,940,161</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<B><FONT size=2 face="serif">Ohio&#151;5.5%</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
<FONT size=1 face="serif">AAA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">6,265</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Air Qual. Dev. Auth. RB, 4.80%, 1/01/34, FGIC</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">07/15 @ 100</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">6,087,951</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<B><FONT size=2 face="serif">Oklahoma&#151;1.2%</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
<FONT size=1 face="serif">B</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">1,225</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Tulsa Mun. Arpt. Trust RB, Ser. A, 7.75%, 6/01/35</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">No Opt. Call</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">1,351,493</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<B><FONT size=2 face="serif">Pennsylvania&#151;7.6%</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Econ. Dev. Fin. Auth. RB,</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
<FONT size=1 face="serif">A3</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">700</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="serif">Amtrak Proj., Ser. A, 6.125%, 11/01/21</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">05/11 @ 101</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">742,210</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
<FONT size=1 face="serif">A3</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">1,000</FONT><SUP><FONT size=1 face="serif">5</FONT></SUP>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="serif">Amtrak Proj., Ser. A, 6.25%, 11/01/31</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">05/11 @ 101</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">1,066,050</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
<FONT size=1 face="serif">A3</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">1,000</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="serif">Amtrak Proj., Ser. A, 6.50%, 11/01/16</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">05/11 @ 101</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">1,078,900</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
<FONT size=1 face="serif">NR</FONT><SUP><FONT size=1 face="serif">6</FONT></SUP>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">1,000</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="serif">Amtrak Proj., Ser. G, 5.125%, 12/01/15</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">No Opt. Call</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">972,350</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
<FONT size=1 face="serif">BB-</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">3,555</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="serif">Exempt Facs., Reliant Energy Conv. Proj., Ser. A, 6.75%, 12/01/36</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">12/09 @ 103</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">3,802,606</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
<FONT size=1 face="serif">AAA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">720</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Washington Cnty. Auth. RB, Cap. Fdg. &amp; Equip. Proj., 6.15%, 12/01/29</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">No Opt. Call</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">766,375</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">8,428,491</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<B><FONT size=2 face="serif">South Carolina&#151;2.6%</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Jobs Econ. Dev. Auth. Hosp. Facs. RB, Palmetto Hlth. Proj.,</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
<FONT size=1 face="serif">BBB+</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">2,225</FONT><SUP><FONT size=1 face="serif">4</FONT></SUP>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="serif">Ser. C, 7.00%, 8/01/13</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">N/A</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">2,602,560</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
<FONT size=1 face="serif">BBB+</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">275</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="serif">Ser. C, 7.00%, 8/01/30</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">08/13 @ 100</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">312,837</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">2,915,397</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<B><FONT size=2 face="serif">Tennessee&#151;1.9%</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
<FONT size=1 face="serif">AAA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">2,000</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Memphis Shelby Cnty. Arpt. Auth. RB, Ser. D, 6.00%, 3/01/24, AMBAC</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">03/10 @ 101</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">2,105,820</FONT>&nbsp;
        </TD>
</TR>
</TABLE><BR>
<P align="center">
<FONT size=2 face="serif">See Notes to Financial Statements.</FONT></P>
<P align="center">
<FONT size=2 face="serif">39</FONT></P>

<HR noshade align="center" width="100%" size=4>




<P STYLE="page-break-before:always"></P><PAGE>


<P align="justify">
<B><FONT size=2 face="serif">BlackRock Strategic Municipal Trust (BSD) (continued)</FONT></B></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD width=6% align=left nowrap>&nbsp;

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=5% align=center nowrap>
<B><FONT size=2 face="serif">Principal</FONT></B>&nbsp;
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=61% align=left nowrap>&nbsp;

        </TD>
        <TD width=8%>&nbsp;
        </TD>
        <TD width=7% align=left nowrap>&nbsp;

        </TD>
        <TD width=3%>&nbsp;
        </TD>
        <TD width=6% align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<B><FONT size=2 face="serif">Amount</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<B><FONT size=2 face="serif">Option Call</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
      <center>
        <B><FONT size=2 face="serif">Rating</FONT></B><B><SUP><FONT size=2 face="serif">1</FONT></SUP></B>&nbsp;
            </center></TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
      <center>
        <B><FONT size=2 face="serif">(000)</FONT></B>&nbsp;
            </center></TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;"> <center>
          <B><FONT size=2 face="serif">Description</FONT></B>&nbsp;
    </center></TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD align=center nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="serif">Provisions</FONT></B><B><SUP><FONT size=2 face="serif">2</FONT></SUP></B>&nbsp;
        </TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        </TD>
        <TD align=center nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="serif">Value</FONT></B>&nbsp;
        </TD>
</TR>
<TR>
        <TD colspan=9>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<B><FONT size=2 face="serif">Texas&#151;18.4%</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
<FONT size=1 face="serif">BBB</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">&#36; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;575</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Alliance Arpt. Auth., Inc. Spl. Fac. RB, Fedex Corp. Proj., 4.85%, 4/01/21</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">04/16 @ 100</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">&#36; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;561,936</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
<FONT size=1 face="serif">AAA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">4,750</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Harris Cnty. Houston Sports Auth. RB, Ser. A, Zero Coupon, 11/15/38, MBIA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">11/30 @ 61.166</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">793,488</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
<FONT size=1 face="serif">AAA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">5,000</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Humble Indpt. Sch. Dist. Sch. Bldg. GO, Ser. B, 5.00%, 2/15/30, FGIC</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">02/15 @ 100</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">5,087,250</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
<FONT size=1 face="serif">AAA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">4,060</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">La Joya Indpt. Sch. Dist. GO, 5.00%, 2/15/34, PSF</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">02/14 @ 100</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">4,098,164</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
<FONT size=1 face="serif">AAA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">1,500</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Lower Colorado River Auth. RB, Ser. A, 5.50%, 5/15/21, AMBAC</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">05/09 @ 101</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">1,568,550</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
<FONT size=1 face="serif">AAA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">295</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Montgomery Cnty. Mun. Util. Dist. No. 46, Wtrwks &amp; Swr. Sys. GO, 4.75%, 3/01/30, MBIA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">03/14 @ 100</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">287,616</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
<FONT size=1 face="serif">AAA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">1,000</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Pearland GO, 4.75%, 3/01/29, FGIC</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">03/16 @ 100</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">984,930</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Tpke. Auth., Central Sys. RB,</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
<FONT size=1 face="serif">AAA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">15,000</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="serif">Zero Coupon, 8/15/31, AMBAC</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">08/12 @ 32.807</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">3,625,500</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
<FONT size=1 face="serif">AAA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">2,900</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="serif">Ser. A, 5.00%, 8/15/42, AMBAC</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">08/12 @ 100</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">2,910,440</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
<FONT size=1 face="serif">AA+</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">500</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Wtr. Fin. Asst. GO, 5.75%, 8/01/22</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">08/10 @ 100</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">530,040</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">20,447,914</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<B><FONT size=2 face="serif">Utah&#151;3.8%</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Intermountain Pwr. Agcy. RB,</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
<FONT size=1 face="serif">AAA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">2,675</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="serif">5.75%, 7/01/19, MBIA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">07/07 @ 102</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">2,776,035</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
<FONT size=1 face="serif">AAA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">1,325</FONT><SUP><FONT size=1 face="serif">4</FONT></SUP>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="serif">Ser. B, 5.75%, 7/01/07, MBIA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">N/A</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">1,376,489</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">4,152,524</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<B><FONT size=2 face="serif">Washington&#151;1.0%</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
<FONT size=1 face="serif">AAA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">1,160</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Hlth. Care Facs. Auth. RB, Providence Hlth. Care Svcs. Proj., Ser. A, 4.625%, 10/01/34, FGIC</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">10/16 @ 100</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">1,087,825</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<B><FONT size=2 face="serif">Wisconsin&#151;0.3%</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
<FONT size=1 face="serif">AAA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">365</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Pub. Pwr, Inc. Sys. RB, Ser. A, 5.00%, 7/01/37, AMBAC</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">No Opt. Call</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">370,541</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<B><FONT size=1 face="serif">Total Long-Term Investments (cost &#36;163,853,190)</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">171,308,413</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<B><FONT size=2 face="serif">SHORT-TERM INVESTMENTS&#151;1.0%</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<B><FONT size=2 face="serif">Ohio&#151;0.9%</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
<FONT size=1 face="serif">A-1+</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">1,000</FONT><SUP><FONT size=1 face="serif">7</FONT></SUP>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">St. Univ. Gen. Rcpts. RB, Ser. B, 3.90%, 7/05/06, FRWD</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">N/A</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">1,000,000</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<B><FONT size=2 face="serif">Tennessee&#151;0.1%</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
<FONT size=1 face="serif">VMIG1</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">90</FONT><SUP><FONT size=1 face="serif">7</FONT></SUP>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Montgomery Cnty. Pub. Bldg. Auth. RB, 4.05%, 7/03/06, FRDD</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">N/A</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">90,000</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<B><FONT size=1 face="serif">Total Short-Term Investments (cost &#36;1,090,000)</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">1,090,000</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<B><FONT size=1 face="serif">Total Investments&#151;155.3% (cost &#36;164,943,190</FONT></B><B><SUP><FONT size=1 face="serif">8</FONT></SUP></B><B><FONT size=1 face="serif">)</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">&#36; 172,398,413</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Other assets in excess of liabilities&#151;0.6%</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">648,000</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Preferred shares at redemption value, including dividends payable&#151;(55.9)%</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">(62,013,483)</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<B><FONT size=1 face="serif">Net Assets Applicable to Common Shareholders&#151;100%</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:3px double #000000;">
<FONT size=1 face="serif">&#36; 111,032,930</FONT>&nbsp;
        </TD>
</TR>
</TABLE><BR>
<hr align="left" noshade width="200" size="1" color=black>
<SUP><FONT size=1 face="serif">1 </FONT></SUP><FONT size=1 face="serif">Using
the higher of S&amp;P, Moody or Fitch&#146;s rating.</FONT>
<P align="justify">
<SUP><FONT size=1 face="serif">2 </FONT></SUP><FONT size=1 face="serif">Date (month/year) and price of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates.</FONT></P>
<P align="justify">
<SUP><FONT size=1 face="serif">3 </FONT></SUP><FONT size=1 face="serif">Security is not registered under the Securities Act of 1933. These securities may be resold in transactions in accordance with Rule 144A under that Act, to qualified
institutional buyers. As of June 30, 2006, the Trust held 15.3% of its net assets, with a current market value of &#36;17,007,569, in securities restricted as to resale.</FONT></P>
<P align="justify">
<SUP><FONT size=1 face="serif">4 </FONT></SUP><FONT size=1 face="serif">This bond is prerefunded. U.S. government securities, held in escrow, are used to pay interest on this security, as well as retire the bond in full at the date indicated,
typically at a premium to par.</FONT></P>
<P align="justify">
<SUP><FONT size=1 face="serif">5 </FONT></SUP><FONT size=1 face="serif">Security pledged as collateral.</FONT></P>
<P align="justify">
<SUP><FONT size=1 face="serif">6 </FONT></SUP><FONT size=1 face="serif">Security is deemed to be of investment grade quality by the investment advisor.</FONT></P>
<P align="justify">
<SUP><FONT size=1 face="serif">7 </FONT></SUP><FONT size=1 face="serif">For purposes of amortized cost valuation, the maturity date of this instrument is considered to be the earlier of the next date on which the security can be redeemed at par, or
the next date on which the rate of interest is adjusted. Rate shown is rate as of June 30, 2006.</FONT></P>
<P align="justify">
<SUP><FONT size=1 face="serif">8 </FONT></SUP><FONT size=1 face="serif">Cost for Federal income tax purposes is &#36;164,912,212. The net unrealized appreciation on a tax basis is &#36;7,486,201, consisting of &#36;8,881,929 gross unrealized
appreciation and &#36;1,395,728 gross unrealized depreciation.</FONT></P>
<div style="border:1px solid #000000; padding:10px">
  <table width="95%" border=0 align="center" cellpadding=0 cellspacing=0>
    <tr valign="bottom">
      <td colspan="7" align=left nowrap>
        <center>
          <b><font size=2 face="serif">KEY TO ABBREVIATIONS</font></b>&nbsp;
      </center></td>
    </tr>
    <tr valign="bottom">
      <td align=left nowrap> <font size=2 face="serif">AMBAC </font>&nbsp; </td>
      <td align=left nowrap>
        <div align="right"><font size=2 face="sans-serif">&#151;</font>&nbsp; </div></td>
      <td align=left nowrap> <font size=2 face="serif">American Municipal Bond
          Assurance Corp.</font>&nbsp; </td>
      <td>&nbsp; </td>
      <td align=left nowrap> <font size=2 face="serif">PCRB</font>&nbsp; </td>
      <td align=left nowrap>
        <div align="right"><font size=2 face="sans-serif">&#151;</font>&nbsp; </div></td>
      <td align=left nowrap> <font size=2 face="serif">Pollution Control Revenue
          Bond</font>&nbsp; </td>
    </tr>
    <tr valign="bottom">
      <td align=left nowrap> <font size=2 face="serif">FGIC</font>&nbsp; </td>
      <td align=right nowrap> <font size=2 face="sans-serif">&#151;</font>&nbsp; </td>
      <td align=left nowrap> <font size=2 face="serif">Financial Guaranty Insurance
          Co.</font>&nbsp; </td>
      <td>&nbsp; </td>
      <td align=left nowrap> <font size=2 face="serif">PSF</font>&nbsp; </td>
      <td align=left nowrap>
        <div align="right"><font size=2 face="serif">&#151;</font>&nbsp; </div></td>
      <td align=left nowrap> <font size=2 face="serif">Public School Fund Guaranteed</font>&nbsp; </td>
    </tr>
    <tr valign="bottom">
      <td align=left nowrap> <font size=2 face="serif">FRDD</font>&nbsp; </td>
      <td align=right nowrap> <font size=2 face="sans-serif">&#151;</font>&nbsp; </td>
      <td align=left nowrap> <font size=2 face="serif">Floating Rate Daily Demand</font>&nbsp; </td>
      <td>&nbsp; </td>
      <td align=left nowrap> <font size=2 face="serif">RB</font>&nbsp; </td>
      <td align=left nowrap>
        <div align="right"><font size=2 face="sans-serif">&#151;</font>&nbsp; </div></td>
      <td align=left nowrap> <font size=2 face="serif">Revenue Bond</font>&nbsp; </td>
    </tr>
    <tr valign="bottom">
      <td align=left nowrap> <font size=2 face="serif">FRWD</font>&nbsp; </td>
      <td align=right nowrap> <font size=2 face="sans-serif">&#151;</font>&nbsp; </td>
      <td align=left nowrap> <font size=2 face="serif">Floating Rate Weekly Demand</font>&nbsp; </td>
      <td>&nbsp; </td>
      <td align=left nowrap> <font size=2 face="serif">SA</font>&nbsp; </td>
      <td align=left nowrap>
        <div align="right"><font size=2 face="sans-serif">&#151;</font>&nbsp; </div></td>
      <td align=left nowrap> <font size=2 face="serif">Special Assessment</font>&nbsp; </td>
    </tr>
    <tr valign="bottom">
      <td align=left nowrap> <font size=2 face="serif">FSA</font>&nbsp; </td>
      <td align=right nowrap> <font size=2 face="sans-serif">&#151;</font>&nbsp; </td>
      <td align=left nowrap> <font size=2 face="serif">Financial Security Assurance</font>&nbsp; </td>
      <td>&nbsp; </td>
      <td align=left nowrap> <font size=2 face="serif">ST</font>&nbsp; </td>
      <td align=left nowrap>
        <div align="right"><font size=2 face="sans-serif">&#151;</font>&nbsp; </div></td>
      <td align=left nowrap> <font size=2 face="serif">Special Tax</font>&nbsp; </td>
    </tr>
    <tr valign="bottom">
      <td align=left nowrap> <font size=2 face="serif">GO</font>&nbsp; </td>
      <td align=right nowrap> <font size=2 face="sans-serif">&#151;</font>&nbsp; </td>
      <td align=left nowrap> <font size=2 face="serif">General Obligation</font>&nbsp; </td>
      <td>&nbsp; </td>
      <td align=left nowrap> <font size=2 face="serif">TA</font>&nbsp; </td>
      <td align=left nowrap>
        <div align="right"><font size=2 face="serif">&#151;</font>&nbsp; </div></td>
      <td align=left nowrap> <font size=2 face="serif">Tax Allocation</font>&nbsp; </td>
    </tr>
    <tr valign="bottom">
      <td align=left nowrap> <font size=2 face="serif">MBIA</font>&nbsp; </td>
      <td align=right nowrap> <font size=2 face="sans-serif">&#151;</font>&nbsp; </td>
      <td align=left nowrap> <font size=2 face="serif">Municipal Bond Insurance
          Assoc.</font>&nbsp; </td>
      <td>&nbsp; </td>
      <td align=left nowrap> <font size=2 face="serif">XLCA</font>&nbsp; </td>
      <td align=left nowrap>
        <div align="right"><font size=2 face="sans-serif">&#151;</font>&nbsp; </div></td>
      <td align=left nowrap> <font size=2 face="serif">XL Capital Assurance</font>&nbsp; </td>
    </tr>
  </table>
  </div>
<BR>
<P align="center">
<FONT size=2 face="serif">See Notes to Financial Statements.</FONT></P>
<P align="center">
<FONT size=2 face="serif">40</FONT></P>

<HR noshade align="center" width="100%" size=4>




<P STYLE="page-break-before:always"></P><PAGE>
<P align="justify">
<B><FONT face="serif">PORTFOLIO OF INVESTMENTS (unaudited)</FONT></B><BR>
<B><FONT face="serif">JUNE 30, 2006</FONT></B></P>
<P align="justify">
<B><FONT size=2 face="serif">BlackRock California Insured Municipal 2008 Term Trust (BFC)</FONT></B></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD width=5% align=left nowrap>

          <center>
    </center></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=5% align=center nowrap>
      <center>
        <B><FONT size=2 face="serif">Principal</FONT></B>&nbsp;
    </center></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=62% align=left nowrap>&nbsp;

        </TD>
        <TD width=9%>&nbsp;
        </TD>
        <TD width=7% align=left nowrap>&nbsp;

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>

          <center>
    </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
      <center>
        <B><FONT size=2 face="serif">Amount</FONT></B>&nbsp;
    </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<B><FONT size=2 face="serif">Option Call</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
      <center>
        <B><FONT size=2 face="serif">Rating</FONT></B><B><SUP><FONT size=2 face="serif">1</FONT></SUP></B>&nbsp;
            </center></TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        </TD>
        <TD align=center nowrap style="border-bottom:1px solid #000000;">
      <center>
        <B><FONT size=2 face="serif">(000)</FONT></B>&nbsp;
    </center></TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;"> <center>
          <B><FONT size=2 face="serif">Description</FONT></B>&nbsp;
    </center></TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD align=center nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="serif">Provisions</FONT></B><B><SUP><FONT size=2 face="serif">2</FONT></SUP></B>&nbsp;
        </TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        </TD>
        <TD align=center nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="serif">Value</FONT></B>&nbsp;
        </TD>
</TR>
<TR>
        <TD colspan=9>

          <center>
    </center></TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>

          <center>
    </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

          <div align="right"></div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<B><FONT size=2 face="serif">LONG-TERM INVESTMENTS&#151;156.9%</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>

          <center>
    </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

          <div align="right"></div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<B><FONT size=2 face="serif">California&#151;144.4%</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
      <center>
        <FONT size=1 face="serif">AAA</FONT>&nbsp;
            </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
      <div align="right"><FONT size=1 face="serif">&#36;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2,635</FONT>&nbsp;
            </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Alameda Cnty. COP, Ser. A, 3.80%, 12/01/08, MBIA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">No Opt. Call</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">&#36;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2,639,137</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>

          <center>
    </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

          <div align="right"></div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Anaheim Union High Sch. Dist. GO,</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
      <center>
        <FONT size=1 face="serif">AAA</FONT>&nbsp;
            </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 <div align="right"><FONT size=1 face="serif">1,060</FONT>&nbsp;
    </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="serif">Ser. A, 3.50%, 8/01/08, FSA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">No Opt. Call</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">1,055,166</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
      <center>
        <FONT size=1 face="serif">AAA</FONT>&nbsp;
            </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 <div align="right"><FONT size=1 face="serif">1,250</FONT>&nbsp;
    </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="serif">Ser. A, 4.00%, 8/01/09, FSA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">No Opt. Call</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">1,258,238</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
      <center>
        <FONT size=1 face="serif">AAA</FONT>&nbsp;
            </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 <div align="right"><FONT size=1 face="serif">1,000</FONT>&nbsp;
    </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Burbank Elec. RB, 3.50%, 6/01/09, MBIA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">No Opt. Call</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">989,240</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>

          <center>
    </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

          <div align="right"></div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">California GO,</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
      <center>
        <FONT size=1 face="serif">AAA</FONT>&nbsp;
            </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 <div align="right"><FONT size=1 face="serif">2,000</FONT>&nbsp;
    </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="serif">5.00%, 6/01/09, MBIA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">No Opt. Call</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">2,063,080</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
      <center>
        <FONT size=1 face="serif">AAA</FONT>&nbsp;
            </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 <div align="right"><FONT size=1 face="serif">3,000</FONT>&nbsp;
    </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="serif">5.50%, 4/01/09, MBIA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">No Opt. Call</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">3,127,980</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
      <center>
        <FONT size=1 face="serif">AAA</FONT>&nbsp;
            </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 <div align="right"><FONT size=1 face="serif">3,000</FONT>&nbsp;
    </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="serif">5.50%, 2/01/10, MBIA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">No Opt. Call</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">3,158,400</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
      <center>
        <FONT size=1 face="serif">AAA</FONT>&nbsp;
            </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 <div align="right"><FONT size=1 face="serif">2,000</FONT>&nbsp;
    </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="serif">6.25%, 9/01/08, FGIC</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">No Opt. Call</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">2,098,560</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
      <center>
        <FONT size=1 face="serif">AAA</FONT>&nbsp;
            </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
      <div align="right"><FONT size=1 face="serif">15,000</FONT>&nbsp;
            </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="serif">6.30%, 9/01/08, MBIA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">No Opt. Call</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">15,754,500</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
      <center>
        <FONT size=1 face="serif">AAA</FONT>&nbsp;
            </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 <div align="right"><FONT size=1 face="serif">2,600</FONT>&nbsp;
    </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Castaic Lake Wtr. Agcy. COP, Wtr. Sys. Impvt. Proj., Ser. A, 7.25%, 8/01/10, MBIA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">No Opt. Call</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">2,927,860</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
      <center>
        <FONT size=1 face="serif">AAA</FONT>&nbsp;
            </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 <div align="right"><FONT size=1 face="serif">1,135</FONT>&nbsp;
    </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Chaffey Cmnty. Coll. Dist. GO, Ser. A, 3.75%, 7/01/09, FSA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">No Opt. Call</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">1,134,364</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>

          <center>
    </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

          <div align="right"></div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Chula Vista COP,</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
      <center>
        <FONT size=1 face="serif">AAA</FONT>&nbsp;
            </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 <div align="right"><FONT size=1 face="serif">1,000</FONT>&nbsp;
    </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="serif">Police Fac. Proj., 4.00%, 8/01/08, MBIA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">No Opt. Call</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">1,005,310</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
      <center>
        <FONT size=1 face="serif">AAA</FONT>&nbsp;
            </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 <div align="right"><FONT size=1 face="serif">1,000</FONT>&nbsp;
    </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="serif">Police Fac. Proj., 4.00%, 8/01/09, MBIA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">No Opt. Call</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">1,006,590</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
      <center>
        <FONT size=1 face="serif">AAA</FONT>&nbsp;
            </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 <div align="right"><FONT size=1 face="serif">5,500</FONT><SUP><FONT size=1 face="serif">3</FONT></SUP>
    </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Clovis Unified Sch. Dist. GO, Ser. B, Zero Coupon, 8/01/08, FGIC</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">ETM</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">5,079,525</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>

          <center>
    </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

          <div align="right"></div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Dept. of Wtr. Res. Pwr. Sply. RB,</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
      <center>
        <FONT size=1 face="serif">AAA</FONT>&nbsp;
            </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
      <div align="right"><FONT size=1 face="serif">10,000</FONT>&nbsp;
            </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="serif">Ser. A, 3.125%, 5/01/08, FSA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">No Opt. Call</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">9,831,200</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
      <center>
        <FONT size=1 face="serif">AAA</FONT>&nbsp;
            </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
      <div align="right"><FONT size=1 face="serif">10,000</FONT>&nbsp;
            </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="serif">Ser. A, 3.375%, 5/01/09, MBIA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">No Opt. Call</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">9,809,900</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
      <center>
        <FONT size=1 face="serif">AAA</FONT>&nbsp;
            </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 <div align="right"><FONT size=1 face="serif">1,000</FONT>&nbsp;
    </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Dept. of Wtr. Res. Wtr. RB, Central Valley Proj., Ser. Z, 4.00%, 12/01/09, FGIC</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">No Opt. Call</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">1,006,620</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
      <center>
        <FONT size=1 face="serif">AAA</FONT>&nbsp;
            </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 <div align="right"><FONT size=1 face="serif">1,855</FONT>&nbsp;
    </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">El Paso de Robles GO, Ser. A, Zero Coupon, 8/01/09, FGIC</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">No Opt. Call</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">1,644,643</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
      <center>
        <FONT size=1 face="serif">AAA</FONT>&nbsp;
            </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 <div align="right"><FONT size=1 face="serif">4,025</FONT>&nbsp;
    </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Elsinore Valley Mun. Wtr. Dist. COP, Ser. A, 6.00%, 7/01/09, FGIC</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">No Opt. Call</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">4,264,568</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
      <center>
        <FONT size=1 face="serif">AAA</FONT>&nbsp;
            </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 <div align="right"><FONT size=1 face="serif">1,055</FONT>&nbsp;
    </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Glendale Unified Sch. Dist. GO, Ser. D, 3.50%, 9/01/09, MBIA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">No Opt. Call</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">1,042,762</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
      <center>
        <FONT size=1 face="serif">AAA</FONT>&nbsp;
      </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 <div align="right"><FONT size=1 face="serif">2,000</FONT>&nbsp;
    </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Hlth. Facs. Fin. Auth. RB, Sutter Hlth. Care Sys. Proj., 5.70%, 8/15/09, MBIA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">08/06 @ 102</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">2,043,780</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>

          <center>
    </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

          <div align="right"></div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Long Beach Brd. of Fin. Auth. TA, Redev. Proj.,</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
      <center>
        <FONT size=1 face="serif">AAA</FONT>&nbsp;
            </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 <div align="right"><FONT size=1 face="serif">1,245</FONT>&nbsp;
    </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="serif">3.50%, 8/01/08, AMBAC</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">No Opt. Call</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">1,232,998</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
      <center>
        <FONT size=1 face="serif">AAA</FONT>&nbsp;
            </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 <div align="right"><FONT size=1 face="serif">1,120</FONT>&nbsp;
    </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="serif">3.75%, 8/01/09, AMBAC</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">No Opt. Call</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">1,116,125</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
      <center>
        <FONT size=1 face="serif">AAA</FONT>&nbsp;
            </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 <div align="right"><FONT size=1 face="serif">4,405</FONT>&nbsp;
    </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Los Angeles Cnty. Met. Trans. Auth. RB, Spl. Benefit Assmt. Dist A1 Proj.,</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>

          <center>
    </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

          <div align="right"></div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="serif">3.75%, 9/01/08, AMBAC</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">No Opt. Call</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">4,406,630</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
      <center>
        <FONT size=1 face="serif">AAA</FONT>&nbsp;
            </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 <div align="right"><FONT size=1 face="serif">9,835</FONT>&nbsp;
    </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Los Angeles Cnty. San. Dist. Fin. Auth. RB, Ser. A, 4.00%, 10/01/09, FSA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">No Opt. Call</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">9,887,912</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>

          <center>
    </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

          <div align="right"></div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Los Angeles Cnty. Asset Leasing Corp. RB,</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
      <center>
        <FONT size=1 face="serif">AAA</FONT>&nbsp;
            </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 <div align="right"><FONT size=1 face="serif">2,910</FONT>&nbsp;
    </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="serif">3.80%, 12/01/07, AMBAC</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">No Opt. Call</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">2,994,972</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
      <center>
        <FONT size=1 face="serif">AAA</FONT>&nbsp;
            </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 <div align="right"><FONT size=1 face="serif">8,090</FONT>&nbsp;
    </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="serif">3.85%, 12/01/08, AMBAC</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">No Opt. Call</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">8,498,464</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
      <center>
        <FONT size=1 face="serif">AAA</FONT>&nbsp;
            </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 <div align="right"><FONT size=1 face="serif">8,600</FONT>&nbsp;
    </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="serif">4.05%, 12/01/09, AMBAC</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">No Opt. Call</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">9,200,452</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
      <center>
        <FONT size=1 face="serif">AAA</FONT>&nbsp;
            </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 <div align="right"><FONT size=1 face="serif">6,000</FONT>&nbsp;
    </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Los Angeles Dept. of Arpts. RB, LA Intl. Arpt. Proj., Ser. B, 5.00%, 5/15/09, MBIA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">No Opt. Call</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">6,189,720</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
      <center>
        <FONT size=1 face="serif">AAA</FONT>&nbsp;
            </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
      <div align="right"><FONT size=1 face="serif">13,110</FONT>&nbsp;
            </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Los Angeles GO, Ser. A, 3.50%, 9/01/09, MBIA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">No Opt. Call</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">12,957,924</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
      <center>
        <FONT size=1 face="serif">AAA</FONT>&nbsp;
            </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 <div align="right"><FONT size=1 face="serif">3,860</FONT>&nbsp;
    </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Los Angeles San. Equip. RB, Ser. A, 3.625%, 2/01/09, FSA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">No Opt. Call</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">3,841,665</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>

          <center>
    </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

          <div align="right"></div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Los Angeles Unified Sch. Dist.,</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
      <center>
        <FONT size=1 face="serif">AAA</FONT>&nbsp;
            </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 <div align="right"><FONT size=1 face="serif">2,660</FONT><SUP><FONT size=1 face="serif">3</FONT></SUP></div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="serif">COP, Ser. B, 3.00%, 10/01/08, FSA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">ETM</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">2,599,006</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
      <center>
        <FONT size=1 face="serif">AAA</FONT>&nbsp;
            </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 <div align="right"><FONT size=1 face="serif">7,500</FONT>&nbsp;
    </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="serif">GO, Ser. F, 3.00%, 7/01/09, FSA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">No Opt. Call</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">7,258,875</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
      <center>
        <FONT size=1 face="serif">AAA</FONT>&nbsp;
            </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 <div align="right"><FONT size=1 face="serif">1,000</FONT>&nbsp;
    </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Mount Diablo Unified Sch. Dist. GO, 3.50%, 8/01/08, FSA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">No Opt. Call</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">995,440</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
      <center>
        <FONT size=1 face="serif">AAA</FONT>&nbsp;
            </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 <div align="right"><FONT size=1 face="serif">1,000</FONT>&nbsp;
    </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Orange Cnty. Local Trans. Auth. Sales Tax RB, 6.00%, 2/15/09, MBIA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">No Opt. Call</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">1,053,590</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
      <center>
        <FONT size=1 face="serif">AAA</FONT>&nbsp;
            </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 <div align="right"><FONT size=1 face="serif">2,495</FONT><SUP><FONT size=1 face="serif">3</FONT></SUP></div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Pasadena Unified Sch. Dist. GO, Ser. C, 3.50%, 11/01/08, FSA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">ETM</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">2,476,263</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
      <center>
        <FONT size=1 face="serif">AAA</FONT>&nbsp;
            </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 <div align="right"><FONT size=1 face="serif">2,100</FONT>&nbsp;
    </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Pub. Wks. Brd. RB, Energy Efficiency Proj., Ser. A, 5.625%, 10/01/08, AMBAC</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">07/06 @ 102</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">2,143,827</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
      <center>
        <FONT size=1 face="serif">AAA</FONT>&nbsp;
            </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 <div align="right"><FONT size=1 face="serif">3,345</FONT><SUP><FONT size=1 face="serif">3</FONT></SUP>
    </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Sacramento City Fin. Auth. RB, City Hall &amp; Redev. Projs., Ser. A, 3.50%, 12/01/08, FSA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">ETM</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">3,319,110</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
      <center>
        <FONT size=1 face="serif">AAA</FONT>&nbsp;
            </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 <div align="right"><FONT size=1 face="serif">1,000</FONT>&nbsp;
    </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Sacramento City Unified Sch. Dist. GO, 3.50%, 7/01/09, FGIC</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">No Opt. Call</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">988,990</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>

          <center>
    </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

          <div align="right"></div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Sacramento Mun. Util. Dist. Elec. RB,</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
      <center>
        <FONT size=1 face="serif">AAA</FONT>&nbsp;
            </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
      <div align="right"><FONT size=1 face="serif">825</FONT><SUP><FONT size=1 face="serif">3</FONT></SUP>
            </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="serif">Ser. C, 5.75%, 11/15/07, MBIA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">ETM</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">825,998</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
      <center>
        <FONT size=1 face="serif">AAA</FONT>&nbsp;
            </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 <div align="right"><FONT size=1 face="serif">3,750</FONT><SUP><FONT size=1 face="serif">3</FONT></SUP></div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="serif">Ser. C, 5.75%, 11/15/08, FGIC</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">ETM</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">3,754,575</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
      <center>
        <FONT size=1 face="serif">AAA</FONT>&nbsp;
            </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 <div align="right"><FONT size=1 face="serif">3,950</FONT><SUP><FONT size=1 face="serif">3</FONT></SUP>
    </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="serif">Ser. C, 5.75%, 11/15/09, MBIA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">ETM</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">3,954,780</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
      <center>
        <FONT size=1 face="serif">AAA</FONT>&nbsp;
            </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 <div align="right"><FONT size=1 face="serif">5,000</FONT><SUP><FONT size=1 face="serif">3</FONT></SUP>
    </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">San Bernardino Cnty. Trans. Auth. Sales Tax RB, 6.00%, 3/01/10, FGIC</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">ETM</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">5,201,650</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>

          <center>
    </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

          <div align="right"></div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">San Diego Cnty. COP,</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
      <center>
        <FONT size=1 face="serif">AAA</FONT>&nbsp;
            </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 <div align="right"><FONT size=1 face="serif">2,360</FONT>&nbsp;
    </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="serif">5.00%, 2/01/09, AMBAC</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">No Opt. Call</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">2,427,472</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
      <center>
        <FONT size=1 face="serif">AAA</FONT>&nbsp;
            </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
      <div align="right"><FONT size=1 face="serif">11,000</FONT>&nbsp;
            </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="serif">5.625%, 9/01/12, AMBAC</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">No Opt. Call</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">11,553,300</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>

          <center>
    </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

          <div align="right"></div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">San Diego Cnty. Regl. Trans. Comm. Sales Tax RB,</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
      <center>
        <FONT size=1 face="serif">AAA</FONT>&nbsp;
            </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 <div align="right"><FONT size=1 face="serif">7,830</FONT><SUP><FONT size=1 face="serif">3</FONT></SUP>
    </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="serif">Ser. A, 6.00%, 4/01/08, MBIA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">ETM</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">8,039,766</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
      <center>
        <FONT size=1 face="serif">AAA</FONT>&nbsp;
            </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 <div align="right"><FONT size=1 face="serif">2,500</FONT><SUP><FONT size=1 face="serif">3</FONT></SUP>
    </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="serif">Ser. A, 6.00%, 4/01/08, FGIC</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">ETM</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">2,566,975</FONT>&nbsp;
        </TD>
</TR>
</TABLE>
<BR>
<P align="center">
<FONT size=2 face="serif">See Notes to Financial Statements.</FONT></P>
<P align="center">
<FONT size=2 face="serif">41</FONT></P>

<HR noshade align="center" width="100%" size=4>




<P STYLE="page-break-before:always"></P><PAGE>


<P align="justify">
<B><FONT size=2 face="serif">BlackRock California Insured Municipal 2008 Term Trust (BFC) (continued)</FONT></B></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD width=5% align=left nowrap>&nbsp;

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=5% align=center nowrap>
      <center>
        <B><FONT size=2 face="serif">Principal</FONT></B>&nbsp;
    </center></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=60% align=left nowrap>&nbsp;

        </TD>
        <TD width=11%>&nbsp;
        </TD>
        <TD width=7% align=left nowrap>&nbsp;

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
      <center>
        <B><FONT size=2 face="serif">Amount</FONT></B>&nbsp;
    </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<B><FONT size=2 face="serif">Option Call</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
      <center>
        <B><FONT size=2 face="serif">Rating</FONT></B><B><SUP><FONT size=2 face="serif">1</FONT></SUP></B>&nbsp;
            </center></TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        </TD>
        <TD align=center nowrap style="border-bottom:1px solid #000000;">
      <center>
        <B><FONT size=2 face="serif">(000)</FONT></B>&nbsp;
    </center></TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;"> <center>
          <B><FONT size=2 face="serif">Description</FONT></B>&nbsp;
    </center></TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD align=center nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="serif">Provisions</FONT></B><B><SUP><FONT size=2 face="serif">2</FONT></SUP></B>&nbsp;
        </TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        </TD>
        <TD align=center nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="serif">Value</FONT></B>&nbsp;
        </TD>
</TR>
<TR>
        <TD colspan=9>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

          <div align="right"></div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<B><FONT size=2 face="serif">California&#151;(cont&#146;d)</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
<FONT size=1 face="serif">AAA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
      <div align="right"><FONT size=1 face="serif">&#36;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12,725</FONT>&nbsp;
            </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">San Diego Pub. Facs. Fin. Auth. Wtr. RB, 3.00%, 8/01/09, MBIA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">No Opt. Call</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">&#36; &nbsp;&nbsp;&nbsp;&nbsp;12,315,891</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
<FONT size=1 face="serif">AAA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 <div align="right"><FONT size=1 face="serif">1,250</FONT>&nbsp;
    </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">San Francisco City &amp; Cnty. GO, 4.00%, 6/15/09, FSA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">No Opt. Call</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">1,257,913</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
<FONT size=1 face="serif">AAA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 <div align="right"><FONT size=1 face="serif">1,000</FONT><SUP><FONT size=1 face="serif">3</FONT></SUP>
    </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">San Jose Redev. Agcy. TA, 4.00%, 8/01/09, MBIA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">ETM</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">1,006,010</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
<FONT size=1 face="serif">AAA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 <div align="right"><FONT size=1 face="serif">1,000</FONT>&nbsp;
    </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">San Mateo Cnty. Cmnty. Coll. Dist. GO, Ser. A, 3.30%, 9/01/08, FGIC</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">No Opt. Call</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">987,130</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

          <div align="right"></div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Santa Ana Unified Sch. Dist. GO,</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
<FONT size=1 face="serif">AAA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 <div align="right"><FONT size=1 face="serif">1,000</FONT>&nbsp;
    </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="serif">Ser. B, Zero Coupon, 8/01/08, FGIC</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">No Opt. Call</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">923,180</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
<FONT size=1 face="serif">AAA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 <div align="right"><FONT size=1 face="serif">2,000</FONT>&nbsp;
    </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="serif">Ser. B, Zero Coupon, 8/01/09, FGIC</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">No Opt. Call</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">1,773,200</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
<FONT size=1 face="serif">AAA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 <div align="right"><FONT size=1 face="serif">4,030</FONT>&nbsp;
    </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Santa Barbara Cnty. Local Transp. Auth. Sales Tax RB, 3.00%, 3/15/09, FSA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">No Opt. Call</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">3,914,742</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
<FONT size=1 face="serif">AAA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 <div align="right"><FONT size=1 face="serif">2,470</FONT>&nbsp;
    </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Santa Clara COP, Ser. B, 3.50%, 2/01/09, AMBAC</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">No Opt. Call</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">2,446,214</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
<FONT size=1 face="serif">AAA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 <div align="right"><FONT size=1 face="serif">4,620</FONT>&nbsp;
    </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Santa Clara Valley Wtr. Dist. COP, 4.00%, 2/01/09, FGIC</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">No Opt. Call</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">4,645,687</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
<FONT size=1 face="serif">AAA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 <div align="right"><FONT size=1 face="serif">4,665</FONT>&nbsp;
    </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">So. Coast Air Qual. Mgmt. Dist. Bldg. Corp. RB, 4.00%, 8/01/09, AMBAC</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">No Opt. Call</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">4,695,742</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

          <div align="right"></div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Univ. of California RB,</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
<FONT size=1 face="serif">AAA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 <div align="right"><FONT size=1 face="serif">2,500</FONT>&nbsp;
    </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="serif">Ser. A, 5.00%, 5/15/09, AMBAC</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">No Opt. Call</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">2,582,475</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
<FONT size=1 face="serif">AAA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 <div align="right"><FONT size=1 face="serif">2,000</FONT><SUP><FONT size=1 face="serif">4</FONT></SUP>
    </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="serif">Ser. F, 5.00%, 9/01/06, FGIC</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">N/A</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">2,023,800</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

          <div align="right"></div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">230,999,886</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

          <div align="right"></div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<B><FONT size=2 face="serif">Puerto Rico&#151;12.5%</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

          <div align="right"></div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Elec. Pwr. Auth. RB,</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
<FONT size=1 face="serif">AAA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 <div align="right"><FONT size=1 face="serif">5,280</FONT>&nbsp;
    </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="serif">Ser. DD, 5.00%, 7/01/09, FSA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">07/08 @ 101.5</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">5,452,709</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
<FONT size=1 face="serif">AAA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 <div align="right"><FONT size=1 face="serif">7,000</FONT>&nbsp;
    </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="serif">Ser. DD, 5.00%, 7/01/10, FSA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">07/08 @ 101.5</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">7,247,100</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
<FONT size=1 face="serif">AAA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 <div align="right"><FONT size=1 face="serif">3,000</FONT>&nbsp;
    </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="serif">Ser. KK, 4.50%, 7/01/09, XLCA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">No Opt. Call</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">3,051,960</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
<FONT size=1 face="serif">AAA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 <div align="right"><FONT size=1 face="serif">4,000</FONT>&nbsp;
    </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Mun. Fin. Agcy. GO, Ser. A, 5.625%, 8/01/10, FSA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">08/09 @ 101</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">4,242,760</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

          <div align="right"></div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">19,994,529</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

          <div align="right"></div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<B><FONT size=1 face="serif">Total Long-Term Investments (cost &#36;248,856,451)</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">250,994,415</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

          <div align="right"></div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<B><FONT size=2 face="serif">SHORT-TERM INVESTMENTS&#151;6.7%</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

          <div align="right"></div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<B><FONT size=2 face="serif">California&#151;6.6%</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
<FONT size=1 face="serif">A-1+</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 <div align="right"><FONT size=1 face="serif">5,000</FONT><SUP><FONT size=1 face="serif">5</FONT></SUP>
    </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Dept. of Wtr. Res. Pwr. Sply. RB, Ser. B-2, 4.00%, 7/03/06, FRDD</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">N/A</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">5,000,000</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
<FONT size=1 face="serif">A-1+</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 <div align="right"><FONT size=1 face="serif">1,500</FONT><SUP><FONT size=1 face="serif">5</FONT></SUP></div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Orange Cnty. San. Dist. COP, Ser. A, 3.92%, 7/03/06, FRDD</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">N/A</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">1,500,000</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
<FONT size=1 face="serif">A-1+</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 <div align="right"><FONT size=1 face="serif">4,000</FONT><SUP><FONT size=1 face="serif">5</FONT></SUP>
    </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Vacaville Multi-Fam. Mtg. RB, Quail Run Proj., Ser. A, 3.92%, 7/05/06, FRWD</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">N/A</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">4,000,000</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">

          <div align="right"></div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">10,500,000</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
      <center>
        <B><FONT size=2 face="serif">Shares</FONT></B>&nbsp;
    </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap style="border-bottom:1px solid #000000;">
      <center>
        <B><FONT size=2 face="serif">(000)</FONT></B>&nbsp;
    </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

          <div align="right"></div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<B><FONT size=2 face="serif">Money Market Fund&#151;0.1%</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
<FONT size=1 face="serif">NR</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
      <div align="right"><FONT size=1 face="serif">150</FONT>&nbsp;
            </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">AIM Tax Free Investment Co. Cash Reserve Portfolio</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">N/A</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">150,000</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

          <div align="right"></div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<B><FONT size=1 face="serif">Total Short-Term Investments (cost &#36;10,650,000)</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">10,650,000</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

          <div align="right"></div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<B><FONT size=1 face="serif">Total Investments&#151;163.6% (cost &#36;259,506,451</FONT></B><B><SUP><FONT size=1 face="serif">6</FONT></SUP></B><B><FONT size=1 face="serif">)</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">&#36; &nbsp;261,644,415</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

          <div align="right"></div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Other assets in excess of liabilities&#151;1.8%</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">2,896,416</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

          <div align="right"></div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Preferred shares at redemption value, including dividends payable&#151;(65.4)%</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap><div style="border-bottom:1px solid #000000"> <font size=1 face="serif">(104,593,465)</font> </div></TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

          <div align="right"></div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<B><FONT size=1 face="serif">Net Assets Applicable to Common Shareholders&#151;100%</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:3px double #000000;">
<FONT size=1 face="serif">&#36; &nbsp;159,947,366</FONT>&nbsp;
        </TD>
</TR>
</TABLE>
<BR>
<hr align="left" noshade width="200" size="1" color=black>
<SUP><FONT size=1 face="serif">1 </FONT></SUP><FONT size=1 face="serif">Using
the higher of S&amp;P, Moody or Fitch&#146;s rating.</FONT>
<P align="justify">
<SUP><FONT size=1 face="serif">2 </FONT></SUP><FONT size=1 face="serif">Date (month/year) and price of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates. </FONT></P>
<P align="justify"><SUP><FONT size=1 face="serif">3 </FONT></SUP><FONT size=1 face="serif">Security is collateralized by municipal or U.S. Treasury obligations.</FONT></P>
<P align="justify">
<SUP><FONT size=1 face="serif">4 </FONT></SUP><FONT size=1 face="serif">This bond is prerefunded. U.S. government securities, held in escrow, are used to pay interest on this security, as well as retire the bond in full at the date indicated,
typically at a premium to par.</FONT></P>
<P align="justify">
<SUP><FONT size=1 face="serif">5 </FONT></SUP><FONT size=1 face="serif">For purposes of amortized cost valuation, the maturity date of this instrument is considered to be the earlier of the next date on which the security can be redeemed at par, or
the next date on which the rate of interest is adjusted. Rate shown is rate as of June 30, 2006.</FONT></P>
<P align="justify">
<SUP><FONT size=1 face="serif">6 </FONT></SUP><FONT size=1 face="serif">Cost for Federal income tax purposes is &#36;258,738,599. The net unrealized appreciation on a tax basis is &#36;2,905,816, consisting of &#36;5,389,622 gross unrealized
appreciation and &#36;2,483,806 gross unrealized depreciation.</FONT></P>
<P align="justify">
<FONT size=1 face="serif">The value (market value plus accrued interest) of securities that are covered by insurance, which ensures the payment of principal and interest, represent approximately 96.2% of the Trust&#146;s managed assets:</FONT></P>
<TABLE width="10%" border=0 align="center" cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD align=left nowrap>
<FONT size=1 face="serif">AMBAC</FONT>&nbsp;
        </TD>
        <TD align=left nowrap>
      <center>
        <FONT size=1 face="serif">&#151;</FONT>&nbsp;
            </center></TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">20.4%</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
<FONT size=1 face="serif">FGIC</FONT>&nbsp;
        </TD>
        <TD align=left nowrap>
      <center>
        <FONT size=1 face="serif">&#151;</FONT>&nbsp;
            </center></TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">14.1%</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
<FONT size=1 face="serif">FSA</FONT>&nbsp;
        </TD>
        <TD align=left nowrap>
      <center>
        <FONT size=1 face="serif">&#151;</FONT>&nbsp;
            </center></TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">25.2%</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
<FONT size=1 face="serif">MBIA</FONT>&nbsp;
        </TD>
        <TD align=left nowrap>
      <center>
        <FONT size=1 face="serif">&#151;</FONT>&nbsp;
            </center></TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">35.2%</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
<FONT size=1 face="serif">XCLA</FONT>&nbsp;
        </TD>
        <TD align=left nowrap>
      <center>
        <FONT size=1 face="serif">&#151;</FONT>&nbsp;
            </center></TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">1.2%</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
<FONT size=1 face="serif">Other</FONT>&nbsp;
        </TD>
        <TD align=left nowrap>
      <center>
        <FONT size=1 face="serif">&#151;</FONT>&nbsp;
            </center></TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">0.1%</FONT>&nbsp;
        </TD>
</TR>
</TABLE>
<BR>
<P align="center">
<FONT size=2 face="serif">See Notes to Financial Statements.</FONT></P>
<P align="center">
<FONT size=2 face="serif">42</FONT></P>

<HR noshade align="center" width="100%" size=4>




<P STYLE="page-break-before:always"></P><PAGE>


<P align="justify">
<B><FONT size=2 face="serif">BlackRock California Insured Municipal 2008 Term Trust (BFC) (continued)</FONT></B></P>
<div style="border:1px solid #000000; padding:10px">
  <table width="95%" border=0 align="center" cellpadding=0 cellspacing=0>
    <tr valign="bottom">
      <td colspan="7" align=left nowrap>
        <center>
          <b><font size=2 face="serif">KEY TO ABBREVIATIONS</font></b>&nbsp;
      </center></td>
    </tr>
    <tr valign="bottom">
      <td align=left nowrap> <font size=2 face="serif">AMBAC </font>&nbsp; </td>
      <td align=left nowrap>
        <div align="right"><font size=2 face="sans-serif">&#151;</font>&nbsp; </div></td>
      <td align=left nowrap> <font size=2 face="serif">American Municipal Bond
          Assurance Corp.</font>&nbsp; </td>
      <td>&nbsp; </td>
      <td align=left nowrap> <font size=2 face="serif">FSA</font>&nbsp; </td>
      <td align=left nowrap>
        <div align="right"><font size=2 face="sans-serif">&#151;</font>&nbsp; </div></td>
      <td align=left nowrap> <font size=2 face="serif">Financial Security Assurance</font>&nbsp; </td>
    </tr>
    <tr valign="bottom">
      <td align=left nowrap> <font size=2 face="serif">COP</font>&nbsp; </td>
      <td align=right nowrap> <font size=2 face="sans-serif">&#151;</font>&nbsp; </td>
      <td align=left nowrap> <font size=2 face="serif">Certificate of Participation</font>&nbsp; </td>
      <td>&nbsp; </td>
      <td align=left nowrap> <font size=2 face="serif">GO</font>&nbsp; </td>
      <td align=left nowrap>
        <div align="right"><font size=2 face="sans-serif">&#151;</font>&nbsp; </div></td>
      <td align=left nowrap> <font size=2 face="serif">General Obligation</font>&nbsp; </td>
    </tr>
    <tr valign="bottom">
      <td align=left nowrap> <font size=2 face="serif">ETM</font>&nbsp; </td>
      <td align=right nowrap> <font size=2 face="sans-serif">&#151;</font>&nbsp; </td>
      <td align=left nowrap> <font size=2 face="serif">Escrowed to Maturity</font>&nbsp; </td>
      <td>&nbsp; </td>
      <td align=left nowrap> <font size=2 face="serif">MBIA</font>&nbsp; </td>
      <td align=left nowrap>
        <div align="right"><font size=2 face="sans-serif">&#151;</font>&nbsp; </div></td>
      <td align=left nowrap> <font size=2 face="serif">Municipal Bond Insurance
          Assoc.</font>&nbsp; </td>
    </tr>
    <tr valign="bottom">
      <td align=left nowrap> <font size=2 face="serif">FGIC</font>&nbsp; </td>
      <td align=right nowrap> <font size=2 face="sans-serif">&#151;</font>&nbsp; </td>
      <td align=left nowrap> <font size=2 face="serif">Financial Guaranty Insurance
          Co.</font>&nbsp; </td>
      <td>&nbsp; </td>
      <td align=left nowrap> <font size=2 face="serif">RB</font>&nbsp; </td>
      <td align=left nowrap>
        <div align="right"><font size=2 face="sans-serif">&#151;</font>&nbsp; </div></td>
      <td align=left nowrap> <font size=2 face="serif">Revenue Bond</font>&nbsp; </td>
    </tr>
    <tr valign="bottom">
      <td align=left nowrap> <font size=2 face="serif">FRDD</font>&nbsp; </td>
      <td align=right nowrap> <font size=2 face="sans-serif">&#151;</font>&nbsp; </td>
      <td align=left nowrap> <font size=2 face="serif">Floating Rate Daily Demand</font>&nbsp; </td>
      <td>&nbsp; </td>
      <td align=left nowrap> <font size=2 face="serif">TA</font>&nbsp; </td>
      <td align=left nowrap>
        <div align="right"><font size=2 face="sans-serif">&#151;</font>&nbsp; </div></td>
      <td align=left nowrap> <font size=2 face="serif">Tax Allocation</font>&nbsp; </td>
    </tr>
    <tr valign="bottom">
      <td align=left nowrap> <font size=2 face="serif">FRWD</font>&nbsp; </td>
      <td align=right nowrap> <font size=2 face="sans-serif">&#151;</font>&nbsp; </td>
      <td align=left nowrap> <font size=2 face="serif">Floating Rate Weekly Demand</font>&nbsp; </td>
      <td>&nbsp; </td>
      <td align=left nowrap> <font size=2 face="serif">XLCA</font>&nbsp; </td>
      <td align=left nowrap>
        <div align="right"><font size=2 face="sans-serif">&#151;</font>&nbsp; </div></td>
      <td align=left nowrap> <font size=2 face="serif">XL Capital Assurance</font>&nbsp; </td>
    </tr>
  </table>
  </div>
<BR>
<P align="center">
<FONT size=2 face="serif">See Notes to Financial Statements.</FONT></P>
<P align="center">
<FONT size=2 face="serif">43</FONT></P>

<HR noshade align="center" width="100%" size=4>

<P align="left" style="page-break-before:always"></P><PAGE>

<P align="justify">
<B><FONT face="serif">PORTFOLIO OF INVESTMENTS (unaudited)</FONT></B><BR>
<B><FONT face="serif">JUNE 30, 2006</FONT></B></P>
<P align="justify">
<B><FONT size=2 face="serif">BlackRock California Municipal 2018 Term Trust (BJZ)</FONT></B></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD width=6% align=left nowrap>&nbsp;

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=5% align=center nowrap>
<B><FONT size=2 face="serif">Principal</FONT></B>&nbsp;
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=63% align=left nowrap>&nbsp;

        </TD>
        <TD width=6%>&nbsp;
        </TD>
        <TD width=7% align=left nowrap>&nbsp;

        </TD>
        <TD width=3%>&nbsp;
        </TD>
        <TD width=6% align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<B><FONT size=2 face="serif">Amount</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<B><FONT size=2 face="serif">Option Call</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
      <center>
        <B><FONT size=2 face="serif">Rating</FONT></B><B><SUP><FONT size=2 face="serif">1</FONT></SUP></B>&nbsp;
      </center></TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
      <center>
        <B><FONT size=2 face="serif">(000)</FONT></B>&nbsp;
      </center></TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;"> <center>
          <B><FONT size=2 face="serif">Description</FONT></B>&nbsp;
    </center></TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD align=center nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="serif">Provisions</FONT></B><B><SUP><FONT size=2 face="serif">2</FONT></SUP></B>&nbsp;
        </TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        </TD>
        <TD align=center nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="serif">Value</FONT></B>&nbsp;
        </TD>
</TR>
<TR>
        <TD colspan=9>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<B><FONT size=2 face="serif">LONG-TERM INVESTMENTS&#151;146.0%</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<B><FONT size=2 face="serif">California&#151;115.8%</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
<FONT size=1 face="serif">BBB+</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">&#36;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2,100</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">ABAG Fin. Auth. for Nonprofit Corps. RB, San Diego Hosp. Assoc. Proj., Ser. C, 5.375%, 3/01/21</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">03/14 @ 100</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">&#36;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2,142,735</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">California GO,</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
<FONT size=1 face="serif">A+</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">5,000</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="serif">5.00%, 11/01/20</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">No Opt. Call</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">5,112,050</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
<FONT size=1 face="serif">AAA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">6,500</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="serif">Ser. BZ, 5.35%, 12/01/21, MBIA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">No Opt. Call</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">6,652,165</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
<FONT size=1 face="serif">AAA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">7,500</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Clovis Unified Sch. Dist. Cap. Apprec. Election 2004 GO, Ser. A, Zero Coupon, 8/01/21, FGIC</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">No Opt. Call</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">3,648,150</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
<FONT size=1 face="serif">A</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 <div align="right"><FONT size=1 face="serif">6,500</FONT><SUP><FONT size=1 face="serif">3</FONT></SUP>
    </div></TD>
        <TD><SUP><FONT size=1 face="serif">,4</FONT></SUP>
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Dept. of Wtr. Res. Pwr. Sply. RB, Ser. A, 5.125%, 5/01/12</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">N/A</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">6,969,560</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
<FONT size=1 face="serif">AAA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">3,395</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Fontana Pub. Fin. Auth. RB, Fontana Redev. Proj., Ser. A, 5.25%, 9/01/18, FSA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">No Opt. Call</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">3,589,092</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
<FONT size=1 face="serif">BBB</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">20,000</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Foothill/Eastern Corridor Agcy. Toll Rd. Cap. Apprec. RB, Zero Coupon, 1/15/21</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">01/10 @ 53.346</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">8,519,400</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Hlth. Fac. Fin. Auth. RB, Adventist Hlth. Sys. Proj.,</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
<FONT size=1 face="serif">A</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">1,075</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="serif">Ser. A, 5.00%, 3/01/18</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">No Opt. Call</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">1,097,489</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
<FONT size=1 face="serif">A</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">1,000</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="serif">Ser. A, 5.00%, 3/01/19</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">No Opt. Call</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">1,016,910</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
<FONT size=1 face="serif">A</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">2,060</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="serif">Ser. A, 5.00%, 3/01/20</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">No Opt. Call</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">2,086,615</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
<FONT size=1 face="serif">A</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">1,355</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="serif">Ser. A, 5.00%, 3/01/24</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">No Opt. Call</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">1,367,127</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Infrastructure &amp; Econ. Dev. RB,</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
<FONT size=1 face="serif">A</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">1,985</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="serif">J. David Gladstone Inst. Proj., 5.50%, 10/01/20</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">No Opt. Call</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">2,078,553</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
<FONT size=1 face="serif">A+</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">6,500</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="serif">Kaiser Hosp. Asst. LLC Proj., Ser. A, 5.55%, 8/01/31</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">No Opt. Call</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">6,769,295</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Lathrop Fin. Auth. RB, Wtr. Sply. Proj.,</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
<FONT size=1 face="serif">NR</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">995</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="serif">5.80%, 6/01/21</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">No Opt. Call</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">1,034,332</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
<FONT size=1 face="serif">NR</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">1,040</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="serif">5.85%, 6/01/22</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">No Opt. Call</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">1,082,328</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
<FONT size=1 face="serif">NR</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">1,000</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="serif">5.90%, 6/01/23</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">No Opt. Call</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">1,041,870</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
<FONT size=1 face="serif">AAA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">5,000</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Long Beach Harbor Dept. RB, Ser. A, 5.25%, 5/15/18, FGIC</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">No Opt. Call</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">5,194,900</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Los Angeles Cnty. Pub. Wks. RB, Regl. Park Proj.,</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
<FONT size=1 face="serif">AA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">3,220</FONT><SUP><FONT size=1 face="serif">3</FONT></SUP>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="serif">Ser. A, 5.00%, 10/01/07</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">N/A</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">3,302,303</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
<FONT size=1 face="serif">AA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">1,780</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="serif">Ser. A, 5.00%, 10/01/19</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">No Opt. Call</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">1,819,836</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
<FONT size=1 face="serif">AAA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">10,025</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Los Angeles Habor Dept. RB, Ser. B, 5.50%, 8/01/21, AMBAC</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">No Opt. Call</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">10,520,837</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
<FONT size=1 face="serif">A2</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">3,100</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Poll. Ctrl. Fin. Auth. Poll. Ctrl. RB, San Diego Gas &amp; Elec. Proj., Ser. A, 5.90%, 6/01/14</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">No Opt. Call</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">3,381,480</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Poll. Ctrl. Fin. Auth. Sld. Wst. Disp. RB, Republic Svcs., Inc. Proj.,</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
<FONT size=1 face="serif">BBB+</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">2,500</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="serif">Ser. B, 5.25%, 6/01/23</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">No Opt. Call</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">2,573,200</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
<FONT size=1 face="serif">BBB+</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">2,500</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="serif">Ser. C, 5.25%, 6/01/23</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">No Opt. Call</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">2,573,200</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
<FONT size=1 face="serif">BBB</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">4,000</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Poll. Ctrl. RB, Sld. Wst. Mgmt., Inc. Proj., Ser. A, 5.125%, 7/01/31</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">06/06 @ 100</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">4,083,640</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Pub. Wks. Brd. RB,</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
<FONT size=1 face="serif">A</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">2,020</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="serif">California Cmnty. Coll. Proj., Ser. A, 5.00%, 12/01/17</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">No Opt. Call</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">2,064,076</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
<FONT size=1 face="serif">A</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">2,415</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="serif">California St. Univ. Proj., Ser. A, 5.00%, 10/01/17</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">No Opt. Call</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">2,476,124</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
<FONT size=1 face="serif">AAA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">5,000</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Riverside Unified Sch. Dist. GO, Ser. A, 5.25%, 2/01/23, FGIC</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">No Opt. Call</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">5,266,250</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">San Bernardino Cnty. Cmnty. Facs. ST,</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
<FONT size=1 face="serif">NR</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">105</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="serif">5.35%, 9/01/17</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">No Opt. Call</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">107,590</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
<FONT size=1 face="serif">NR</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">245</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="serif">5.50%, 9/01/18</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">No Opt. Call</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">252,656</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
<FONT size=1 face="serif">NR</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">500</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="serif">5.60%, 9/01/19</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">No Opt. Call</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">517,245</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
<FONT size=1 face="serif">NR</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">355</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="serif">5.70%, 9/01/20</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">No Opt. Call</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">368,629</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
<FONT size=1 face="serif">AAA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">2,980</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">San Diego Cnty. COP, 5.25%, 11/01/19, AMBAC</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">No Opt. Call</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">3,131,950</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
<FONT size=1 face="serif">AAA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">2,135</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Santa Clara Valley Transp. Auth. Sales Tax RB, Ser. A, 5.00%, 6/01/18, MBIA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">No Opt. Call</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">2,243,672</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
<FONT size=1 face="serif">BBB+</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">5,000</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Statewide Cmntys. RB, Dev. Daughters of Charity Hlth. Proj., Ser. A, 5.25%, 7/01/24</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">No Opt. Call</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">5,111,350</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
<FONT size=1 face="serif">AAA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">4,590</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Stockton East Wtr. Dist. COP, Ser. B, Zero Coupon, 4/01/19, FGIC</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">No Opt. Call</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">2,292,981</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">111,489,590</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<B><FONT size=2 face="serif">Multi-State&#151;9.9%</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
<FONT size=1 face="serif">A3</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">4,000</FONT><SUP><FONT size=1 face="serif">5</FONT></SUP>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Charter Mac Equity Issuer Trust, Ser. A, 6.625%, 6/30/09</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">No Opt. Call</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">4,225,640</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
<FONT size=1 face="serif">A3</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">5,000</FONT><SUP><FONT size=1 face="serif">5</FONT></SUP>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">MuniMae TE Bond Subsidiary LLC, Ser. A, 6.875%, 6/30/49</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">06/09 @ 100</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">5,316,550</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">9,542,190</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<B><FONT size=2 face="serif">Puerto Rico&#151;13.2%</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
<FONT size=1 face="serif">BBB</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">4,410</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Pub. Bldgs. Auth. Gov&#146;t. Facs. RB, Ser. C, 5.75%, 7/01/19</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">No Opt. Call</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">4,802,446</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
<FONT size=1 face="serif">Aaa</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">7,500</FONT><SUP><FONT size=1 face="serif">3</FONT></SUP>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Pub. Fin. Corp. RB, Ser. E, 5.70%, 2/01/10</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">N/A</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">7,935,300</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">12,737,746</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<B><FONT size=2 face="serif">Trust Territories&#151;4.1%</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
<FONT size=1 face="serif">A</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">4,000</FONT><SUP><FONT size=1 face="serif">5</FONT></SUP>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">San Manuel Entertainment Auth. RB, 2004 Gaming Proj., Ser. C, 4.50%, 12/01/16</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">12/13 @ 102</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">3,918,160</FONT>&nbsp;
        </TD>
</TR>
</TABLE><BR>
<P align="center">
<FONT size=2 face="serif">See Notes to Financial Statements.</FONT></P>
<P align="center">
<FONT size=2 face="serif">44</FONT></P>

<HR noshade align="center" width="100%" size=4>




<P STYLE="page-break-before:always"></P><PAGE>


<P align="justify">
<B><FONT size=2 face="serif">BlackRock California Municipal 2018 Term Trust (BJZ) (continued)</FONT></B></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD width=5% align=left nowrap>&nbsp;

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=5% align=center nowrap>
<B><FONT size=2 face="serif">Principal</FONT></B>&nbsp;
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=60% align=left nowrap>&nbsp;

        </TD>
        <TD width=10%>&nbsp;
        </TD>
        <TD width=7% align=left nowrap>&nbsp;

        </TD>
        <TD width=3%>&nbsp;
        </TD>
        <TD width=6% align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<B><FONT size=2 face="serif">Amount</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<B><FONT size=2 face="serif">Option Call</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
      <center>
        <B><FONT size=2 face="serif">Rating</FONT></B><B><SUP><FONT size=2 face="serif">1</FONT></SUP></B>&nbsp;
      </center></TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
      <center>
        <B><FONT size=2 face="serif">(000)</FONT></B>&nbsp;
      </center></TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;"> <center>
          <B><FONT size=2 face="serif">Description</FONT></B>&nbsp;
    </center></TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD align=center nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="serif">Provisions</FONT></B><B><SUP><FONT size=2 face="serif">2</FONT></SUP></B>&nbsp;
        </TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        </TD>
        <TD align=center nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="serif">Value</FONT></B>&nbsp;
        </TD>
</TR>
<TR>
        <TD colspan=9>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<B><FONT size=2 face="serif">U.S. Virgin Islands&#151;3.0%</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Pub. Fin. Auth. RB, Sen. Lien Matching Fund Loan,</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
<FONT size=1 face="serif">BBB</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">&#36;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 360</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="serif">Ser. A, 5.25%, 10/01/17</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">10/14 @ 100</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">&#36; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;372,622</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
<FONT size=1 face="serif">BBB</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">455</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="serif">Ser. A, 5.25%, 10/01/19</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">No Opt. Call</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">468,136</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
<FONT size=1 face="serif">BBB</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">460</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="serif">Ser. A, 5.25%, 10/01/21</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">No Opt. Call</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">471,394</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
<FONT size=1 face="serif">BBB</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">315</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="serif">Ser. A, 5.25%, 10/01/22</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">No Opt. Call</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">322,160</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
<FONT size=1 face="serif">BBB</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">960</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="serif">Ser. A, 5.25%, 10/01/23</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">No Opt. Call</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">980,515</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
<FONT size=1 face="serif">BBB</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">300</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="serif">Ser. A, 5.25%, 10/01/24</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">No Opt. Call</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">305,598</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">2,920,425</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<B><FONT size=1 face="serif">Total Long-Term Investments (cost &#36;137,384,601)</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">140,608,111</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<B><FONT size=2 face="serif">SHORT-TERM INVESTMENTS&#151;9.4%</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<B><FONT size=2 face="serif">California&#151;7.2%</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Econ. Recovery RB,</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
<FONT size=1 face="serif">A-1+</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">400</FONT><SUP><FONT size=1 face="serif">6</FONT></SUP>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="serif">Ser. C-4, 3.93%, 7/03/06, FRDD</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">N/A</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">400,000</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
<FONT size=1 face="serif">A-1+</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">1,700</FONT><SUP><FONT size=1 face="serif">6</FONT></SUP>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="serif">Ser. C-5, 3.88%, 7/03/06, FRDD</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">N/A</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">1,700,000</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
<FONT size=1 face="serif">A-1+</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">2,350</FONT><SUP><FONT size=1 face="serif">6</FONT></SUP>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Newport Beach RB, Hoag Mem. Presbyterian Hosp. Proj., 3.88%, 7/03/06, FRDD</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">N/A</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">2,350,000</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
<FONT size=1 face="serif">A-1+</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">2,500</FONT><SUP><FONT size=1 face="serif">6</FONT></SUP></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Riverside Unified Sch. Dist. COP, 3.90%, 7/04/06, FRWD</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">N/A</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">2,500,000</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">6,950,000</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<B><FONT size=2 face="serif">Pennsylvania&#151;1.8%</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
<FONT size=1 face="serif">A-1+</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">1,700</FONT><SUP><FONT size=1 face="serif">6</FONT></SUP>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Delaware Cnty. PCRB, Exelon Proj., 4.05%, 7/03/06, FRDD</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">N/A</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">1,700,000</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
      <center>
        <B><FONT size=2 face="serif">Shares</FONT></B>&nbsp;
      </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
      <center>
        <B><FONT size=2 face="serif">(000)</FONT></B>&nbsp;
      </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<B><FONT size=2 face="serif">Money Market Fund&#151;0.4%</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
<FONT size=1 face="serif">NR</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">350</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">AIM Tax Free Investment Co. Cash Reserve Portfolio</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">N/A</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">350,000</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<B><FONT size=1 face="serif">Total Short-Term Investments (cost &#36;9,000,000)</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">9,000,000</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<B><FONT size=1 face="serif">Total Investments&#151;155.4% (cost &#36;146,384,601</FONT></B><B><SUP><FONT size=1 face="serif">7</FONT></SUP></B><B><FONT size=1 face="serif">)</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">&#36; 149,608,111</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Other assets in excess of liabilities&#151;2.3%</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">2,254,224</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Preferred shares at redemption value, including dividends payable&#151;(57.7)%</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">(55,545,634)</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<B><FONT size=1 face="serif">Net Assets Applicable to Common Shareholders&#151;100%</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:3px double #000000;">
<FONT size=1 face="serif">&#36;&nbsp;&nbsp; 96,316,701</FONT>&nbsp;
        </TD>
</TR>
</TABLE>
<BR>
<hr align="left" noshade width="200" size="1" color=black>
<SUP><FONT size=1 face="serif">1 </FONT></SUP><FONT size=1 face="serif">Using
the higher of S&amp;P, Moody or Fitch&#146;s rating.</FONT>
<P align="justify">
<SUP><FONT size=1 face="serif">2 </FONT></SUP><FONT size=1 face="serif">Date (month/year) and price of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates.</FONT></P>
<P align="justify">
<SUP><FONT size=1 face="serif">3 </FONT></SUP><FONT size=1 face="serif">This bond is prerefunded. U.S. government securities, held in escrow, are used to pay interest on this security, as well as retire the bond in full at the date indicated,
typically at a premium to par.</FONT></P>
<P align="justify">
<SUP><FONT size=1 face="serif">4 </FONT></SUP><FONT size=1 face="serif">Security pledged as collateral.</FONT></P>
<P align="justify">
<SUP><FONT size=1 face="serif">5 </FONT></SUP><FONT size=1 face="serif">Security is not registered under the Securities Act of 1933. These securities may be resold in transactions in accordance with Rule 144A under that Act, to qualified
institutional buyers. As of June 30, 2006, the Trust held 14.0% of its net assets, with a current market value of &#36;13,460,350, in securities restricted as to resale.</FONT></P>
<P align="justify">
<SUP><FONT size=1 face="serif">6 </FONT></SUP><FONT size=1 face="serif">For purposes of amortized cost valuation, the maturity date of this instrument is considered to be the earlier of the next date on which the security can be redeemed at par, or
the next date on which the rate of interest is adjusted. Rate shown is rate as of June 30, 2006.</FONT></P>
<P align="justify">
<SUP><FONT size=1 face="serif">7 </FONT></SUP><FONT size=1 face="serif">Cost for Federal income tax purposes is &#36;146,383,380. The net unrealized appreciation on a tax basis is &#36;3,224,731, consisting of &#36;3,783,105 gross unrealized
appreciation and &#36;558,374 gross unrealized depreciation.</FONT></P>
<div style="border:1px solid #000000; padding:10px">
  <table width="95%" border=0 align="center" cellpadding=0 cellspacing=0>
    <tr valign="bottom">
      <td colspan="7" align=left nowrap>
        <center>
          <b><font size=2 face="serif">KEY TO ABBREVIATIONS</font></b>&nbsp;
      </center></td>
    </tr>
    <tr valign="bottom">
      <td align=left nowrap> <font size=2 face="serif">AMBAC</font>&nbsp; </td>
      <td align=left nowrap>
        <div align="right"><font size=2 face="sans-serif">&#151;</font>&nbsp; </div></td>
      <td align=left nowrap> <font size=2 face="serif">American Municipal Bond
          Assurance Corp.</font>&nbsp; </td>
      <td>&nbsp; </td>
      <td align=left nowrap> <font size=2 face="serif">GO</font>&nbsp; </td>
      <td align=left nowrap> <font size=2 face="sans-serif">&#151;</font>&nbsp; </td>
      <td align=left nowrap> <font size=2 face="serif">General Obligation</font>&nbsp; </td>
    </tr>
    <tr valign="bottom">
      <td align=left nowrap> <font size=2 face="serif">COP</font>&nbsp; </td>
      <td align=right nowrap> <font size=2 face="sans-serif">&#151;</font>&nbsp; </td>
      <td align=left nowrap> <font size=2 face="serif">Certificate of Participation</font>&nbsp; </td>
      <td>&nbsp; </td>
      <td align=left nowrap> <font size=2 face="serif">MBIA</font>&nbsp; </td>
      <td align=left nowrap> <font size=2 face="sans-serif">&#151;</font>&nbsp; </td>
      <td align=left nowrap> <font size=2 face="serif">Municipal Bond Insurance
          Assoc.</font>&nbsp; </td>
    </tr>
    <tr valign="bottom">
      <td align=left nowrap> <font size=2 face="serif">FGIC</font>&nbsp; </td>
      <td align=right nowrap> <font size=2 face="sans-serif">&#151;</font>&nbsp; </td>
      <td align=left nowrap> <font size=2 face="serif">Financial Guaranty Insurance
          Co.</font>&nbsp; </td>
      <td>&nbsp; </td>
      <td align=left nowrap> <font size=2 face="serif">PCRB</font>&nbsp; </td>
      <td align=left nowrap> <font size=2 face="sans-serif">&#151;</font>&nbsp; </td>
      <td align=left nowrap> <font size=2 face="serif">Pollution Control Revenue
          Bond</font>&nbsp; </td>
    </tr>
    <tr valign="bottom">
      <td align=left nowrap> <font size=2 face="serif">FRDD</font>&nbsp; </td>
      <td align=right nowrap> <font size=2 face="sans-serif">&#151;</font>&nbsp; </td>
      <td align=left nowrap> <font size=2 face="serif">Floating Rate Daily Demand</font>&nbsp; </td>
      <td>&nbsp; </td>
      <td align=left nowrap> <font size=2 face="serif">RB</font>&nbsp; </td>
      <td align=left nowrap> <font size=2 face="sans-serif">&#151;</font>&nbsp; </td>
      <td align=left nowrap> <font size=2 face="serif">Revenue Bond</font>&nbsp; </td>
    </tr>
    <tr valign="bottom">
      <td align=left nowrap> <font size=2 face="serif">FRWD</font>&nbsp; </td>
      <td align=right nowrap> <font size=2 face="sans-serif">&#151;</font>&nbsp; </td>
      <td align=left nowrap> <font size=2 face="serif">Floating Rate Weekly Demand</font>&nbsp; </td>
      <td>&nbsp; </td>
      <td align=left nowrap> <font size=2 face="serif">ST</font>&nbsp; </td>
      <td align=left nowrap> <font size=2 face="sans-serif">&#151;</font>&nbsp; </td>
      <td align=left nowrap> <font size=2 face="serif">Special Tax</font>&nbsp; </td>
    </tr>
    <tr valign="bottom">
      <td align=left nowrap> <font size=2 face="serif">FSA</font>&nbsp; </td>
      <td align=right nowrap> <font size=2 face="sans-serif">&#151;</font>&nbsp; </td>
      <td align=left nowrap> <font size=2 face="serif">Financial Security Assurance</font>&nbsp; </td>
      <td>&nbsp; </td>
      <td align=left nowrap>&nbsp; </td>
      <td align=left nowrap>&nbsp; </td>
      <td align=left nowrap>&nbsp; </td>
    </tr>
  </table>
</div>
<BR>
<P align="center">
<FONT size=2 face="serif">See Notes to Financial Statements.</FONT></P>
<P align="center">
<FONT size=2 face="serif">45</FONT></P>

<HR noshade align="center" width="100%" size=4>




<P STYLE="page-break-before:always"></P><PAGE>
<P align="justify">
<B><FONT face="serif">PORTFOLIO OF INVESTMENTS (unaudited)</FONT></B><BR>
<B><FONT face="serif">JUNE 30, 2006</FONT></B></P>
<P align="justify">
<B><FONT size=2 face="serif">BlackRock Florida Insured Municipal 2008 Term Trust (BRF)</FONT></B></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD width=5% align=left nowrap>

          <center>
    </center></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=5% align=center nowrap>
<B><FONT size=2 face="serif">Principal</FONT></B>&nbsp;
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=62% align=left nowrap>&nbsp;

        </TD>
        <TD width=8%>&nbsp;
        </TD>
        <TD width=7% align=left nowrap>&nbsp;

        </TD>
        <TD width=3%>&nbsp;
        </TD>
        <TD width=6% align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>

          <center>
    </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<B><FONT size=2 face="serif">Amount</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<B><FONT size=2 face="serif">Option Call</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
      <center>
        <B><FONT size=2 face="serif">Rating</FONT></B><B><SUP><FONT size=2 face="serif">1</FONT></SUP></B>&nbsp;
      </center></TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
      <center>
        <B><FONT size=2 face="serif">(000)</FONT></B>&nbsp;
      </center></TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;"> <center>
          <B><FONT size=2 face="serif">Description</FONT></B>&nbsp;
    </center></TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD align=center nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="serif">Provisions</FONT></B><B><SUP><FONT size=2 face="serif">2</FONT></SUP></B>&nbsp;
        </TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        </TD>
        <TD align=center nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="serif">Value</FONT></B>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>

          <center>
    </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<B><FONT size=2 face="serif">LONG-TERM INVESTMENTS&#151;139.8%</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>

          <center>
    </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<B><FONT size=2 face="serif">Florida&#151;121.4%</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
      <center>
        <FONT size=1 face="serif">AAA</FONT>&nbsp;
      </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">&#36; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,500</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Alachua Cnty. Sch. Dist. GO, 4.25%, 1/01/09, FSA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">No Opt. Call</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">&#36;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1,513,380</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
      <center>
        <FONT size=1 face="serif">AAA</FONT>&nbsp;
      </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">8,720</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Brd. of Ed. GO, 3.50%, 1/01/09, FSA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">No Opt. Call</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">8,608,820</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
      <center>
        <FONT size=1 face="serif">AAA</FONT>&nbsp;
      </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">4,190</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Brd. of Ed. Lottery RB, Ser. A, 5.00%, 7/01/08, FGIC</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">No Opt. Call</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">4,282,054</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
      <center>
        <FONT size=1 face="serif">AAA</FONT>&nbsp;
      </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">1,765</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Collier Cnty. Sch. Brd. COP, Ser. A, 3.50%, 2/15/09, FSA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">No Opt. Call</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">1,744,579</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>

          <center>
    </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Dade Cnty. RB,</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
      <center>
        <FONT size=1 face="serif">AAA</FONT>&nbsp;
      </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">5,000</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="serif">Ser. A, Zero Coupon, 2/01/08, MBIA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">07/06 @ 95.522</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">4,716,800</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
      <center>
        <FONT size=1 face="serif">AAA</FONT>&nbsp;
      </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">905</FONT><SUP><FONT size=1 face="serif">3</FONT></SUP>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="serif">Ser. B, Zero Coupon, 10/01/08, AMBAC</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">ETM</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">829,568</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
      <center>
        <FONT size=1 face="serif">AAA</FONT>&nbsp;
      </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">1,095</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="serif">Ser. B, Zero Coupon, 10/01/08, AMBAC</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">No Opt. Call</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">999,779</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
      <center>
        <FONT size=1 face="serif">AAA</FONT>&nbsp;
      </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">1,515</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Delray Beach GO, Decade of Excellence Prog. Proj., 3.50%, 2/01/09, FSA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">No Opt. Call</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">1,495,063</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>

          <center>
    </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Dept. of Env. Protection Presvtn. RB,</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
      <center>
        <FONT size=1 face="serif">AAA</FONT>&nbsp;
      </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">5,905</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="serif">Ser. B, 4.00%, 7/01/08, FGIC</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">No Opt. Call</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">5,922,892</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
      <center>
        <FONT size=1 face="serif">AAA</FONT>&nbsp;
      </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">6,140</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="serif">Ser. B, 4.00%, 7/01/09, FGIC</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">No Opt. Call</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">6,162,288</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>

          <center>
    </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Div. of Bond Fin. Dept. Gen. Svc. RB,</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
      <center>
        <FONT size=1 face="serif">AAA</FONT>&nbsp;
      </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">8,000</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="serif">Dept. of Env. Presvtn. Proj., Ser. B, 5.25%, 7/01/10, FSA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">07/08 @ 101</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">8,276,960</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
      <center>
        <FONT size=1 face="serif">AAA</FONT>&nbsp;
      </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">2,000</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="serif">Nat. Res. &amp; Presvtn. Proj., Ser. A, 5.00%, 7/01/11, AMBAC</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">07/07 @ 101</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">2,041,880</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>

          <center>
    </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Escambia Cnty. Util. Sys. RB,</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
      <center>
        <FONT size=1 face="serif">AAA</FONT>&nbsp;
      </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">1,595</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="serif">Ser. B, 6.125%, 1/01/09, FGIC</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">No Opt. Call</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">1,642,180</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
      <center>
        <FONT size=1 face="serif">AAA</FONT>&nbsp;
      </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">5,235</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="serif">Ser. B, 6.25%, 1/01/12, FGIC</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">No Opt. Call</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">5,780,225</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
      <center>
        <FONT size=1 face="serif">AAA</FONT>&nbsp;
      </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">5,060</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="serif">Ser. B, 6.25%, 1/01/13, FGIC</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">No Opt. Call</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">5,655,764</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
      <center>
        <FONT size=1 face="serif">AAA</FONT>&nbsp;
      </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">6,000</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Greater Orlando Aviation Auth. RB, Orlando Arpt. Facs. Proj., Ser. C, 3.50%, 10/01/08, MBIA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">No Opt. Call</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">5,936,400</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
      <center>
        <FONT size=1 face="serif">AAA</FONT>&nbsp;
      </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">3,000</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Hillsborough Cnty. Sch. Dist. Sales Tax RB, 4.00%, 10/01/09, AMBAC</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">No Opt. Call</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">3,011,610</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
      <center>
        <FONT size=1 face="serif">AAA</FONT>&nbsp;
      </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">10,000</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Hillsborough Cnty. Util. RB, 4.50%, 8/01/08, AMBAC</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">No Opt. Call</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">10,129,800</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>

          <center>
    </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Indian River Cnty. Sch. Dist. GO,</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
      <center>
        <FONT size=1 face="serif">AAA</FONT>&nbsp;
      </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">950</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="serif">3.25%, 4/01/08, FSA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">No Opt. Call</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">936,539</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
      <center>
        <FONT size=1 face="serif">AAA</FONT>&nbsp;
      </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">1,000</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="serif">3.25%, 4/01/09, FSA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">No Opt. Call</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">977,860</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
      <center>
        <FONT size=1 face="serif">AAA</FONT>&nbsp;
      </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">1,100</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Jacksonville Beach Utils. RB, 3.10%, 4/01/09, AMBAC</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">No Opt. Call</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">1,068,815</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
      <center>
        <FONT size=1 face="serif">AAA</FONT>&nbsp;
      </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">5,895</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Jacksonville Excise Tax RB, 4.25%, 10/01/08, AMBAC</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">No Opt. Call</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">5,946,051</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>

          <center>
    </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Jacksonville Sales Tax RB,</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
      <center>
        <FONT size=1 face="serif">AAA</FONT>&nbsp;
      </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">1,155</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="serif">3.125%, 10/01/08, FGIC</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">No Opt. Call</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">1,129,128</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
      <center>
        <FONT size=1 face="serif">AAA</FONT>&nbsp;
      </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">1,000</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="serif">3.375%, 10/01/09, FGIC</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">No Opt. Call</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">978,700</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
      <center>
        <FONT size=1 face="serif">AAA</FONT>&nbsp;
      </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">2,000</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="serif">4.10%, 10/01/08, AMBAC</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">No Opt. Call</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">2,010,940</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
      <center>
        <FONT size=1 face="serif">AAA</FONT>&nbsp;
      </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">825</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Lake Cnty. Sch. Brd. COP, 3.50%, 7/01/09, AMBAC</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">No Opt. Call</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">812,411</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
      <center>
        <FONT size=1 face="serif">AAA</FONT>&nbsp;
      </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">2,000</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Lakeland Elec. &amp; Wtr. RB, 5.90%, 10/01/08, FSA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">No Opt. Call</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">2,087,340</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
      <center>
        <FONT size=1 face="serif">AAA</FONT>&nbsp;
      </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">3,000</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Lee Cnty. Arprt. RB, 4.25%, 10/01/09, FSA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">No Opt. Call</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">3,035,130</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
      <center>
        <FONT size=1 face="serif">AAA</FONT>&nbsp;
      </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">2,000</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Miami Dade Cnty. Edl. Fac. RB, Ser. A, 4.875%, 4/01/09, AMBAC</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">No Opt. Call</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">2,051,600</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>

          <center>
    </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Miami Dade Cnty. Pub. Svc. Tax Pub. Impvt. RB,</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
      <center>
        <FONT size=1 face="serif">AAA</FONT>&nbsp;
      </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">1,535</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="serif">3.40%, 4/01/08, AMBAC</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">No Opt. Call</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">1,518,959</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
      <center>
        <FONT size=1 face="serif">AAA</FONT>&nbsp;
      </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">1,595</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="serif">3.625%, 4/01/09, AMBAC</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">No Opt. Call</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">1,580,230</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
      <center>
        <FONT size=1 face="serif">AAA</FONT>&nbsp;
      </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">4,775</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Miami Dade Cnty. Sch. Brd. COP, 5.25%, 8/01/11, FSA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">08/08 @ 101</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">4,941,074</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>

          <center>
    </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Miami GO,</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
      <center>
        <FONT size=1 face="serif">AAA</FONT>&nbsp;
      </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">1,345</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="serif">5.90%, 12/01/08, FGIC</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">No Opt. Call</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">1,407,959</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
      <center>
        <FONT size=1 face="serif">AAA</FONT>&nbsp;
      </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">1,000</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="serif">6.00%, 12/01/09, FGIC</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">No Opt. Call</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">1,067,260</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
      <center>
        <FONT size=1 face="serif">AAA</FONT>&nbsp;
      </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">1,090</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Mun. Loan Council RB, Ser. C, 3.50%, 11/01/08, MBIA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">No Opt. Call</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">1,076,201</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
      <center>
        <FONT size=1 face="serif">AAA</FONT>&nbsp;
      </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">4,895</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Orange Cnty. Sales Tax RB, Ser. A, 3.25%, 1/01/09, FGIC</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">No Opt. Call</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">4,790,541</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>

          <center>
    </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Orange Cnty. Tourist Dev. Tax RB,</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
      <center>
        <FONT size=1 face="serif">AAA</FONT>&nbsp;
      </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">5,340</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="serif">Ser. A, 4.00%, 10/01/09, AMBAC</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">No Opt. Call</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">5,352,602</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
      <center>
        <FONT size=1 face="serif">AAA</FONT>&nbsp;
      </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">1,005</FONT><SUP><FONT size=1 face="serif">3</FONT></SUP>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="serif">Ser. A, 5.85%, 10/01/08, MBIA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">ETM</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">1,049,140</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
      <center>
        <FONT size=1 face="serif">AAA</FONT>&nbsp;
      </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">495</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="serif">Ser. A, 5.85%, 10/01/08, MBIA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">No Opt. Call</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">515,552</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
      <center>
        <FONT size=1 face="serif">AAA</FONT>&nbsp;
      </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">5,130</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Orange Cnty. Tourist Dev. Tax. RB, Ser. A, 4.00%, 10/01/08, AMBAC</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">No Opt. Call</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">5,141,748</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>

          <center>
    </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Orlando Wstwtr. Sys. RB,</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
      <center>
        <FONT size=1 face="serif">AAA</FONT>&nbsp;
      </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">1,100</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="serif">Ser. A, 3.25%, 10/01/08, AMBAC</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">No Opt. Call</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">1,079,650</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
      <center>
        <FONT size=1 face="serif">AAA</FONT>&nbsp;
      </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">1,280</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="serif">Ser. A, 3.50%, 10/01/09, AMBAC</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">No Opt. Call</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">1,259,251</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>

          <center>
    </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Osceola Cnty. Gas Tax RB,</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
      <center>
        <FONT size=1 face="serif">AAA</FONT>&nbsp;
      </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">640</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="serif">3.10%, 4/01/08, FGIC</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">No Opt. Call</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">628,557</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
      <center>
        <FONT size=1 face="serif">AAA</FONT>&nbsp;
      </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">535</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="serif">3.30%, 4/01/09, FGIC</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">No Opt. Call</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">523,904</FONT>&nbsp;
        </TD>
</TR>
</TABLE>
<BR>
<P align="center">
<FONT size=2 face="serif">See Notes to Financial Statements.</FONT></P>
<P align="center">
<FONT size=2 face="serif">46</FONT></P>

<HR noshade align="center" width="100%" size=4>




<P STYLE="page-break-before:always"></P><PAGE>


<P align="justify">
<B><FONT size=2 face="serif">BlackRock Florida Insured Municipal 2008 Term Trust (BRF) (continued)</FONT></B></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD width=5% align=left nowrap>&nbsp;

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=5% align=center nowrap>
<B><FONT size=2 face="serif">Principal</FONT></B>&nbsp;
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=61% align=left nowrap>&nbsp;

        </TD>
        <TD width=9%>&nbsp;
        </TD>
        <TD width=7% align=left nowrap>&nbsp;

        </TD>
        <TD width=3%>&nbsp;
        </TD>
        <TD width=6% align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<B><FONT size=2 face="serif">Amount</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<B><FONT size=2 face="serif">Option Call</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
      <center>
        <B><FONT size=2 face="serif">Rating</FONT></B><B><SUP><FONT size=2 face="serif">1</FONT></SUP></B>&nbsp;
      </center></TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        </TD>
        <TD align=center nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="serif">(000)</FONT></B>&nbsp;
        </TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;"> <center>
          <B><FONT size=2 face="serif">Description</FONT></B>&nbsp;
    </center></TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD align=center nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="serif">Provisions</FONT></B><B><SUP><FONT size=2 face="serif">2</FONT></SUP></B>&nbsp;
        </TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        </TD>
        <TD align=center nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="serif">Value</FONT></B>&nbsp;
        </TD>
</TR>
<TR>
        <TD colspan=9>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<B><FONT size=2 face="serif">Florida&#151;(cont&#146;d)</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Osceola Cnty. RB,</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
<FONT size=1 face="serif">AAA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">&#36;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1,810</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="serif">3.75%, 10/01/08, AMBAC</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">No Opt. Call</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">&#36;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1,806,452</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
<FONT size=1 face="serif">AAA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">1,535</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="serif">3.875%, 10/01/09, AMBAC</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">No Opt. Call</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">1,535,154</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
<FONT size=1 face="serif">AAA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">850</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Palm Beach Cnty. Sch. Brd. COP, Ser. D, 3.30%, 8/01/09, FSA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">No Opt. Call</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">828,087</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
<FONT size=1 face="serif">AAA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">7,085</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Pasco Cnty. Sld. Wst. Disp. &amp; Res. Rec. Sys. RB, 6.00%, 4/01/09, FGIC</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">07/06 @ 100</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">7,093,502</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Polk Cnty. Sch. Brd. COP,</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
<FONT size=1 face="serif">AAA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">2,000</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="serif">Ser. A, 3.20%, 1/01/08, FSA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">No Opt. Call</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">1,973,620</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
<FONT size=1 face="serif">AAA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">2,000</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="serif">Ser. A, 3.375%, 1/01/09, FSA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">No Opt. Call</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">1,964,580</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
<FONT size=1 face="serif">AAA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">1,020</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Sebring Wtr. &amp; Wstwtr. RB, 3.625%, 1/01/09, FGIC</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">No Opt. Call</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">1,012,656</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
<FONT size=1 face="serif">AAA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">2,000</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Seminole Cnty. Wtr. &amp; Swr. RB, 6.00%, 10/01/09, MBIA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">No Opt. Call</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">2,128,260</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
<FONT size=1 face="serif">AAA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">1,000</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">So. Florida Wtr. Mgmt. Dist. RB, 3.30%, 10/01/09, AMBAC</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">No Opt. Call</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">975,090</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
<FONT size=1 face="serif">AAA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">500</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">St. Petersburg Hlth. Facs. Auth. RB, All Children&#146;s Hosp. Proj., 3.10%, 11/15/08, AMBAC</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">No Opt. Call</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">486,490</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
<FONT size=1 face="serif">AAA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">1,370</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Vlg. Ctr. Cmnty. Dev. Dist. Rec. RB, Ser. A, 5.50%, 11/01/08, MBIA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">No Opt. Call</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">1,419,923</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
<FONT size=1 face="serif">AAA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">2,370</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Volusia Cnty. Sales Tax RB, Ser. B, 4.00%, 10/01/08, MBIA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">No Opt. Call</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">2,377,940</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">155,318,938</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<B><FONT size=2 face="serif">Puerto Rico&#151;18.4%</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Mun. Fin. Agcy.,</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
<FONT size=1 face="serif">AAA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">1,500</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="serif">GO, Ser. A, 5.625%, 8/01/10, FSA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">08/09 @ 101</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">1,591,035</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
<FONT size=1 face="serif">AAA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">10,000</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="serif">RB, Ser. A, 3.50%, 8/01/08, FSA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">No Opt. Call</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">9,916,100</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
<FONT size=1 face="serif">AAA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">12,000</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="serif">RB, Ser. A, 3.75%, 8/01/09, FSA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">No Opt. Call</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">11,972,160</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">23,479,295</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<B><FONT size=1 face="serif">Total Long-Term Investments (cost &#36;178,578,924)</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">178,798,233</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<B><FONT size=2 face="serif">SHORT-TERM INVESTMENTS&#151;15.5%</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<B><FONT size=2 face="serif">Florida&#151;8.0%</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
<FONT size=1 face="serif">A-1+</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">260</FONT><SUP><FONT size=1 face="serif">4</FONT></SUP></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Jacksonville Hlth. Facs. Hosp. RB, Variable Baptist Med. Ctr. Proj., 3.96%, 7/03/06, FRDD</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">N/A</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">260,000</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
<FONT size=1 face="serif">A-1</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 <div align="right"><FONT size=1 face="serif">6,000</FONT><SUP><FONT size=1 face="serif">4</FONT></SUP>
    </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Orlando &amp; Orange Cnty. Expwy. Auth. RB, Ser. D, 3.96%, 7/06/06, FSA, FRWD</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">N/A</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">6,000,000</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
<FONT size=1 face="serif">A-1+</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap> <div align="right"><FONT size=1 face="serif">2,900</FONT><SUP><FONT size=1 face="serif">4</FONT></SUP>
    </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Palm Beach Cnty. Sch. Brd. COP, Ser. B, 3.95%, 7/06/06, AMBAC, FRWD</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">N/A</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">2,900,000</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
<FONT size=1 face="serif">A-1+</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
      <div align="right"><FONT size=1 face="serif">1,000</FONT><SUP><FONT size=1 face="serif">4</FONT></SUP></div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Pinellas Cnty. Hlth. Fac. Auth. RB, 4.04%, 7/03/06, AMBAC, FRDD</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">N/A</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">1,000,000</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">10,160,000</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<B><FONT size=2 face="serif">Puerto Rico&#151;6.7%</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
<FONT size=1 face="serif">A-1</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
      <div align="right"><FONT size=1 face="serif">6,000</FONT><SUP><FONT size=1 face="serif">4</FONT></SUP></div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Gov&#146;t. Dev. Bank RB, 3.87%, 7/05/06, MBIA, FRWD</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">N/A</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">6,000,000</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
<FONT size=1 face="serif">A-1</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
      <div align="right"><FONT size=1 face="serif">2,600</FONT><SUP><FONT size=1 face="serif">4</FONT></SUP>
      </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Hwy. &amp; Transp. Auth. RB, Ser. A, 3.94%, 7/05/06, AMBAC, FRWD</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">N/A</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">2,600,000</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">8,600,000</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<B><FONT size=2 face="serif">Shares</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="serif">(000)</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<B><FONT size=2 face="serif">Money Market Fund&#151;0.8%</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
<FONT size=1 face="serif">NR</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">1,100</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">AIM Tax Free Investment Co. Cash Reserve Portfolio</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">N/A</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">1,100,000</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<B><FONT size=1 face="serif">Total Short-Term Investments (cost &#36;19,860,000)</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">19,860,000</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<B><FONT size=1 face="serif">Total Investments&#151;155.3% (cost &#36;198,438,924</FONT></B><B><SUP><FONT size=1 face="serif">5</FONT></SUP></B><B><FONT size=1 face="serif">)</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">&#36; 198,658,233</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Other assets in excess of liabilities&#151;10.5%</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">13,422,431</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Preferred shares at redemption value, including dividends payable&#151;(65.8)%</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">(84,158,415)</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<B><FONT size=1 face="serif">Net Assets Applicable to Common Shareholders&#151;100%</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:3px double #000000;">
<FONT size=1 face="serif">&#36; 127,922,249</FONT>&nbsp;
        </TD>
</TR>
</TABLE>
<BR>
<hr align="left" noshade width="200" size="1" color=black>
<SUP><FONT size=1 face="serif">1 </FONT></SUP><FONT size=1 face="serif">Using
the higher of S&amp;P, Moody or Fitch&#146;s rating.</FONT>
<P align="justify">
<SUP><FONT size=1 face="serif">2 </FONT></SUP><FONT size=1 face="serif">Date (month/year) and price of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates.</FONT></P>
<P align="justify"><SUP><FONT size=1 face="serif">3 </FONT></SUP><FONT size=1 face="serif">Security is collateralized by municipal or U.S. Treasury obligations.</FONT></P>
<P align="justify">
<SUP><FONT size=1 face="serif">4 </FONT></SUP><FONT size=1 face="serif">For purposes of amortized cost valuation, the maturity date of this instrument is considered to be the earlier of the next date on which the security can be redeemed at par, or
the next date on which the rate of interest is adjusted. Rate shown is rate as of June 30, 2006.</FONT></P>
<P align="justify">
<SUP><FONT size=1 face="serif">5 </FONT></SUP><FONT size=1 face="serif">Cost for Federal income tax purposes is &#36;198,408,144. The net unrealized appreciation on a tax basis is &#36;250,089, consisting of &#36;1,670,920 gross unrealized
appreciation and &#36;1,420,831 gross unrealized depreciation.</FONT></P>
<P align="center">
<FONT size=2 face="serif">See Notes to Financial Statements.</FONT></P>
<P align="center">
<FONT size=2 face="serif">47</FONT></P>

<HR noshade align="center" width="100%" size=4>




<P STYLE="page-break-before:always"></P><PAGE>


<P align="justify">
<B><FONT size=2 face="serif">BlackRock Florida Insured Municipal 2008 Term Trust (BRF) (continued)</FONT></B></P>
<P align="justify">
<FONT size=1 face="serif">The value (market value plus accrued interest) of securities that are covered by insurance, which ensures the payment of principal and interest, represent approximately 94.9% of the Trust&#146;s managed assets:</FONT></P>
<TABLE width="10%" border=0 align="center" cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD align=left nowrap>
<FONT size=1 face="serif">AMBAC</FONT>&nbsp;
        </TD>
        <TD align=left nowrap>
      <center>
        <FONT size=1 face="serif">&#151;</FONT>&nbsp;
      </center></TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">26.8</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">%</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
<FONT size=1 face="serif">FGIC</FONT>&nbsp;
        </TD>
        <TD align=left nowrap>
      <center>
        <FONT size=1 face="serif">&#151;</FONT>&nbsp;
      </center></TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">23.1</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">%</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
<FONT size=1 face="serif">FSA</FONT>&nbsp;
        </TD>
        <TD align=left nowrap>
      <center>
        <FONT size=1 face="serif">&#151;</FONT>&nbsp;
      </center></TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">32.5</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">%</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
<FONT size=1 face="serif">MBIA</FONT>&nbsp;
        </TD>
        <TD align=left nowrap>
      <center>
        <FONT size=1 face="serif">&#151;</FONT>&nbsp;
      </center></TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">12.0</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">%</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
<FONT size=1 face="serif">Other</FONT>&nbsp;
        </TD>
        <TD align=left nowrap>
      <center>
        <FONT size=1 face="serif">&#151;</FONT>&nbsp;
      </center></TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">0.5</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">%</FONT>&nbsp;
        </TD>
</TR>
</TABLE>
<BR>
<div style="border:1px solid #000000; padding:10px">
  <table width="95%" border=0 align="center" cellpadding=0 cellspacing=0>
    <tr valign="bottom">
      <td colspan="7" align=left nowrap>
        <div align="right"></div>
        <center>
          <b><font size=2 face="serif">KEY TO ABBREVIATIONS</font></b>&nbsp;
      </center></td>
    </tr>
    <tr valign="bottom">
      <td align=left nowrap> <font size=2 face="serif">AMBAC</font>&nbsp; </td>
      <td align=left nowrap>
        <div align="right"><font size=2 face="sans-serif">&#151;</font>&nbsp; </div></td>
      <td align=left nowrap> <font size=2 face="serif">American Municipal Bond
          Assurance Corp.</font>&nbsp; </td>
      <td>&nbsp; </td>
      <td align=left nowrap> <font size=2 face="serif">FRWD</font>&nbsp; </td>
      <td align=left nowrap>
        <div align="right"><font size=2 face="sans-serif">&#151;</font>&nbsp; </div></td>
      <td align=left nowrap> <font size=2 face="serif">Floating Rate Weekly Demand</font>&nbsp; </td>
    </tr>
    <tr valign="bottom">
      <td align=left nowrap> <font size=2 face="serif">COP</font>&nbsp; </td>
      <td align=left nowrap>
        <div align="right"><font size=2 face="sans-serif">&#151;</font>&nbsp; </div></td>
      <td align=left nowrap> <font size=2 face="serif">Certificate of Participation</font>&nbsp; </td>
      <td>&nbsp; </td>
      <td align=left nowrap> <font size=2 face="serif">FSA</font>&nbsp; </td>
      <td align=left nowrap>
        <div align="right"><font size=2 face="sans-serif">&#151;</font>&nbsp; </div></td>
      <td align=left nowrap> <font size=2 face="serif">Financial Security Assurance</font>&nbsp; </td>
    </tr>
    <tr valign="bottom">
      <td align=left nowrap> <font size=2 face="serif">ETM</font>&nbsp; </td>
      <td align=left nowrap>
        <div align="right"><font size=2 face="sans-serif">&#151;</font>&nbsp; </div></td>
      <td align=left nowrap> <font size=2 face="serif">Escrowed to Maturity</font>&nbsp; </td>
      <td>&nbsp; </td>
      <td align=left nowrap> <font size=2 face="serif">GO</font>&nbsp; </td>
      <td align=left nowrap>
        <div align="right"><font size=2 face="sans-serif">&#151;</font>&nbsp; </div></td>
      <td align=left nowrap> <font size=2 face="serif">General Obligation</font>&nbsp; </td>
    </tr>
    <tr valign="bottom">
      <td align=left nowrap> <font size=2 face="serif">FGIC</font>&nbsp; </td>
      <td align=left nowrap>
        <div align="right"><font size=2 face="sans-serif">&#151;</font>&nbsp; </div></td>
      <td align=left nowrap> <font size=2 face="serif">Financial Guaranty Insurance
          Co.</font>&nbsp; </td>
      <td>&nbsp; </td>
      <td align=left nowrap> <font size=2 face="serif">MBIA</font>&nbsp; </td>
      <td align=left nowrap>
        <div align="right"><font size=2 face="sans-serif">&#151;</font>&nbsp; </div></td>
      <td align=left nowrap> <font size=2 face="serif">Municipal Bond Insurance
          Assoc.</font>&nbsp; </td>
    </tr>
    <tr valign="bottom">
      <td align=left nowrap> <font size=2 face="serif">FRDD</font>&nbsp; </td>
      <td align=left nowrap>
        <div align="right"><font size=2 face="sans-serif">&#151;</font>&nbsp; </div></td>
      <td align=left nowrap> <font size=2 face="serif">Floating Rate Daily Demand</font>&nbsp; </td>
      <td>&nbsp; </td>
      <td align=left nowrap> <font size=2 face="serif">RB</font>&nbsp; </td>
      <td align=left nowrap>
        <div align="right"><font size=2 face="sans-serif">&#151;</font>&nbsp; </div></td>
      <td align=left nowrap> <font size=2 face="serif">Revenue Bond</font>&nbsp; </td>
    </tr>
  </table>
</div>
<BR>
<P align="center">
<FONT size=2 face="serif">See Notes to Financial Statements.</FONT></P>
<P align="center">
<FONT size=2 face="serif">48</FONT></P>

<HR noshade align="center" width="100%" size=4>




<P STYLE="page-break-before:always"></P><PAGE>
<P align="justify">
<B><FONT face="serif">PORTFOLIO OF INVESTMENTS (unaudited)</FONT></B><BR>
<B><FONT face="serif">JUNE 30, 2006</FONT></B></P>
<P align="justify">
<B><FONT size=2 face="serif">BlackRock Florida Municipal 2020 Term Trust (BFO)</FONT></B></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD width=6% align=left nowrap>&nbsp;

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=5% align=center nowrap>
<B><FONT size=2 face="serif">Principal</FONT></B>&nbsp;
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=62% align=left nowrap>&nbsp;

        </TD>
        <TD width=7%>&nbsp;
        </TD>
        <TD width=7% align=left nowrap>&nbsp;

        </TD>
        <TD width=3%>&nbsp;
        </TD>
        <TD width=6% align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<B><FONT size=2 face="serif">Amount</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<B><FONT size=2 face="serif">Option Call</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
      <center>
        <B><FONT size=2 face="serif">Rating</FONT></B><B><SUP><FONT size=2 face="serif">1</FONT></SUP></B>&nbsp;
      </center></TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        </TD>
        <TD align=center nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="serif">(000)</FONT></B>&nbsp;
        </TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
      <center>
        <B><FONT size=2 face="serif">Description</FONT></B>&nbsp;
    </center></TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD align=center nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="serif">Provisions</FONT></B><B><SUP><FONT size=2 face="serif">2</FONT></SUP></B>&nbsp;
        </TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        </TD>
        <TD align=center nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="serif">Value</FONT></B>&nbsp;
        </TD>
</TR>
<TR>
        <TD colspan=9>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<B><FONT size=2 face="serif">LONG-TERM INVESTMENTS&#151;144.4%</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<B><FONT size=2 face="serif">Florida&#151;123.8%</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
<FONT size=1 face="serif">NR</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">&#36; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Brandy Creek Cmnty. Dev. Dist. SA, Ser. B, 5.40%, 5/01/09</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">No Opt. Call</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">&#36; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99,914</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
<FONT size=1 face="serif">AAA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap> <div align="right"><FONT size=1 face="serif">6,150</FONT><SUP><FONT size=1 face="serif">3</FONT></SUP></div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Brd. of Ed. GO, Ser. J, 5.00%, 6/01/24, AMBAC</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">06/13 @ 101</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">6,323,492</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
<FONT size=1 face="serif">NR</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">4,785</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Crossings at Fleming Island Cmnty. Dev. Dist. RB, 6.75%, 10/01/25</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">10/09 @ 102</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">4,905,773</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
<FONT size=1 face="serif">AAA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">1,095</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Deltona Util. Sys. RB, 5.00%, 10/01/23, MBIA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">10/13 @ 100</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">1,128,419</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
<FONT size=1 face="serif">BBB</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">4,000</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Escambia Cnty. Env. Impvt. RB, 5.75%, 11/01/27</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">11/13 @ 100</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">4,085,800</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
<FONT size=1 face="serif">AAA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">566</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Escambia Cnty. Hlth. Facs. Auth. RB, 5.95%, 7/01/20, AMBAC</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">No Opt. Call</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">608,707</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
<FONT size=1 face="serif">BBB+</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">1,955</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Hillsborough Cnty. Ind. Dev. Auth. PCRB, Tampa Elec. Co. Proj., 5.50%, 10/01/23</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">10/12 @ 100</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">2,011,930</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
<FONT size=1 face="serif">AAA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">1,000</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Hillsborough Cnty. Sch. Brd. COP, 5.00%, 7/01/27, MBIA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">07/13 @ 100</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">1,021,860</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
<FONT size=1 face="serif">AA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">1,000</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Lakeland Wtr. &amp; Wstwtr. RB, 5.00%, 10/01/27</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">10/12 @ 100</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">1,024,130</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
<FONT size=1 face="serif">AAA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">3,000</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Lee Cnty. Transp. Fac. RB, Ser. B, 5.00%, 10/01/22, AMBAC</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">10/14 @ 100</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">3,097,920</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Marco Island Util. Sys. RB,</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
<FONT size=1 face="serif">AAA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">2,000</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="serif">5.00%, 10/01/22, MBIA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">10/13 @ 100</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">2,064,780</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
<FONT size=1 face="serif">AAA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">1,375</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="serif">5.00%, 10/01/23, MBIA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">10/13 @ 100</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">1,416,965</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
<FONT size=1 face="serif">AAA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">1,000</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="serif">5.25%, 10/01/21, MBIA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">10/13 @ 100</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">1,053,390</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
<FONT size=1 face="serif">BB+</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">2,500</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Miami Beach Hlth. Facs. Auth. RB, Mt. Sinai Med. Ctr. Proj., 6.75%, 11/15/21</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">11/14 @ 100</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">2,773,225</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
<FONT size=1 face="serif">AAA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">4,695</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Miami Dade Cnty. Edl. Facs. Auth. RB, Univ. Miami Proj., Ser. A, 5.00%, 4/01/24, AMBAC</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">04/14 @ 100</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">4,837,352</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Miami Dade Cnty.,</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
<FONT size=1 face="serif">AAA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">5,365</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="serif">RB Ser. A, Zero Coupon, 10/01/19, MBIA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">04/08 @ 55.413</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">2,687,168</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
<FONT size=1 face="serif">AAA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">10,000</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="serif">SO RB, Ser. A, Zero Coupon, 10/01/20, MBIA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">04/08 @ 52.398</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">4,721,800</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
<FONT size=1 face="serif">AAA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">7,560</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="serif">SO RB, Ser. B, Zero Coupon, 10/01/32, MBIA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">04/08 @ 26.494</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">1,789,981</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
<FONT size=1 face="serif">AAA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">4,000</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Mun. Loan Council RB, Ser. A, Zero Coupon, 4/01/20, MBIA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">No Opt. Call</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">2,087,760</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
<FONT size=1 face="serif">NR</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">3,595</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">North Palm Beach Cnty. Impvt. Dist. RB, Wtr. Ctrl. &amp; Impvt. Unit Dev. 43 Proj., 6.10%, 8/01/21 .</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">08/11 @ 101</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">3,699,615</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
<FONT size=1 face="serif">A+</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">4,450</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Orange Cnty. Hlth. Facs. Auth. RB, Hosp. Adventist Hlth. Sys. Proj., 5.625%, 11/15/32</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">11/12 @ 101</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">4,671,788</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
<FONT size=1 face="serif">AAA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">6,500</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Palm Beach Cnty. Sch. Brd. COP, Ser. D, 5.00%, 8/01/28, FSA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">08/12 @ 100</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">6,632,665</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Palm Coast Util. Sys. RB,</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
<FONT size=1 face="serif">AAA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">1,770</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="serif">5.00%, 10/01/22, MBIA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">10/13 @ 100</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">1,827,330</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
<FONT size=1 face="serif">AAA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">1,485</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="serif">5.00%, 10/01/23, MBIA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">10/13 @ 100</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">1,530,322</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
<FONT size=1 face="serif">AAA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">1,500</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="serif">5.00%, 10/01/24, MBIA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">10/13 @ 100</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">1,545,780</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
<FONT size=1 face="serif">AAA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">2,760</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Polk Cnty. Util. Sys. RB, 5.00%, 10/01/23, FGIC</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">10/13 @ 100</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">2,844,235</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
<FONT size=1 face="serif">NR</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">4,615</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Sterling Hill Cmnty. Dev. Dist. SA, 6.10%, 5/01/23</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">05/13 @ 101</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">4,706,515</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
<FONT size=1 face="serif">NR</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">2,765</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Stevens Plantation Impvt. Proj. RB, 6.375%, 5/01/13</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">No Opt. Call</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">2,809,710</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
<FONT size=1 face="serif">NR</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">1,220</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Sumter Cnty. Indl. Dev. Auth. RB, North Sumter Util. Co. LLC Proj., 6.80%, 10/01/32</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">10/09 @ 100</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">1,263,115</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Tohopekaliga Wtr. Auth. RB,</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
<FONT size=1 face="serif">AAA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">3,630</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="serif">Ser. A, 5.00%, 10/01/21, FSA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">10/13 @ 100</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">3,749,863</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
<FONT size=1 face="serif">AAA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">3,810</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="serif">Ser. A, 5.00%, 10/01/22, FSA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">10/13 @ 100</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">3,928,643</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
<FONT size=1 face="serif">AAA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">2,000</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="serif">Ser. A, 5.00%, 10/01/23, FSA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">10/13 @ 100</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">2,061,040</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
<FONT size=1 face="serif">AAA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">1,975</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="serif">Ser. B, 5.00%, 10/01/22, FSA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">10/13 @ 100</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">2,036,502</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
<FONT size=1 face="serif">AAA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">1,180</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="serif">Ser. B, 5.00%, 10/01/23, FSA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">10/13 @ 100</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">1,216,014</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
<FONT size=1 face="serif">NR</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">1,740</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Vlg. Cmnty. Dev. Dist. Assmt. No. 5 SA, Ser. A, 6.00%, 5/01/22</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">05/13 @ 101</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">1,800,239</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Vlg. Ctr. Cmnty. Dev. Dist. RB,</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
<FONT size=1 face="serif">AAA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">5,000</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="serif">5.25%, 10/01/23, MBIA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">10/13 @ 101</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">5,287,100</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
<FONT size=1 face="serif">BBB</FONT><SUP><FONT size=1 face="serif">4</FONT></SUP>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap> <div align="right"><FONT size=1 face="serif">2,000</FONT><SUP><FONT size=1 face="serif">3</FONT></SUP>
    </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="serif">Ser. B, 6.35%, 1/01/18</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">01/14 @ 100</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">2,089,420</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">101,440,262</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<B><FONT size=2 face="serif">Puerto Rico&#151;20.6%</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Children&#146;s Trust Fund Tobacco Settlement RB,</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
<FONT size=1 face="serif">BBB</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">2,015</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="serif">5.50%, 5/15/39</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">05/12 @ 100</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">2,058,867</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
<FONT size=1 face="serif">BBB</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">10,500</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="serif">5.625%, 5/15/43</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">05/12 @ 100</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">10,762,290</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
<FONT size=1 face="serif">Aaa</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
      <div align="right"><FONT size=1 face="serif">3,740</FONT><SUP><FONT size=1 face="serif">5</FONT></SUP></div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Pub. Fin. Corp. RB, Ser. E, 5.50%, 2/01/12</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">N/A</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">4,021,360</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">16,842,517</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<B><FONT size=1 face="serif">Total Long-Term Investments (cost &#36;114,940,990)</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">118,282,779</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<B><FONT size=2 face="serif">SHORT-TERM INVESTMENTS&#151;12.9%</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<B><FONT size=2 face="serif">Florida&#151;5.1%</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
<FONT size=1 face="serif">A-1+</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">670</FONT><SUP><FONT size=1 face="serif">6</FONT></SUP>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Jacksonville Hlth. Facs. Hosp. RB, Variable Baptist Med. Ctr. Proj., 3.96%, 7/03/06, FRDD</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">N/A</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">670,000</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
<FONT size=1 face="serif">A-1+</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
      <div align="right"><FONT size=1 face="serif">3,500</FONT><SUP><FONT size=1 face="serif">6</FONT></SUP>
      </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Pinellas Cnty. Hlth. Fac. Auth. RB, 4.04%, 7/03/06, AMBAC, FRDD</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">N/A</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">3,500,000</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">4,170,000</FONT>&nbsp;
        </TD>
</TR>
</TABLE><BR>
<P align="center">
<FONT size=2 face="serif">See Notes to Financial Statements.</FONT></P>
<P align="center">
<FONT size=2 face="serif">49</FONT></P>

<HR noshade align="center" width="100%" size=4>




<P STYLE="page-break-before:always"></P><PAGE>


<P align="justify">
<B><FONT size=2 face="serif">BlackRock Florida Municipal 2020 Term Trust (BFO) (continued)</FONT></B></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD width=5% align=left nowrap>&nbsp;

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=5% align=center nowrap>
<B><FONT size=2 face="serif">Principal</FONT></B>&nbsp;
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=73% align=left nowrap>&nbsp;

        </TD>
        <TD width=7%>&nbsp;
        </TD>
        <TD width=6% align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<B><FONT size=2 face="serif">Amount</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
      <center>
        <B><FONT size=2 face="serif">Rating</FONT></B><B><SUP><FONT size=2 face="serif">1</FONT></SUP></B>&nbsp;
      </center></TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        </TD>
        <TD align=center nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="serif">(000)</FONT></B>&nbsp;
        </TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;"> <center>
          <B><FONT size=2 face="serif">Description</FONT></B>&nbsp;
    </center></TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD align=center nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="serif">Value</FONT></B>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<B><FONT size=2 face="serif">Puerto Rico&#151;1.5%</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
<FONT size=1 face="serif">A-1</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
      <div align="right"><FONT size=1 face="serif">&#36; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300</FONT><SUP><FONT size=1 face="serif">6</FONT></SUP>
      </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Gov&#146;t. Dev. Bank RB, 3.87%, 7/05/06, MBIA, FRWD</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">&#36; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300,000</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
<FONT size=1 face="serif">A-1</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">950</FONT><SUP><FONT size=1 face="serif">6</FONT></SUP>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Hwy. &amp; Transp. Auth. RB, Ser. A, 3.94%, 7/05/06, AMBAC, FRWD</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">950,000</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">1,250,000</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<B><FONT size=2 face="serif">Shares</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="serif">(000)</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<B><FONT size=2 face="serif">Money Market Funds&#151;6.3%</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
<FONT size=1 face="serif">NR</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
      <div align="right"><FONT size=1 face="serif">4,050</FONT>&nbsp;
      </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">AIM Tax Free Investment Co. Cash Reserve Portfolio</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">4,050,000</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
<FONT size=1 face="serif">NR</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
      <div align="right"><FONT size=1 face="serif">1,100</FONT>&nbsp;
      </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">SSgA Tax Free Money Mkt. Fund</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">1,100,000</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">5,150,000</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<B><FONT size=1 face="serif">Total Short-Term Investments (cost &#36;10,570,000)</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">10,570,000</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<B><FONT size=1 face="serif">Total Investments&#151;157.3% (cost &#36;125,510,990</FONT></B><B><SUP><FONT size=1 face="serif">7</FONT></SUP></B><B><FONT size=1 face="serif">)</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">&#36; 128,852,779</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Other assets in excess of liabilities&#151;2.4%</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">2,004,783</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Preferred shares at redemption value, including dividends payable&#151;(59.7)%</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">(48,924,981)</FONT></TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<B><FONT size=1 face="serif">Net Assets Applicable to Common Shareholders&#151;100%</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:3px double #000000;">
<FONT size=1 face="serif">&#36;&nbsp;&nbsp; 81,932,581</FONT>&nbsp;
        </TD>
</TR>
</TABLE>
<BR>
<hr align="left" noshade width="200" size="1" color=black>
<SUP><FONT size=1 face="serif">1 </FONT></SUP><FONT size=1 face="serif">Using
the higher of S&amp;P, Moody or Fitch&#146;s rating.</FONT>
<P align="justify">
<SUP><FONT size=1 face="serif">2 </FONT></SUP><FONT size=1 face="serif">Date (month/year) and price of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates. </FONT></P>
<P align="justify"><SUP><FONT size=1 face="serif">3 </FONT></SUP><FONT size=1 face="serif">Security pledged as collateral.</FONT></P>
<P align="justify">
<SUP><FONT size=1 face="serif">4 </FONT></SUP><FONT size=1 face="serif">Security is deemed to be of investment grade quality by the investment advisor.</FONT></P>
<P align="justify">
<SUP><FONT size=1 face="serif">5 </FONT></SUP><FONT size=1 face="serif">This bond is prerefunded. U.S. government securities, held in escrow, are used to pay interest on this security, as well as retire the bond in full at the date indicated,
typically at a premium to par.</FONT></P>
<P align="justify">
<SUP><FONT size=1 face="serif">6 </FONT></SUP><FONT size=1 face="serif">For purposes of amortized cost valuation, the maturity date of this instrument is considered to be the earlier of the next date on which the security can be redeemed at par, or
the next date on which the rate of interest is adjusted. Rate shown is rate as of June 30, 2006.</FONT></P>
<P align="justify">
<SUP><FONT size=1 face="serif">7 </FONT></SUP><FONT size=1 face="serif">Cost for Federal income tax purposes is &#36;125,491,390. The net unrealized appreciation on a tax basis is &#36;3,361,389, consisting of &#36;3,561,399 gross unrealized
appreciation and &#36;200,010 gross unrealized depreciation.</FONT></P>
<div style="border:1px solid #000000; padding:10px">
  <table width="95%" border=0 align="center" cellpadding=0 cellspacing=0>
    <tr valign="bottom">
      <td colspan="7" align=left nowrap>
        <center>
          <b><font size=2 face="serif">KEY TO ABBREVIATIONS</font></b>&nbsp;
      </center></td>
    </tr>
    <tr valign="bottom">
      <td align=left nowrap> <font size=2 face="serif">AMBAC</font>&nbsp; </td>
      <td align=left nowrap>
        <div align="right"><font size=2 face="sans-serif">&#151;</font>&nbsp; </div></td>
      <td align=left nowrap> <font size=2 face="serif">American Municipal Bond
          Assurance Corp.</font>&nbsp; </td>
      <td>&nbsp; </td>
      <td align=left nowrap> <font size=2 face="serif">GO</font>&nbsp; </td>
      <td align=left nowrap>
        <div align="right"><font size=2 face="sans-serif">&#151;</font>&nbsp; </div></td>
      <td align=left nowrap> <font size=2 face="serif">General Obligation</font>&nbsp; </td>
    </tr>
    <tr valign="bottom">
      <td align=left nowrap> <font size=2 face="serif">COP</font>&nbsp; </td>
      <td align=right nowrap> <font size=2 face="sans-serif">&#151;</font>&nbsp; </td>
      <td align=left nowrap> <font size=2 face="serif">Certificate of Participation</font>&nbsp; </td>
      <td>&nbsp; </td>
      <td align=left nowrap> <font size=2 face="serif">MBIA</font>&nbsp; </td>
      <td align=left nowrap>
        <div align="right"><font size=2 face="sans-serif">&#151;</font>&nbsp; </div></td>
      <td align=left nowrap> <font size=2 face="serif">Municipal Bond Insurance
          Assoc.</font>&nbsp; </td>
    </tr>
    <tr valign="bottom">
      <td align=left nowrap> <font size=2 face="serif">FGIC</font>&nbsp; </td>
      <td align=right nowrap> <font size=2 face="sans-serif">&#151;</font>&nbsp; </td>
      <td align=left nowrap> <font size=2 face="serif">Financial Guaranty Insurance
          Co.</font>&nbsp; </td>
      <td>&nbsp; </td>
      <td align=left nowrap> <font size=2 face="serif">PCRB</font>&nbsp; </td>
      <td align=left nowrap>
        <div align="right"><font size=2 face="sans-serif">&#151;</font>&nbsp; </div></td>
      <td align=left nowrap> <font size=2 face="serif">Pollution Control Revenue
          Bond</font>&nbsp; </td>
    </tr>
    <tr valign="bottom">
      <td align=left nowrap> <font size=2 face="serif">FRDD</font>&nbsp; </td>
      <td align=right nowrap> <font size=2 face="sans-serif">&#151;</font>&nbsp; </td>
      <td align=left nowrap> <font size=2 face="serif">Floating Rate Daily Demand</font>&nbsp; </td>
      <td>&nbsp; </td>
      <td align=left nowrap> <font size=2 face="serif">RB</font>&nbsp; </td>
      <td align=left nowrap>
        <div align="right"><font size=2 face="sans-serif">&#151;</font>&nbsp; </div></td>
      <td align=left nowrap> <font size=2 face="serif">Revenue Bond</font>&nbsp; </td>
    </tr>
    <tr valign="bottom">
      <td align=left nowrap> <font size=2 face="serif">FRWD</font>&nbsp; </td>
      <td align=right nowrap> <font size=2 face="sans-serif">&#151;</font>&nbsp; </td>
      <td align=left nowrap> <font size=2 face="serif">Floating Rate Weekly Demand</font>&nbsp; </td>
      <td>&nbsp; </td>
      <td align=left nowrap> <font size=2 face="serif">SA</font>&nbsp; </td>
      <td align=left nowrap>
        <div align="right"><font size=2 face="sans-serif">&#151;</font>&nbsp; </div></td>
      <td align=left nowrap> <font size=2 face="serif">Special Assessment</font>&nbsp; </td>
    </tr>
    <tr valign="bottom">
      <td align=left nowrap> <font size=2 face="serif">FSA</font>&nbsp; </td>
      <td align=right nowrap> <font size=2 face="sans-serif">&#151;</font>&nbsp; </td>
      <td align=left nowrap> <font size=2 face="serif">Financial Security Assurance</font>&nbsp; </td>
      <td>&nbsp; </td>
      <td align=left nowrap> <font size=2 face="serif">SO</font>&nbsp; </td>
      <td align=left nowrap>
        <div align="right"><font size=2 face="serif">&#151;</font>&nbsp; </div></td>
      <td align=left nowrap> <font size=2 face="serif">Special Obligation</font>&nbsp; </td>
    </tr>
  </table>
</div>
<BR>
<P align="center">
<FONT size=2 face="serif">See Notes to Financial Statements.</FONT></P>
<P align="center">
<FONT size=2 face="serif">50</FONT></P>

<HR noshade align="center" width="100%" size=4>




<P STYLE="page-break-before:always"></P><PAGE>
<P align="justify">
<B><FONT face="serif">PORTFOLIO OF INVESTMENTS (unaudited)</FONT></B><BR>
<B><FONT face="serif">JUNE 30, 2006</FONT></B></P>
<P align="justify">
<B><FONT size=2 face="serif">BlackRock New York Insured Municipal 2008 Term Trust (BLN)</FONT></B></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD width=5% align=left nowrap>

          <center>
    </center></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=5% align=center nowrap>
<B><FONT size=2 face="serif">Principal</FONT></B>&nbsp;
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=59% align=left nowrap>&nbsp;

        </TD>
        <TD width=11%>&nbsp;
        </TD>
        <TD width=7% align=left nowrap>&nbsp;

        </TD>
        <TD width=3%>&nbsp;
        </TD>
        <TD width=6% align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>

          <center>
    </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<B><FONT size=2 face="serif">Amount</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<B><FONT size=2 face="serif">Option Call</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
      <center>
        <B><FONT size=2 face="serif">Rating</FONT></B><B><SUP><FONT size=2 face="serif">1</FONT></SUP></B>&nbsp;
      </center></TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
      <center>
        <B><FONT size=2 face="serif">(000)</FONT></B>&nbsp;
      </center></TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;"> <center>
          <B><FONT size=2 face="serif">Description</FONT></B>&nbsp;
    </center></TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD align=center nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="serif">Provisions</FONT></B><B><SUP><FONT size=2 face="serif">2</FONT></SUP></B>&nbsp;
        </TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        </TD>
        <TD align=center nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="serif">Value</FONT></B>&nbsp;
        </TD>
</TR>
<TR>
        <TD colspan=9>

          <center>
    </center></TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>

          <center>
    </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<B><FONT size=2 face="serif">LONG-TERM INVESTMENTS&#151;134.3%</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>

          <center>
    </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<B><FONT size=2 face="serif">New York&#151;134.3%</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>

          <center>
    </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Albany Cnty. GO,</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
      <center>
        <FONT size=1 face="serif">AAA</FONT>&nbsp;
      </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">&#36;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1,515</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="serif">3.50%, 6/01/08, FGIC</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">No Opt. Call</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">&#36;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1,505,940</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
      <center>
        <FONT size=1 face="serif">AAA</FONT>&nbsp;
      </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">2,030</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="serif">3.50%, 6/01/09, FGIC</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">No Opt. Call</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">2,003,346</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
      <center>
        <FONT size=1 face="serif">AAA</FONT>&nbsp;
      </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">1,000</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Bath Central Sch. Dist. GO, 4.00%, 6/15/08, FGIC</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">No Opt. Call</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">1,005,180</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
      <center>
        <FONT size=1 face="serif">AAA</FONT>&nbsp;
      </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">2,250</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Central Square Central Sch. Dist. GO, 3.75%, 5/15/09, FGIC</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">No Opt. Call</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">2,248,110</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>

          <center>
    </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Dorm. Auth. RB,</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
      <center>
        <FONT size=1 face="serif">AAA</FONT>&nbsp;
      </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">1,070</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="serif">Hosp. Lutheran Medical Proj., 3.00%, 2/01/09, MBIA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">No Opt. Call</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">1,034,380</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
      <center>
        <FONT size=1 face="serif">AAA</FONT>&nbsp;
      </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">1,625</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="serif">Sch. Dist. Fin. Proj., Ser. C, 3.50%, 10/01/08, MBIA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">No Opt. Call</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">1,609,644</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
      <center>
        <FONT size=1 face="serif">AAA</FONT>&nbsp;
      </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">2,970</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="serif">Secured Hosp. Proj., 4.00%, 2/15/09, XLCA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">No Opt. Call</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">2,974,277</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
      <center>
        <FONT size=1 face="serif">AAA</FONT>&nbsp;
      </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">3,500</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="serif">Secured Hosp. Proj., 5.00%, 2/15/10, MBIA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">02/08 @ 101.5</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">3,610,880</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
      <center>
        <FONT size=1 face="serif">AAA</FONT>&nbsp;
      </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">5,000</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="serif">Secured Hosp. Proj., 5.125%, 2/15/09, ACA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">02/08 @ 101.5</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">5,104,250</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
      <center>
        <FONT size=1 face="serif">AAA</FONT>&nbsp;
      </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">1,600</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="serif">St. Univ. Edl. Facs. Proj., Ser. A, 5.50%, 5/15/07, FGIC</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">No Opt. Call</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">1,624,304</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
      <center>
        <FONT size=1 face="serif">AAA</FONT>&nbsp;
      </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">2,500</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="serif">St. Univ. Edl. Facs. Proj., Ser. A, 5.50%, 5/15/08, AMBAC</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">No Opt. Call</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">2,577,250</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
      <center>
        <FONT size=1 face="serif">AAA</FONT>&nbsp;
      </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">5,000</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="serif">St. Univ. Edl. Facs. Proj., Ser. A, 5.50%, 5/15/08, FGIC</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">No Opt. Call</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">5,157,200</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
      <center>
        <FONT size=1 face="serif">AAA</FONT>&nbsp;
      </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">6,000</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="serif">St. Univ. Edl. Facs. Proj., Ser. A, 5.50%, 5/15/08, CONNIE LEE</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">No Opt. Call</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">6,188,640</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
      <center>
        <FONT size=1 face="serif">AAA</FONT>&nbsp;
      </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">5,000</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="serif">St. Univ. Edl. Facs. Proj., Ser. A, 5.50%, 5/15/09, AMBAC</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">No Opt. Call</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">5,221,050</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
      <center>
        <FONT size=1 face="serif">AAA</FONT>&nbsp;
      </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">500</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="serif">W.K. Nursing Home Proj., 5.65%, 8/01/09</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">08/06 @ 102</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">510,630</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
      <center>
        <FONT size=1 face="serif">AAA</FONT>&nbsp;
      </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">1,000</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="serif">Winthrop Univ. Hosp. Assoc. Proj., Ser. A, 4.125%, 7/01/08, AMBAC</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">No Opt. Call</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">1,004,440</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
      <center>
        <FONT size=1 face="serif">AAA</FONT>&nbsp;
      </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">1,960</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">East Greenbush Central Sch. Dist. GO, Ser. C, 4.00%, 6/15/09, FSA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">No Opt. Call</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">1,971,858</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>

          <center>
    </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Elmira City Sch. Dist. GO,</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
      <center>
        <FONT size=1 face="serif">AAA</FONT>&nbsp;
      </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">2,125</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="serif">3.25%, 6/15/08, FGIC</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">No Opt. Call</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">2,097,460</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
      <center>
        <FONT size=1 face="serif">AAA</FONT>&nbsp;
      </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">1,500</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="serif">3.25%, 6/15/09, FGIC</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">No Opt. Call</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">1,469,370</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>

          <center>
    </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Erie Cnty. Pub. Impvt. GO,</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
      <center>
        <FONT size=1 face="serif">AAA</FONT>&nbsp;
      </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">3,825</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="serif">Ser. A, 3.25%, 9/01/09, FGIC</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">No Opt. Call</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">3,722,184</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
      <center>
        <FONT size=1 face="serif">AAA</FONT>&nbsp;
      </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">1,000</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="serif">Ser. A, 3.75%, 10/01/08, FGIC</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">No Opt. Call</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">998,260</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
      <center>
        <FONT size=1 face="serif">AAA</FONT>&nbsp;
      </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">1,185</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Evans &amp; Brant Central Sch. Dist. GO, Ser. C, 3.75%, 12/15/08, FGIC</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">No Opt. Call</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">1,185,521</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>

          <center>
    </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Facs. Corp. RB,</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
      <center>
        <FONT size=1 face="serif">AAA</FONT>&nbsp;
      </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">1,630</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="serif">Clean Wtr. &amp; Drinking Proj., 3.875%, 4/15/10</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">No Opt. Call</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">1,631,907</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
      <center>
        <FONT size=1 face="serif">AAA</FONT>&nbsp;
      </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">6,000</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="serif">Mun. Wtr. Proj., 4.00%, 6/15/09</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">No Opt. Call</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">6,033,000</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>

          <center>
    </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Fayetteville-Manlius Central Sch. Dist. GO,</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
      <center>
        <FONT size=1 face="serif">AAA</FONT>&nbsp;
      </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">1,125</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="serif">3.75%, 6/15/09, FGIC</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">No Opt. Call</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">1,124,044</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
      <center>
        <FONT size=1 face="serif">AAA</FONT>&nbsp;
      </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">1,000</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="serif">4.00%, 6/15/08, FGIC</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">No Opt. Call</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">1,005,180</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
      <center>
        <FONT size=1 face="serif">AAA</FONT>&nbsp;
      </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">1,500</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Hempstead Twnshp. GO, Ser. B, 4.00%, 8/01/09, MBIA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">No Opt. Call</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">1,507,290</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>

          <center>
    </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Hsg. Fin. Agcy. RB, Hsg. Mtg. Proj.,</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
      <center>
        <FONT size=1 face="serif">AAA</FONT>&nbsp;
      </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">1,305</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="serif">Ser. A, 5.80%, 5/01/09, FSA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">07/06 @ 102</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">1,329,534</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
      <center>
        <FONT size=1 face="serif">AAA</FONT>&nbsp;
      </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">4,015</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="serif">Ser. A, 5.80%, 11/01/09, FSA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">07/06 @ 102</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">4,112,324</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
      <center>
        <FONT size=1 face="serif">AAA</FONT>&nbsp;
      </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">165</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Hsg. Fin. Agcy. RB, Multi-Fam. Mtg. Hsg. Proj., Ser. C, 6.30%, 8/15/08</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">07/06 @ 100</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">165,079</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
      <center>
        <FONT size=1 face="serif">AAA</FONT>&nbsp;
      </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">12,500</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Long Island Pwr. Auth. Elec. Sys. RB, 5.00%, 4/01/08, MBIA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">No Opt. Call</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">12,753,250</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>

          <center>
    </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Lowville Central Sch. Dist. GO,</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
      <center>
        <FONT size=1 face="serif">AAA</FONT>&nbsp;
      </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">1,255</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="serif">3.30%, 6/15/08, FGIC</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">No Opt. Call</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">1,240,806</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
      <center>
        <FONT size=1 face="serif">AAA</FONT>&nbsp;
      </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">1,305</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="serif">3.60%, 6/15/09, FGIC</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">No Opt. Call</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">1,296,752</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>

          <center>
    </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Met. Transp. Auth. RB,</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
      <center>
        <FONT size=1 face="serif">AAA</FONT>&nbsp;
      </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">12,000</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="serif">Ser. A, 3.50%, 11/15/09, FSA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">No Opt. Call</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">11,807,880</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
      <center>
        <FONT size=1 face="serif">AAA</FONT>&nbsp;
      </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">26,075</FONT><SUP><FONT size=1 face="serif">3</FONT></SUP></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="serif">Ser. K, 6.00%, 7/01/08, MBIA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">ETM</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">27,172,497</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
      <center>
        <FONT size=1 face="serif">AAA</FONT>&nbsp;
      </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">2,500</FONT><SUP><FONT size=1 face="serif">3</FONT></SUP>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Met. Transp. Auth. Commuter Fac. RB, Ser. A, 6.10%, 7/01/08, MBIA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">ETM</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">2,609,950</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
      <center>
        <FONT size=1 face="serif">AAA</FONT>&nbsp;
      </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">1,500</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Middletown Sch. Dist. GO, Ser. A, 3.00%, 11/01/09, FSA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">No Opt. Call</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">1,445,190</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>

          <center>
    </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Monroe Cnty. Pub. Impvt. GO,</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
      <center>
        <FONT size=1 face="serif">AAA</FONT>&nbsp;
      </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">455</FONT><SUP><FONT size=1 face="serif">3</FONT></SUP>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="serif">4.00%, 3/01/09, FGIC</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">ETM</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">456,461</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
      <center>
        <FONT size=1 face="serif">AAA</FONT>&nbsp;
      </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">770</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="serif">4.00%, 3/01/09, FGIC</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">No Opt. Call</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">772,279</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
      <center>
        <FONT size=1 face="serif">AAA</FONT>&nbsp;
      </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">2,095</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="serif">4.00%, 3/01/10, FGIC</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">No Opt. Call</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">2,099,148</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>

          <center>
    </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Mt. Sinai Union Free Sch. Dist. GO,</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
      <center>
        <FONT size=1 face="serif">AAA</FONT>&nbsp;
      </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">935</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="serif">6.00%, 2/15/08, AMBAC</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">No Opt. Call</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">968,090</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
      <center>
        <FONT size=1 face="serif">AAA</FONT>&nbsp;
      </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">930</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="serif">6.10%, 2/15/09, AMBAC</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">No Opt. Call</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">981,885</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
      <center>
        <FONT size=1 face="serif">AAA</FONT>&nbsp;
      </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">1,075</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="serif">6.10%, 2/15/10, AMBAC</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">No Opt. Call</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">1,154,206</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>

          <center>
    </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">New Paltz Central Sch. Dist. GO,</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
      <center>
        <FONT size=1 face="serif">AAA</FONT>&nbsp;
      </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">500</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="serif">3.125%, 6/01/08, FGIC</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">No Opt. Call</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">492,500</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
      <center>
        <FONT size=1 face="serif">AAA</FONT>&nbsp;
      </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">610</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="serif">3.50%, 6/01/09, FGIC</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">No Opt. Call</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">603,192</FONT>&nbsp;
        </TD>
</TR>
</TABLE>
<BR>
<P align="center">
<FONT size=2 face="serif">See Notes to Financial Statements.</FONT></P>
<P align="center">
<FONT size=2 face="serif">51</FONT></P>

<HR noshade align="center" width="100%" size=4>




<P STYLE="page-break-before:always"></P><PAGE>


<P align="justify">
<B><FONT size=2 face="serif">BlackRock New York Insured Municipal 2008 Term Trust (BLN) (continued)</FONT></B></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD width=5% align=left nowrap>&nbsp;

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=5% align=center nowrap>
      <center>
        <B><FONT size=2 face="serif">Principal</FONT></B>&nbsp;
    </center></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=61% align=left nowrap>&nbsp;

        </TD>
        <TD width=9%>&nbsp;
        </TD>
        <TD width=7% align=left nowrap>&nbsp;

        </TD>
        <TD width=3%>&nbsp;
        </TD>
        <TD width=6% align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
      <center>
        <B><FONT size=2 face="serif">Amount</FONT></B>&nbsp;
    </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<B><FONT size=2 face="serif">Option Call</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap style="border-bottom:1px solid #000000;"> <center>
          <B><FONT size=2 face="serif">Rating</FONT></B><B><SUP><FONT size=2 face="serif">1</FONT></SUP></B>&nbsp;
    </center></TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
      <center>
        <B><FONT size=2 face="serif">(000)</FONT></B>&nbsp;
    </center></TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;"> <center>
          <B><FONT size=2 face="serif">Description</FONT></B>&nbsp;
    </center></TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD align=center nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="serif">Provisions</FONT></B><B><SUP><FONT size=2 face="serif">2</FONT></SUP></B>&nbsp;
        </TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        </TD>
        <TD align=center nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="serif">Value</FONT></B>&nbsp;
        </TD>
</TR>
<TR>
        <TD colspan=9>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

          <div align="right"></div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<B><FONT size=2 face="serif">New York&#151;(cont&#146;d)</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

          <div align="right"></div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">New York City GO,</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
<FONT size=1 face="serif">AAA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
      <div align="right"><FONT size=1 face="serif">&#36; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2,265</FONT>&nbsp;
      </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="serif">4.75%, 8/15/09, XLCA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">08/08 @ 101</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">&#36; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2,318,748</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
<FONT size=1 face="serif">AAA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 <div align="right"><FONT size=1 face="serif">1,000</FONT>&nbsp;
    </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="serif">Ser. A, 5.20%, 8/01/10, FSA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">08/08 @ 101</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">1,035,010</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
<FONT size=1 face="serif">AAA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
      <div align="right"><FONT size=1 face="serif">12,755</FONT>&nbsp;
      </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="serif">Ser. C, 5.00%, 8/01/08, FSA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">No Opt. Call</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">13,048,875</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
<FONT size=1 face="serif">AAA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
      <div align="right"><FONT size=1 face="serif">45</FONT>&nbsp;
      </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="serif">Ser. C-1, 6.25%, 8/01/10, FSA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">07/06 @ 100</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">45,066</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
<FONT size=1 face="serif">AAA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
      <div align="right"><FONT size=1 face="serif">50</FONT>&nbsp;
      </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="serif">Ser. C-1, 6.375%, 8/01/08, MBIA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">07/06 @ 100</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">50,076</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
<FONT size=1 face="serif">AAA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 <div align="right"><FONT size=1 face="serif">2,000</FONT><SUP><FONT size=1 face="serif">3</FONT></SUP>
    </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="serif">Ser. E, 6.20%, 8/01/08, MBIA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">ETM</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">2,095,400</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
<FONT size=1 face="serif">AAA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 <div align="right"><FONT size=1 face="serif">4,895</FONT>&nbsp;
    </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="serif">Ser. E, 6.20%, 8/01/08, MBIA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">No Opt. Call</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">5,123,548</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

          <div align="right"></div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">New York City Mun. Wtr. Fin. Auth. RB,</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
<FONT size=1 face="serif">AAA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
      <div align="right"><FONT size=1 face="serif">11,500</FONT>&nbsp;
      </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="serif">Ser. A, Zero Coupon, 6/15/09, MBIA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">No Opt. Call</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">10,211,655</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
<FONT size=1 face="serif">AAA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 <div align="right"><FONT size=1 face="serif">1,710</FONT><SUP><FONT size=1 face="serif">3</FONT></SUP></div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="serif">Ser. A, 6.00%, 6/15/08, FGIC</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">ETM</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">1,780,384</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
<FONT size=1 face="serif">AAA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 <div align="right"><FONT size=1 face="serif">2,455</FONT><SUP><FONT size=1 face="serif">4</FONT></SUP></div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">New York City RB, 4.75%, 8/15/08, XLCA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">N/A</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">2,525,409</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

          <div align="right"></div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">New York City RB, Hlth. &amp; Hosp. Corp. Hlth. Sys.,</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
<FONT size=1 face="serif">AAA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 <div align="right"><FONT size=1 face="serif">2,810</FONT>&nbsp;
    </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="serif">Ser. A, 3.75%, 2/15/09, FSA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">No Opt. Call</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">2,796,793</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
<FONT size=1 face="serif">AAA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 <div align="right"><FONT size=1 face="serif">2,000</FONT>&nbsp;
    </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="serif">Ser. A, 5.00%, 2/15/08, AMBAC</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">No Opt. Call</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">2,036,720</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
<FONT size=1 face="serif">AAA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 <div align="right"><FONT size=1 face="serif">7,800</FONT><SUP><FONT size=1 face="serif">3</FONT></SUP>
    </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">New York City Transl. Fut. Tax RB, Ser. B, 5.25%, 5/01/11, MBIA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">ETM</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">8,258,172</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

          <div align="right"></div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">New York City Transl. Fin. Auth. RB,</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
<FONT size=1 face="serif">AAA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 <div align="right"><FONT size=1 face="serif">2,605</FONT><SUP><FONT size=1 face="serif">3</FONT></SUP>
    </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="serif">4.00%, 5/01/09, MBIA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">ETM</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">2,613,857</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
<FONT size=1 face="serif">AAA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 <div align="right"><FONT size=1 face="serif">1,395</FONT>&nbsp;
    </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="serif">4.00%, 5/01/09, MBIA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">No Opt. Call</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">1,400,482</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
<FONT size=1 face="serif">AAA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 <div align="right"><FONT size=1 face="serif">2,000</FONT><SUP><FONT size=1 face="serif">3</FONT></SUP>
    </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="serif">Ser. C, 5.00%, 8/01/09, FSA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">ETM</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">2,064,760</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
<FONT size=1 face="serif">AAA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 <div align="right"><FONT size=1 face="serif">1,000</FONT>&nbsp;
    </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">New York St. GO, Ser. F, 5.50%, 9/15/08, AMBAC</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">No Opt. Call</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">1,035,790</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
<FONT size=1 face="serif">AAA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 <div align="right"><FONT size=1 face="serif">1,040</FONT>&nbsp;
    </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Newfane Central Sch. Dist. GO, 3.00%, 6/01/08, FSA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">No Opt. Call</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">1,019,751</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
<FONT size=1 face="serif">AAA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>  <div align="right"><FONT size=1 face="serif">250</FONT>&nbsp;
    </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Pwr. Auth. RB, Ser. CC, 5.125%, 1/01/11, MBIA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">ETM</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">262,490</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
<FONT size=1 face="serif">AAA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 <div align="right"><FONT size=1 face="serif">1,185</FONT>&nbsp;
    </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">So. Seneca Central Sch. Dist. GO, 3.20%, 6/15/08, MBIA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">No Opt. Call</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">1,168,007</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
<FONT size=1 face="serif">AAA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 <div align="right"><FONT size=1 face="serif">1,030</FONT>&nbsp;
    </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Sodus Central Sch. Dist. GO, 4.00%, 6/15/09, FGIC</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">No Opt. Call</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">1,036,232</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
<FONT size=1 face="serif">AAA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 <div align="right"><FONT size=1 face="serif">1,675</FONT>&nbsp;
    </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Suffolk Cnty. Wtr. Auth. RB, Ser. C, 5.75%, 6/01/08, AMBAC</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">No Opt. Call</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">1,733,407</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
<FONT size=1 face="serif">AAA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 <div align="right"><FONT size=1 face="serif">5,000</FONT>&nbsp;
    </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Suffolk Cnty. Ind. Dev. Agcy. RB, 6.00%, 2/01/08, FGIC</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">No Opt. Call</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">5,161,250</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

          <div align="right"></div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Thruway Auth. RB,</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
<FONT size=1 face="serif">AAA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 <div align="right"><FONT size=1 face="serif">4,955</FONT>&nbsp;
    </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="serif">Ser. A, 3.75%, 3/15/09, MBIA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">No Opt. Call</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">4,943,504</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
<FONT size=1 face="serif">AAA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 <div align="right"><FONT size=1 face="serif">2,000</FONT>&nbsp;
    </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="serif">Hwy. &amp; Brdg. Trust Fund Proj., Ser. A, 3.90%, 4/01/09, FSA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">No Opt. Call</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">2,002,480</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
<FONT size=1 face="serif">AAA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 <div align="right"><FONT size=1 face="serif">2,000</FONT>&nbsp;
    </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="serif">Hwy. &amp; Brdg. Trust Fund Proj., Ser. B, 4.00%, 4/01/09, MBIA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">No Opt. Call</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">2,007,620</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
<FONT size=1 face="serif">AAA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 <div align="right"><FONT size=1 face="serif">2,900</FONT>&nbsp;
    </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="serif">Hwy. &amp; Brdg. Trust Fund Proj., Ser. B, 5.25%, 4/01/11, MBIA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">No Opt. Call</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">3,063,792</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
<FONT size=1 face="serif">AAA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 <div align="right"><FONT size=1 face="serif">3,410</FONT>&nbsp;
    </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="serif">Svc. Contract Rev., Local Hwy. &amp; Brdg. Proj., Ser. A, 5.375%, 4/01/09, MBIA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">04/08 @ 101</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">3,532,896</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
<FONT size=1 face="serif">AAA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 <div align="right"><FONT size=1 face="serif">2,265</FONT><SUP><FONT size=1 face="serif">3</FONT></SUP>
    </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Triborough Brdg. &amp; Tunl. Auth. RB, Ser. A, 5.125%, 1/01/11, MBIA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">ETM</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">2,353,426</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

          <div align="right"></div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Urban Dev. Corp. Correctional Facs. RB,</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
<FONT size=1 face="serif">AAA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 <div align="right"><FONT size=1 face="serif">2,000</FONT>&nbsp;
    </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="serif">Ser. A, 5.50%, 1/01/09, AMBAC</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">No Opt. Call</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">2,078,000</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
<FONT size=1 face="serif">AAA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 <div align="right"><FONT size=1 face="serif">5,140</FONT>&nbsp;
    </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="serif">Ser. B, 5.25%, 1/01/10, AMBAC</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">01/09 @ 101</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">5,348,324</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

          <div align="right"></div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<B><FONT size=1 face="serif">Total Long-Term Investments (cost &#36;228,000,069)</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">231,738,542</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

          <div align="right"></div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<B><FONT size=2 face="serif">SHORT-TERM INVESTMENTS&#151;27.2%</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

          <div align="right"></div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<B><FONT size=2 face="serif">Alaska&#151;3.4%</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
<FONT size=1 face="serif">A-1+</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 <div align="right"><FONT size=1 face="serif">5,800</FONT><SUP><FONT size=1 face="serif">5</FONT></SUP>
    </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Valdez Marine Term. RB, Exxon Pipeline Co. Proj., Ser. A, 3.88%, 7/03/06, FRDD</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">N/A</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">5,800,000</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

          <div align="right"></div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<B><FONT size=2 face="serif">New York&#151;13.6%</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

          <div align="right"></div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Local Gov&#146;t. Asst. Corp. RB,</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
<FONT size=1 face="serif">A-1+</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap> <div align="right"><FONT size=1 face="serif">830</FONT><SUP><FONT size=1 face="serif">5</FONT></SUP>
    </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="serif">3.95%, 7/05/06, FRWD</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">N/A</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">830,000</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
<FONT size=1 face="serif">A-1+</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 <div align="right"><FONT size=1 face="serif">8,350</FONT><SUP><FONT size=1 face="serif">5</FONT></SUP></div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="serif">3.90%, 7/05/06, FSA, FRWD</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">N/A</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">8,350,000</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
<FONT size=1 face="serif">A-1+</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
          <div align="right"><FONT size=1 face="serif">675</FONT><SUP><FONT size=1 face="serif">5</FONT></SUP>
    </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Nassau Cnty. Interim Fin. Auth. RB, 3.93%, 7/05/06, FSA, FRWD</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">N/A</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">675,000</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

          <div align="right"></div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">New York City GO,</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
<FONT size=1 face="serif">A-1+</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 <div align="right"><FONT size=1 face="serif">4,700</FONT><SUP><FONT size=1 face="serif">5</FONT></SUP>
    </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="serif">Ser. A-7, 3.95%, 7/03/06, FRDD</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">N/A</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">4,700,000</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
<FONT size=1 face="serif">A-1+</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 <div align="right"><FONT size=1 face="serif">7,740</FONT><SUP><FONT size=1 face="serif">5</FONT></SUP>
    </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="serif">Ser. H-7, 3.95%, 7/03/06, FRDD</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">N/A</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">7,740,000</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

          <div align="right"></div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">New York City Mun. Wtr. Fin. Auth. Wtr. &amp; Swr. Sys. RB,</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
<FONT size=1 face="serif">A-1+</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 <div align="right"><FONT size=1 face="serif">1,100</FONT><SUP><FONT size=1 face="serif">5</FONT></SUP>
    </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="serif">Ser. C, 3.92%, 7/03/06, FRDD</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">N/A</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">1,100,000</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
<FONT size=1 face="serif">A-1+</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 <div align="right"><FONT size=1 face="serif">100</FONT><SUP><FONT size=1 face="serif">5</FONT></SUP>
    </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="serif">Ser. G, 3.94%, 7/03/06, FGIC, FRDD</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">N/A</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">100,000</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

          <div align="right"></div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">23,495,000</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

          <div align="right"></div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<B><FONT size=2 face="serif">Ohio&#151;5.1%</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
<FONT size=1 face="serif">VMIG1</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 <div align="right"><FONT size=1 face="serif">3,200</FONT><SUP><FONT size=1 face="serif">5</FONT></SUP>
    </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Hamilton Cnty. Hosp. Facs. Proj. RB, 3.97%, 7/06/06, FRWD</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">N/A</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">3,200,000</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
<FONT size=1 face="serif">VMIG1</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 <div align="right"><FONT size=1 face="serif">5,600</FONT><SUP><FONT size=1 face="serif">5</FONT></SUP>
    </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Univ. of Akron RB, 3.97%, 7/06/06, FGIC, FRWD</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">N/A</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">5,600,000</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

          <div align="right"></div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">8,800,000</FONT>&nbsp;
        </TD>
</TR>
</TABLE>
<BR>
<P align="center">
<FONT size=2 face="serif">See Notes to Financial Statements.</FONT></P>
<P align="center">
<FONT size=2 face="serif">52</FONT></P>

<HR noshade align="center" width="100%" size=4>




<P STYLE="page-break-before:always"></P><PAGE>


<P align="justify">
<B><FONT size=2 face="serif">BlackRock New York Insured Municipal 2008 Term Trust (BLN) (continued)</FONT></B></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD width=5% align=left nowrap>&nbsp;

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=5% align=center nowrap>
<B><FONT size=2 face="serif">Principal</FONT></B>&nbsp;
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=72% align=left nowrap>&nbsp;

        </TD>
        <TD width=8%>&nbsp;
        </TD>
        <TD width=6% align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<B><FONT size=2 face="serif">Amount</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
      <center>
        <B><FONT size=2 face="serif">Rating</FONT></B><B><SUP><FONT size=2 face="serif">1</FONT></SUP></B>&nbsp;
      </center></TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        </TD>
        <TD align=center nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="serif">(000)</FONT></B>&nbsp;
        </TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;"> <center>
          <B><FONT size=2 face="serif">Description</FONT></B>&nbsp;
    </center></TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD align=center nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="serif">Value</FONT></B>&nbsp;
        </TD>
</TR>
<TR>
        <TD colspan=7>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<B><FONT size=2 face="serif">Puerto Rico&#151;2.5%</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
      <center>
        <FONT size=1 face="serif">A-1</FONT>&nbsp;
      </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">&#36;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1,800</FONT><SUP><FONT size=1 face="serif">5</FONT></SUP>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Gov&#146;t. Dev. Bank RB, 3.87%, 7/05/06, MBIA, FRWD</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">&#36;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1,800,000</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
      <center>
        <FONT size=1 face="serif">A-1</FONT>&nbsp;
      </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">2,500</FONT><SUP><FONT size=1 face="serif">5</FONT></SUP>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Hwy. &amp; Transp. Auth. RB, Ser. A, 3.94%, 7/05/06, AMBAC, FRWD</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">2,500,000</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">4,300,000</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<B><FONT size=2 face="serif">Shares</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="serif">(000)</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<B><FONT size=2 face="serif">Money Market Fund&#151;2.6%</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
<FONT size=1 face="serif">NR</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
      <div align="right"><FONT size=1 face="serif">4,500</FONT>&nbsp;
      </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">AIM Tax Free Investment Co. Cash Reserve Portfolio</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">4,500,000</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<B><FONT size=1 face="serif">Total Short-Term Investments (cost &#36;46,895,000)</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">46,895,000</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<B><FONT size=1 face="serif">Total Investments&#151;161.5% (cost &#36;274,895,069</FONT></B><B><SUP><FONT size=1 face="serif">6</FONT></SUP></B><B><FONT size=1 face="serif">)</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">&#36; 278,633,542</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Other assets in excess of liabilities&#151;2.1%</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">3,537,098</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Preferred shares at redemption value, including dividends payable&#151;(63.6)%</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap><div style="border-bottom:1px solid #000000"> <font size=1 face="serif">(109,650,884)</font> </div></TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<B><FONT size=1 face="serif">Net Assets Applicable to Common Shareholders&#151;100%</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:3px double #000000;">
<FONT size=1 face="serif">&#36; 172,519,756</FONT>&nbsp;
        </TD>
</TR>
</TABLE>
<BR>
<hr align="left" noshade width="200" size="1" color=black>
<SUP><FONT size=1 face="serif">1 </FONT></SUP><FONT size=1 face="serif">Using
the higher of S&amp;P, Moody or Fitch&#146;s rating.</FONT>
<P align="justify">
<SUP><FONT size=1 face="serif">2 </FONT></SUP><FONT size=1 face="serif">Date (month/year) and price of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates.</FONT></P>
<P align="justify"><SUP><FONT size=1 face="serif">3 </FONT></SUP><FONT size=1 face="serif">Security is collateralized by municipal or U.S. Treasury obligations.</FONT></P>
<P align="justify">
<SUP><FONT size=1 face="serif">4 </FONT></SUP><FONT size=1 face="serif">This bond is prerefunded. U.S. government securities, held in escrow, are used to pay interest on this security, as well as retire the bond in full at the date indicated,
typically at a premium to par.</FONT></P>
<P align="justify">
<SUP><FONT size=1 face="serif">5 </FONT></SUP><FONT size=1 face="serif">For purposes of amortized cost valuation, the maturity date of this instrument is considered to be the earlier of the next date on which the security can be redeemed at par, or
the next date on which the rate of interest is adjusted. Rate shown is rate as of June 30, 2006.</FONT></P>
<P align="justify">
<SUP><FONT size=1 face="serif">6 </FONT></SUP><FONT size=1 face="serif">Cost for Federal income tax purposes is &#36;274,332,757. The net unrealized appreciation on a tax basis is &#36;4,300,785, consisting of &#36;5,296,384 gross unrealized
appreciation and &#36;995,599 gross unrealized depreciation.</FONT></P>
<P align="justify">
<FONT size=1 face="serif">The value (market value plus accrued interest) of securities that are covered by insurance, which ensures the payment of principal and interest, represent approximately 88.6% of the Trust&#146;s managed assets:</FONT></P>
<TABLE width="10%" border=0 align="center" cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD align=left nowrap>
<FONT size=1 face="serif">ACA</FONT>&nbsp;
        </TD>
        <TD align=left nowrap>
      <center>
        <FONT size=1 face="serif">&#151;</FONT>&nbsp;
      </center></TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">1.8%</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
<FONT size=1 face="serif">AMBAC</FONT>&nbsp;
        </TD>
        <TD align=left nowrap>
      <center>
        <FONT size=1 face="serif">&#151;</FONT>&nbsp;
      </center></TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">9.0%</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
<FONT size=1 face="serif">CONNIE LEE</FONT>&nbsp;
        </TD>
        <TD align=left nowrap>
      <center>
        <FONT size=1 face="serif">&#151;</FONT>&nbsp;
      </center></TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">2.2%</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
<FONT size=1 face="serif">FGIC</FONT>&nbsp;
        </TD>
        <TD align=left nowrap>
      <center>
        <FONT size=1 face="serif">&#151;</FONT>&nbsp;
      </center></TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">16.4%</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
<FONT size=1 face="serif">FSA</FONT>&nbsp;
        </TD>
        <TD align=left nowrap>
      <center>
        <FONT size=1 face="serif">&#151;</FONT>&nbsp;
      </center></TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">18.5%</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
<FONT size=1 face="serif">MBIA</FONT>&nbsp;
        </TD>
        <TD align=left nowrap>
      <center>
        <FONT size=1 face="serif">&#151;</FONT>&nbsp;
      </center></TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">36.3%</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
<FONT size=1 face="serif">XLCA</FONT>&nbsp;
        </TD>
        <TD align=left nowrap>
      <center>
        <FONT size=1 face="serif">&#151;</FONT>&nbsp;
      </center></TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">2.8%</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
<FONT size=1 face="serif">Other</FONT>&nbsp;
        </TD>
        <TD align=left nowrap>
      <center>
        <FONT size=1 face="serif">&#151;</FONT>&nbsp;
      </center></TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">1.6%</FONT>&nbsp;
        </TD>
</TR>
</TABLE>
<BR>
<div style="border:1px solid #000000; padding:10px">
  <table width="95%" border=0 align="center" cellpadding=0 cellspacing=0>
    <tr valign="bottom">
      <td colspan="7" align=left nowrap><center>
          <b><font size=2 face="serif">KEY TO ABBREVIATIONS</font></b>
      </center></td>
    </tr>
    <tr valign="bottom">
      <td align=left nowrap> <font size=2 face="serif">ACA</font>&nbsp; </td>
      <td align=left nowrap>
        <div align="right"><font size=2 face="sans-serif">&#151;</font>&nbsp; </div></td>
      <td align=left nowrap> <font size=2 face="serif">American Capital Access</font>&nbsp; </td>
      <td>&nbsp; </td>
      <td align=left nowrap> <font size=2 face="serif">FRWD</font>&nbsp; </td>
      <td align=left nowrap>
        <div align="right"><font size=2 face="sans-serif">&#151;</font>&nbsp; </div></td>
      <td align=left nowrap> <font size=2 face="serif">Floating Rate Weekly Demand</font>&nbsp; </td>
    </tr>
    <tr valign="bottom">
      <td align=left nowrap> <font size=2 face="serif">AMBAC</font>&nbsp; </td>
      <td align=left nowrap>
        <div align="right"><font size=2 face="sans-serif">&#151;</font>&nbsp; </div></td>
      <td align=left nowrap> <font size=2 face="serif">American Municipal Bond
          Assurance Corp.</font>&nbsp; </td>
      <td>&nbsp; </td>
      <td align=left nowrap> <font size=2 face="serif">FSA</font>&nbsp; </td>
      <td align=left nowrap>
        <div align="right"><font size=2 face="sans-serif">&#151;</font>&nbsp; </div></td>
      <td align=left nowrap> <font size=2 face="serif">Financial Security Assurance</font>&nbsp; </td>
    </tr>
    <tr valign="bottom">
      <td align=left nowrap> <font size=2 face="serif">CONNIE LEE</font>&nbsp; </td>
      <td align=left nowrap>
        <div align="right"><font size=2 face="sans-serif">&#151;</font>&nbsp; </div></td>
      <td align=left nowrap> <font size=2 face="serif">College Construction Loan
          Insurance Assoc.</font>&nbsp; </td>
      <td>&nbsp; </td>
      <td align=left nowrap> <font size=2 face="serif">GO</font>&nbsp; </td>
      <td align=left nowrap>
        <div align="right"><font size=2 face="sans-serif">&#151;</font>&nbsp; </div></td>
      <td align=left nowrap> <font size=2 face="serif">General Obligation</font>&nbsp; </td>
    </tr>
    <tr valign="bottom">
      <td align=left nowrap> <font size=2 face="serif">ETM</font>&nbsp; </td>
      <td align=left nowrap>
        <div align="right"><font size=2 face="sans-serif">&#151;</font>&nbsp; </div></td>
      <td align=left nowrap> <font size=2 face="serif">Escrowed to Maturity</font>&nbsp; </td>
      <td>&nbsp; </td>
      <td align=left nowrap> <font size=2 face="serif">MBIA</font>&nbsp; </td>
      <td align=left nowrap>
        <div align="right"><font size=2 face="sans-serif">&#151;</font>&nbsp; </div></td>
      <td align=left nowrap> <font size=2 face="serif">Municipal Bond Insurance
          Assoc.</font>&nbsp; </td>
    </tr>
    <tr valign="bottom">
      <td align=left nowrap> <font size=2 face="serif">FGIC</font>&nbsp; </td>
      <td align=left nowrap>
        <div align="right"><font size=2 face="sans-serif">&#151;</font>&nbsp; </div></td>
      <td align=left nowrap> <font size=2 face="serif">Financial Guaranty Insurance
          Co.</font>&nbsp; </td>
      <td>&nbsp; </td>
      <td align=left nowrap> <font size=2 face="serif">RB</font>&nbsp; </td>
      <td align=left nowrap>
        <div align="right"><font size=2 face="sans-serif">&#151;</font>&nbsp; </div></td>
      <td align=left nowrap> <font size=2 face="serif">Revenue Bond</font>&nbsp; </td>
    </tr>
    <tr valign="bottom">
      <td align=left nowrap> <font size=2 face="serif">FRDD</font>&nbsp; </td>
      <td align=left nowrap>
        <div align="right"><font size=2 face="sans-serif">&#151;</font>&nbsp; </div></td>
      <td align=left nowrap> <font size=2 face="serif">Floating Rate Daily Demand</font>&nbsp; </td>
      <td>&nbsp; </td>
      <td align=left nowrap> <font size=2 face="serif">XLCA</font>&nbsp; </td>
      <td align=left nowrap>
        <div align="right"><font size=2 face="sans-serif">&#151;</font>&nbsp; </div></td>
      <td align=left nowrap> <font size=2 face="serif">XL Capital Assurance</font>&nbsp; </td>
    </tr>
  </table>
</div>
<BR>
<P align="center">
<FONT size=2 face="serif">See Notes to Financial Statements.</FONT></P>
<P align="center">
<FONT size=2 face="serif">53</FONT></P>

<HR noshade align="center" width="100%" size=4>




<P STYLE="page-break-before:always"></P><PAGE>
<P align="justify">
<B><FONT face="serif">PORTFOLIO OF INVESTMENTS (unaudited)</FONT></B><BR>
<B><FONT face="serif">JUNE 30, 2006</FONT></B></P>
<P align="justify">
<B><FONT size=2 face="serif">BlackRock New York Municipal 2018 Term Trust (BLH)</FONT></B></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD width=6% align=left nowrap>&nbsp;

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=5% align=center nowrap>
<B><FONT size=2 face="serif">Principal</FONT></B>&nbsp;
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=63% align=left nowrap>&nbsp;

        </TD>
        <TD width=6%>&nbsp;
        </TD>
        <TD width=7% align=left nowrap>&nbsp;

        </TD>
        <TD width=3%>&nbsp;
        </TD>
        <TD width=6% align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<B><FONT size=2 face="serif">Amount</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<B><FONT size=2 face="serif">Option Call</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
      <center>
        <B><FONT size=2 face="serif">Rating</FONT></B><B><SUP><FONT size=2 face="serif">1</FONT></SUP></B>&nbsp;
      </center></TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        </TD>
        <TD align=center nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="serif">(000)</FONT></B>&nbsp;
        </TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
      <center>
        <B><FONT size=2 face="serif">Description</FONT></B>&nbsp;
    </center></TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD align=center nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="serif">Provisions</FONT></B><B><SUP><FONT size=2 face="serif">2</FONT></SUP></B>&nbsp;
        </TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        </TD>
        <TD align=center nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="serif">Value</FONT></B>&nbsp;
        </TD>
</TR>
<TR>
        <TD colspan=9>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<B><FONT size=2 face="serif">LONG-TERM INVESTMENTS&#151;150.5%</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<B><FONT size=2 face="serif">Multi-State&#151;7.3%</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
<FONT size=1 face="serif">A3</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">&#36;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4,000</FONT><SUP><FONT size=1 face="serif">3</FONT></SUP>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Charter Mac Equity Issuer Trust, Ser. A, 6.625%, 6/30/09</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">No Opt. Call</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">&#36;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4,225,640</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<B><FONT size=2 face="serif">New York&#151;135.1%</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
<FONT size=1 face="serif">NR</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">450</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Albany Indl. Dev. Agcy. RB, New Covenant Charter Sch. Proj., Ser. A, 7.00%, 5/01/25</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">05/15 @ 102</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">425,880</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Dorm. Auth. RB,</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
<FONT size=1 face="serif">AA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap><div align="right"><FONT size=1 face="serif">1,000</FONT>&nbsp;
    </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="serif">Brooklyn Law Sch. Proj., Ser. A, 5.50%, 7/01/18, RAA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">07/13 @ 100</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">1,059,370</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
<FONT size=1 face="serif">AA-</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap><div align="right"><FONT size=1 face="serif">1,800</FONT><SUP><FONT size=1 face="serif">4</FONT></SUP>
    </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="serif">City Univ. Proj., Ser. A, 5.125%, 7/01/11</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">N/A</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">1,894,860</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
<FONT size=1 face="serif">AAA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap><div align="right"><FONT size=1 face="serif">3,455</FONT><SUP><FONT size=1 face="serif">4</FONT></SUP>
    </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="serif">Mental Hlth. Svcs. Proj., Ser. A, 5.00%, 2/15/08</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">N/A</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">3,585,115</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
<FONT size=1 face="serif">AA-</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">295</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="serif">Mental Hlth. Svcs. Proj., Ser. A, 5.00%, 2/15/18</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">02/08 @ 102</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">300,932</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
<FONT size=1 face="serif">AAA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">110</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="serif">Mental Hlth. Svcs. Proj., Ser. A, 5.50%, 8/15/20, MBIA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">08/11 @ 100</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">116,976</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
<FONT size=1 face="serif">AAA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 <div align="right"><FONT size=1 face="serif">1,030</FONT><SUP><FONT size=1 face="serif">4</FONT></SUP>
    </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="serif">Mental Hlth. Svcs. Proj., Ser. B, 5.50%, 8/15/11, MBIA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">N/A</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">1,105,623</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
<FONT size=1 face="serif">AAA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 <div align="right"><FONT size=1 face="serif">1,480</FONT><SUP><FONT size=1 face="serif">4</FONT></SUP>
    </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="serif">Mental Hlth. Svcs. Proj., Ser. B, 5.50%, 8/15/11, MBIA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">N/A</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">1,588,662</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
<FONT size=1 face="serif">AA-</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 <div align="right"><FONT size=1 face="serif">1,170</FONT><SUP><FONT size=1 face="serif">4</FONT></SUP>
    </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="serif">Upstate Cmnty. Proj., Ser. A, 5.00%, 7/01/09</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">N/A</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">1,217,373</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
<FONT size=1 face="serif">AA-</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 <div align="right"><FONT size=1 face="serif">2,060</FONT>&nbsp;
    </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="serif">Upstate Cmnty. Proj., Ser. A, 5.00%, 7/01/19</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">07/09 @ 101</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">2,113,478</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
<FONT size=1 face="serif">AAA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 <div align="right"><FONT size=1 face="serif">1,000</FONT>&nbsp;
    </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="serif">Willow Towers, Inc., Proj., 5.25%, 2/01/22</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">08/12 @ 101</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">1,048,130</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
<FONT size=1 face="serif">Aaa</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 <div align="right"><FONT size=1 face="serif">1,320</FONT>&nbsp;
    </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">East Rochester Hsg. Auth. RB, 5.20%, 12/20/24</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">12/11 @ 101</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">1,357,726</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
<FONT size=1 face="serif">BBB</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 <div align="right"><FONT size=1 face="serif">2,450</FONT>&nbsp;
    </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Jefferson Cnty. Indl. Dev. Agcy. Sld. Wst. Disp. RB, 5.20%, 12/01/20</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">12/13 @ 100</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">2,401,245</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
<FONT size=1 face="serif">AAA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 <div align="right"><FONT size=1 face="serif">1,900</FONT>&nbsp;
    </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Long Island Pwr. Auth. Elec. Sys. RB, Zero Coupon, 6/01/18, FSA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">No Opt. Call</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">1,113,495</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
<FONT size=1 face="serif">AAA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 <div align="right"><FONT size=1 face="serif">5,000</FONT>&nbsp;
    </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Met. Transp. Auth. RB, Ser. A, 5.125%, 11/15/21, FGIC</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">11/12 @ 100</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">5,244,100</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

          <div align="right"></div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">New York City GO,</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
<FONT size=1 face="serif">AA-</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 <div align="right"><FONT size=1 face="serif">4,000</FONT>&nbsp;
    </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="serif">Ser. B, 5.375%, 12/01/20</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">12/11 @ 100</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">4,189,480</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
<FONT size=1 face="serif">AA-</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 <div align="right"><FONT size=1 face="serif">5,000</FONT>&nbsp;
    </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="serif">Ser. G, 5.75%, 8/01/18</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">08/12 @ 100</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">5,397,350</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
<FONT size=1 face="serif">A-</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 <div align="right"><FONT size=1 face="serif">4,000</FONT>&nbsp;
    </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">New York City Indl. Dev. Agcy. Civic Fac. RB, YMCA of Greater New York Proj., 5.25%, 8/01/21 .</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">02/11 @ 100</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">4,086,080</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
<FONT size=1 face="serif">B</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 <div align="right"><FONT size=1 face="serif">1,000</FONT>&nbsp;
    </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">New York City Indl. Dev. Agcy. RB, 7.50%, 8/01/16</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">No Opt. Call</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">1,127,510</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

          <div align="right"></div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">New York City Transl. Fin. Auth. RB,</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
<FONT size=1 face="serif">AAA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 <div align="right"><FONT size=1 face="serif">1,090</FONT><SUP><FONT size=1 face="serif">4</FONT></SUP>
    </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="serif">5.00%, 5/01/09</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">N/A</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">1,132,325</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
<FONT size=1 face="serif">AAA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
      <div align="right"><FONT size=1 face="serif">805</FONT>&nbsp;
      </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="serif">5.00%, 5/01/19</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">05/09 @ 101</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">829,070</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
<FONT size=1 face="serif">AAA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 <div align="right"><FONT size=1 face="serif">3,000</FONT>&nbsp;
    </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="serif">Ser. B, 5.00%, 5/01/18</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">11/11 @ 101</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">3,113,280</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
<FONT size=1 face="serif">AA-</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 <div align="right"><FONT size=1 face="serif">3,500</FONT>&nbsp;
    </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">New York Urban Dev. Corp. Correctional Facs. RB, 5.00%, 1/01/19</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">01/08 @ 102</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">3,563,770</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
<FONT size=1 face="serif">AA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 <div align="right"><FONT size=1 face="serif">4,180</FONT>&nbsp;
    </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Niagara Cnty. Ind. Dev. Agcy. Civic Fac. RB, Niagara Univ. Proj., Ser. A, 5.35%, 11/01/23, RAA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">11/11 @ 101</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">4,382,646</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
<FONT size=1 face="serif">AA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 <div align="right"><FONT size=1 face="serif">4,130</FONT>&nbsp;
    </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Oneida Hlth. Care Corp. RB, Residential Hlth. Care Proj., 5.30%, 2/01/21, RAA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">02/11 @ 101</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">4,286,527</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
<FONT size=1 face="serif">AA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 <div align="right"><FONT size=1 face="serif">3,875</FONT>&nbsp;
    </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Orange Cnty. Ind. Dev. Agcy. Civic Fac. RB, St. Luke&#146;s Hosp. Newburg Proj., Ser. A,</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

          <div align="right"></div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="serif">5.375%, 12/01/21, RAA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">12/11 @ 101</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">4,057,241</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

          <div align="right"></div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Port Auth. of New York &amp; New Jersey RB,</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
<FONT size=1 face="serif">AAA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 <div align="right"><FONT size=1 face="serif">3,885</FONT><SUP><FONT size=1 face="serif">5</FONT></SUP>
    </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="serif">Ser. 126, 5.00%, 11/15/18, FGIC</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">05/12 @ 101</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">3,960,602</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
<FONT size=1 face="serif">Caa2</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 <div align="right"><FONT size=1 face="serif">2,600</FONT>&nbsp;
    </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="serif">Contl./Eastn. LaGuardia Proj., 9.125%, 12/01/15</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">07/06 @ 100</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">2,662,556</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
<FONT size=1 face="serif">BBB</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 <div align="right"><FONT size=1 face="serif">4,000</FONT>&nbsp;
    </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Rockland Tobacco Asset Sec. Corp. Tobacco Settlement RB, 5.625%, 8/15/35</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">08/12 @ 100</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">4,080,640</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
<FONT size=1 face="serif">AAA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 <div align="right"><FONT size=1 face="serif">3,000</FONT><SUP><FONT size=1 face="serif">4</FONT></SUP>
    </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">TSASC, Inc., Tobacco Settlement RB, Ser. 1, 5.75%, 7/15/12</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">N/A</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">3,281,940</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
<FONT size=1 face="serif">AAA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 <div align="right"><FONT size=1 face="serif">3,710</FONT>&nbsp;
    </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Westchester Cnty. Ind. Dev. Agcy. Civic Fac. RB, Ser. A, 5.125%, 12/01/22, AMBAC</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">12/11 @ 102</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">3,887,783</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

          <div align="right"></div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">78,611,765</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

          <div align="right"></div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<B><FONT size=2 face="serif">Puerto Rico&#151;8.1%</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
<FONT size=1 face="serif">BBB</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 <div align="right"><FONT size=1 face="serif">2,000</FONT>&nbsp;
    </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Children&#146;s Trust Fund Tobacco Settlement RB, 5.625%, 5/15/43</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">05/12 @ 100</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">2,049,960</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
<FONT size=1 face="serif">Aaa</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 <div align="right"><FONT size=1 face="serif">2,500</FONT><SUP><FONT size=1 face="serif">4</FONT></SUP></div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Pub. Fin. Corp. RB, Ser. E, 5.70%, 2/01/10</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">N/A</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">2,645,100</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

          <div align="right"></div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">4,695,060</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

          <div align="right"></div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<B><FONT size=1 face="serif">Total Long-Term Investments (cost &#36;83,168,068)</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">87,532,465</FONT>&nbsp;
        </TD>
</TR>
</TABLE>
<BR>
<P align="center">
<FONT size=2 face="serif">See Notes to Financial Statements.</FONT></P>
<P align="center">
<FONT size=2 face="serif">54</FONT></P>

<HR noshade align="center" width="100%" size=4>




<P STYLE="page-break-before:always"></P><PAGE>


<P align="justify">
<B><FONT size=2 face="serif">BlackRock New York Municipal 2018 Term Trust (BLH) (continued)</FONT></B></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD width=7% align=center nowrap>&nbsp;</TD>
        <TD width=4% align=center nowrap>
<B><FONT size=2 face="serif">Shares</FONT></B>&nbsp;
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=73% align=left nowrap>&nbsp;

        </TD>
        <TD width=8%>&nbsp;
        </TD>
        <TD width=6% align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
      <center>
        <B><FONT size=2 face="serif">(000)</FONT></B>&nbsp;
      </center></TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;"> <center>
          <B><FONT size=2 face="serif">Description</FONT></B>&nbsp;
    </center></TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD align=center nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="serif">Value</FONT></B>&nbsp;
        </TD>
</TR>
<TR>
        <TD colspan=6>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<B><FONT size=2 face="serif">MONEY MARKET FUND&#151;0.6%</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>&nbsp;</TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">350</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">AIM Tax Free Investment Co. Cash Reserve Portfolio (cost &#36;350,000)</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">&#36;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 350,000</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<B><FONT size=1 face="serif">Total Investments&#151;151.1% (cost &#36;83,518,068</FONT></B><B><SUP><FONT size=1 face="serif">6</FONT></SUP></B><B><FONT size=1 face="serif">)</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">&#36; 87,882,465</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Other assets in excess of liabilities&#151;2.9%</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">1,697,046</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Preferred shares at redemption value, including dividends payable&#151;(54.0)%</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">(31,409,034)</FONT></TD>
  </TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<B><FONT size=1 face="serif">Net Assets Applicable to Common Shareholders&#151;100%</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:3px double #000000;">
<FONT size=1 face="serif">&#36; 58,170,477</FONT>&nbsp;
        </TD>
</TR>
</TABLE>
<BR>
<hr align="left" noshade width="200" size="1" color=black>
<SUP><FONT size=1 face="serif">1 </FONT></SUP><FONT size=1 face="serif">Using
the higher of S&amp;P, Moody or Fitch&#146;s rating.</FONT>
<P align="justify">
<SUP><FONT size=1 face="serif">2 </FONT></SUP><FONT size=1 face="serif">Date (month/year) and price of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates.</FONT></P>
<P align="justify">
<SUP><FONT size=1 face="serif">3 </FONT></SUP><FONT size=1 face="serif">Security is not registered under the Securities Act of 1933. These securities may be resold in transactions in accordance with Rule 144A under that Act, to qualified
institutional buyers. As of June 30, 2006, the Trust held 7.3% of its net assets, with a current market value of &#36;4,225,640, in securities restricted as to resale.</FONT></P>
<P align="justify">
<SUP><FONT size=1 face="serif">4 </FONT></SUP><FONT size=1 face="serif">This bond is prerefunded. U.S. government securities, held in escrow, are used to pay interest on this security, as well as retire the bond in full at the date indicated,
typically at a premium to par.</FONT></P>
<P align="justify">
<SUP><FONT size=1 face="serif">5 </FONT></SUP><FONT size=1 face="serif">Security pledged as collateral.</FONT></P>
<P align="justify">
<SUP><FONT size=1 face="serif">6 </FONT></SUP><FONT size=1 face="serif">Cost for Federal income tax purposes is &#36;83,520,084. The net unrealized appreciation on a tax basis is &#36;4,362,381, consisting of &#36;4,423,787 gross unrealized
appreciation and &#36;61,406 gross unrealized depreciation.</FONT></P>
<div style="border:1px solid #000000; padding:10px">
  <table width="95%" border=0 align="center" cellpadding=0 cellspacing=0>
    <tr valign="bottom">
      <td colspan="7" align=left nowrap>
        <center>
          <b><font size=2 face="serif">KEY TO ABBREVIATIONS</font></b>&nbsp;
      </center></td>
    </tr>
    <tr valign="bottom">
      <td align=left nowrap> <font size=2 face="serif">AMBAC</font>&nbsp; </td>
      <td align=left nowrap>
        <div align="right"><font size=2 face="sans-serif">&#151;</font>&nbsp; </div></td>
      <td align=left nowrap> <font size=2 face="serif">American Municipal Bond
          Assurance Corp.</font>&nbsp; </td>
      <td>&nbsp; </td>
      <td align=left nowrap> <font size=2 face="serif">MBIA</font>&nbsp; </td>
      <td align=left nowrap>
        <div align="right"><font size=2 face="sans-serif">&#151;</font>&nbsp; </div></td>
      <td align=left nowrap> <font size=2 face="serif">Municipal Bond Insurance
          Assoc.</font>&nbsp; </td>
    </tr>
    <tr valign="bottom">
      <td align=left nowrap> <font size=2 face="serif">FGIC</font>&nbsp; </td>
      <td align=right nowrap> <font size=2 face="sans-serif">&#151;</font>&nbsp; </td>
      <td align=left nowrap> <font size=2 face="serif">Financial Guaranty Insurance
          Co.</font>&nbsp; </td>
      <td>&nbsp; </td>
      <td align=left nowrap> <font size=2 face="serif">RAA</font>&nbsp; </td>
      <td align=left nowrap>
        <div align="right"><font size=2 face="sans-serif">&#151;</font>&nbsp; </div></td>
      <td align=left nowrap> <font size=2 face="serif">Radian Asset Assurance</font>&nbsp; </td>
    </tr>
    <tr valign="bottom">
      <td align=left nowrap> <font size=2 face="serif">FSA</font>&nbsp; </td>
      <td align=right nowrap> <font size=2 face="sans-serif">&#151;</font>&nbsp; </td>
      <td align=left nowrap> <font size=2 face="serif">Financial Security Assurance</font>&nbsp; </td>
      <td>&nbsp; </td>
      <td align=left nowrap> <font size=2 face="serif">RB</font>&nbsp; </td>
      <td align=left nowrap>
        <div align="right"><font size=2 face="sans-serif">&#151;</font>&nbsp; </div></td>
      <td align=left nowrap> <font size=2 face="serif">Revenue Bond</font>&nbsp; </td>
    </tr>
    <tr valign="bottom">
      <td align=left nowrap> <font size=2 face="serif">GO</font>&nbsp; </td>
      <td align=right nowrap> <font size=2 face="sans-serif">&#151;</font>&nbsp; </td>
      <td align=left nowrap> <font size=2 face="serif">General Obligation</font>&nbsp; </td>
      <td>&nbsp; </td>
      <td align=left nowrap>&nbsp; </td>
      <td align=left nowrap>&nbsp; </td>
      <td align=left nowrap>&nbsp; </td>
    </tr>
  </table>
</div>
<BR>
<P align="center">
<FONT size=2 face="serif">See Notes to Financial Statements.</FONT></P>
<P align="center">
<FONT size=2 face="serif">55</FONT></P>

<HR noshade align="center" width="100%" size=4>




<P STYLE="page-break-before:always"></P><PAGE>
<P align="justify">
<B><FONT face="serif">PORTFOLIO OF INVESTMENTS (unaudited)</FONT></B><BR>
<B><FONT face="serif">JUNE 30, 2006</FONT></B></P>
<P align="justify">
<B><FONT size=2 face="serif">BlackRock Pennsylvania Strategic Municipal Trust (BPS)</FONT></B></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD width=6% align=left nowrap>&nbsp;

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=5% align=center nowrap>
      <center>
        <B><FONT size=2 face="serif">Principal</FONT></B>&nbsp;
    </center></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=62% align=left nowrap>&nbsp;

        </TD>
        <TD width=7%>&nbsp;
        </TD>
        <TD width=7% align=left nowrap>&nbsp;

        </TD>
        <TD width=3%>&nbsp;
        </TD>
        <TD width=6% align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
      <center>
        <B><FONT size=2 face="serif">Amount</FONT></B>&nbsp;
    </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<B><FONT size=2 face="serif">Option Call</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
      <center>
        <B><FONT size=2 face="serif">Rating</FONT></B><B><SUP><FONT size=2 face="serif">1</FONT></SUP></B>&nbsp;
      </center></TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        </TD>
        <TD align=center nowrap style="border-bottom:1px solid #000000;">
      <center>
        <B><FONT size=2 face="serif">(000)</FONT></B>&nbsp;
    </center></TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
      <center>
        <B><FONT size=2 face="serif">Description</FONT></B>&nbsp;
      </center></TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD align=center nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="serif">Provisions</FONT></B><B><SUP><FONT size=2 face="serif">2</FONT></SUP></B>&nbsp;
        </TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        </TD>
        <TD align=center nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="serif">Value</FONT></B>&nbsp;
        </TD>
</TR>
<TR>
        <TD colspan=9>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

          <div align="right"></div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<B><FONT size=2 face="serif">LONG-TERM INVESTMENTS&#151;137.1%</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

          <div align="right"></div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<B><FONT size=2 face="serif">Multi-State&#151;14.1%</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
<FONT size=1 face="serif">A3</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
      <div align="right"><FONT size=1 face="serif">&#36; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4,000</FONT><SUP><FONT size=1 face="serif">3</FONT></SUP>
      </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">MuniMae TE Bond Subsidiary LLC, Ser. A, 6.875%, 6/30/49</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">06/09 @ 100</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">&#36; &nbsp;&nbsp;&nbsp;&nbsp;4,253,240</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

          <div align="right"></div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<B><FONT size=2 face="serif">Pennsylvania&#151;113.6%</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
<FONT size=1 face="serif">AAA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 <div align="right"><FONT size=1 face="serif">2,150</FONT><SUP><FONT size=1 face="serif">4</FONT></SUP>
    </div></TD>
        <TD><SUP><FONT size=1 face="serif">,5</FONT></SUP>
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Allegheny Cnty. Port Auth. RB, 6.125%, 3/01/09, MBIA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">N/A</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">2,289,298</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
<FONT size=1 face="serif">AAA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 <div align="right"><FONT size=1 face="serif">1,800</FONT><SUP><FONT size=1 face="serif">4</FONT></SUP>
    </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Allegheny Cnty. San. Auth. RB, 5.375%, 12/01/07, MBIA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">N/A</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">1,872,198</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
<FONT size=1 face="serif">BBB+</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 <div align="right"><FONT size=1 face="serif">1,400</FONT>&nbsp;
    </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Bucks Cnty. Ind. Dev. Auth. RB, Pennswood Vlg. Proj., Ser. A, 6.00%, 10/01/34</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">10/12 @ 101</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">1,460,690</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
<FONT size=1 face="serif">AAA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 <div align="right"><FONT size=1 face="serif">2,500</FONT><SUP><FONT size=1 face="serif">6</FONT></SUP></div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Delaware Cnty. Hlth. Facs. Auth. RB, Mercy Hlth. Corp. Proj., 6.00%, 12/15/26</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">ETM</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">2,575,725</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
<FONT size=1 face="serif">AAA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 <div align="right"><FONT size=1 face="serif">1,250</FONT>&nbsp;
    </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Delaware Cnty. Ind. Dev. Auth. Wtr. Facs. RB, 6.00%, 6/01/29, FGIC</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">06/09 @ 101</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">1,325,075</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

          <div align="right"></div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Econ. Dev. Fin. Auth. RB,</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
<FONT size=1 face="serif">A3</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 <div align="right"><FONT size=1 face="serif">1,000</FONT>&nbsp;
    </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="serif">Amtrak Proj., Ser. A, 6.25%, 11/01/31</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">05/11 @ 101</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">1,066,050</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
<FONT size=1 face="serif">A3</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 <div align="right"><FONT size=1 face="serif">1,000</FONT>&nbsp;
    </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="serif">Amtrak Proj., Ser. A, 6.375%, 11/01/41</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">05/11 @ 101</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">1,070,470</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
<FONT size=1 face="serif">NR</FONT><SUP><FONT size=1 face="serif">7</FONT></SUP>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 <div align="right"><FONT size=1 face="serif">1,000</FONT>&nbsp;
    </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="serif">Amtrak Proj., Ser. G, 5.125%, 12/01/15</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">No Opt. Call</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">972,350</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

          <div align="right"></div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Higher Edl. Facs. Auth. RB,</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
<FONT size=1 face="serif">AA-</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 <div align="right"><FONT size=1 face="serif">1,250</FONT>&nbsp;
    </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="serif">Lafayette Coll. Proj., 6.00%, 5/01/30</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">05/10 @ 100</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">1,331,275</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
<FONT size=1 face="serif">AA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
      <div align="right"><FONT size=1 face="serif">95</FONT>&nbsp;
      </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="serif">Philadelphia Univ. Proj., 6.10%, 6/01/30, RAA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">06/10 @ 100</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">100,764</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
<FONT size=1 face="serif">AA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 <div align="right"><FONT size=1 face="serif">2,000</FONT>&nbsp;
    </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="serif">Univ. of the Arts Proj., Ser. A, 5.00%, 9/15/33, RAA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">09/16 @ 100</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">2,018,960</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
<FONT size=1 face="serif">AA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 <div align="right"><FONT size=1 face="serif">1,030</FONT>&nbsp;
    </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="serif">Univ. of PA. Proj., Ser. C, 4.75%, 7/15/35</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">07/15 @ 100</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">1,003,076</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
<FONT size=1 face="serif">AAA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 <div align="right"><FONT size=1 face="serif">1,000</FONT>&nbsp;
    </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="serif">Univ. Pptys. Student Hsg. Proj., A, 5.00%, 8/01/35</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">08/16 @ 100</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">1,012,600</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
<FONT size=1 face="serif">A-</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 <div align="right"><FONT size=1 face="serif">1,250</FONT>&nbsp;
    </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Montgomery Cnty. Ind. Dev. Auth. Retirement Cmnty. RB, 5.25%, 11/15/28</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">11/08 @ 101</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">1,250,400</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
<FONT size=1 face="serif">AA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 <div align="right"><FONT size=1 face="serif">1,000</FONT>&nbsp;
    </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Pennsylvania St. Univ. RB, 5.00%, 9/01/35</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">09/15 @ 100</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">1,020,550</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
<FONT size=1 face="serif">AAA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 <div align="right"><FONT size=1 face="serif">1,250</FONT>&nbsp;
    </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Philadelphia Arpt. Sys. RB, Ser. B, 5.40%, 6/15/27, FGIC</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">06/07 @ 102</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">1,275,800</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
<FONT size=1 face="serif">AAA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 <div align="right"><FONT size=1 face="serif">1,250</FONT>&nbsp;
    </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Philadelphia Pkg. Auth. Pkg. RB, 5.625%, 9/01/18, FSA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">09/09 @ 101</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">1,316,388</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

          <div align="right"></div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Philadelphia Sch. Dist. GO,</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
<FONT size=1 face="serif">AAA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 <div align="right"><FONT size=1 face="serif">2,800</FONT><SUP><FONT size=1 face="serif">4</FONT></SUP>
    </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="serif">Ser. C, 5.50%, 3/01/10, MBIA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">N/A</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">2,945,152</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
<FONT size=1 face="serif">AAA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 <div align="right"><FONT size=1 face="serif">3,050</FONT>&nbsp;
    </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="serif">Ser. C, 5.75%, 3/01/29, MBIA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">03/10 @ 100</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">3,233,793</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
<FONT size=1 face="serif">AAA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 <div align="right"><FONT size=1 face="serif">2,000</FONT>&nbsp;
    </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Pittsburgh Wtr. &amp; Swr. Sys. RB, 5.00%, 9/01/33, MBIA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">09/15 @ 100</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">2,039,620</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
<FONT size=1 face="serif">AAA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 <div align="right"><FONT size=1 face="serif">2,250</FONT>&nbsp;
    </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Southeastern Trans. Auth. RB, 5.375%, 3/01/17, FGIC</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">03/07 @ 102</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">2,317,005</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
<FONT size=1 face="serif">AAA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 <div align="right"><FONT size=1 face="serif">840</FONT>&nbsp;
    </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Washington Cnty. Auth. RB, Cap. Fdg. &amp; Equip. Proj., 6.15%, 12/01/29</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">No Opt. Call</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">894,104</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

          <div align="right"></div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">34,391,343</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

          <div align="right"></div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<B><FONT size=2 face="serif">Puerto Rico&#151;9.4%</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
<FONT size=1 face="serif">Aaa</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 <div align="right"><FONT size=1 face="serif">1,495</FONT><SUP><FONT size=1 face="serif">4</FONT></SUP>
    </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Pub. Fin. Corp. RB, Ser. E, 5.50%, 2/01/12</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">N/A</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">1,607,469</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
<FONT size=1 face="serif">BBB-</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 <div align="right"><FONT size=1 face="serif">1,250</FONT>&nbsp;
    </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Indl. Tourist Edl. RB, Ana G. Mendez Univ. Sys. Proj., 5.00%, 3/01/26</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">03/16 @ 100</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">1,234,512</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

          <div align="right"></div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">2,841,981</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

          <div align="right"></div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<B><FONT size=1 face="serif">Total Long-Term Investments (cost &#36;39,627,137)</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">41,486,564</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

          <div align="right"></div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<B><FONT size=2 face="serif">SHORT-TERM INVESTMENTS&#151;17.8%</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

          <div align="right"></div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<B><FONT size=2 face="serif">Pennsylvania&#151;17.8%</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
<FONT size=1 face="serif">A-1+</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
      <div align="right"><FONT size=1 face="serif">1,400</FONT><SUP><FONT size=1 face="serif">8</FONT></SUP>    </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Emmaus Gen. Auth. RB, 3.98%, 7/05/06, FSA, FRWD</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">N/A</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">1,400,000</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
<FONT size=1 face="serif">VMIG1</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 <div align="right"><FONT size=1 face="serif">100</FONT><SUP><FONT size=1 face="serif">8</FONT></SUP>
    </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Higher Ed. Facs. Auth. RB, St. Sys. Higher Ed. Proj., Ser. A, 3.96%, 7/06/06, MBIA, FRWD</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">N/A</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">100,000</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

          <div align="right"></div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Higher Edl. Asst. Agcy. RB,</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
<FONT size=1 face="serif">VMIG1</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 <div align="right"><FONT size=1 face="serif">500</FONT><SUP><FONT size=1 face="serif">8</FONT></SUP>
    </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="serif">4.01%, 7/05/06, AMBAC, FRWD</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">N/A</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">500,000</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
<FONT size=1 face="serif">A-1+</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 <div align="right"><FONT size=1 face="serif">1,400</FONT><SUP><FONT size=1 face="serif">8</FONT></SUP>
    </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="serif">Ser. A, 4.01%, 7/05/06, AMBAC, FRWD</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">N/A</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">1,400,000</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
<FONT size=1 face="serif">VMIG1</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 <div align="right"><FONT size=1 face="serif">800</FONT><SUP><FONT size=1 face="serif">8</FONT></SUP>
    </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Lehigh Cnty. Gen. Purp. Auth. RB, Lehigh Valley Hosp. Proj., 3.89%, 7/03/06, AMBAC, FRDD .</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">N/A</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">800,000</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
<FONT size=1 face="serif">A-1</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 <div align="right"><FONT size=1 face="serif">1,200</FONT><SUP><FONT size=1 face="serif">8</FONT></SUP>
    </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">South Fork Mun. Auth. Hosp. RB, Conemaugh Hlth Sys. Proj., Ser. A, 3.98%,</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

          <div align="right"></div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="serif">7/03/06, MBIA, FRDD</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">N/A</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">1,200,000</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

          <div align="right"></div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<B><FONT size=1 face="serif">Total Short-Term Investments (cost &#36;5,400,000)</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">5,400,000</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

          <div align="right"></div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<B><FONT size=1 face="serif">Total Investments&#151;154.9% (cost &#36;45,027,137</FONT></B><B><SUP><FONT size=1 face="serif">9</FONT></SUP></B><B><FONT size=1 face="serif">)</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">&#36;&nbsp; 46,886,564</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

          <div align="right"></div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Other assets in excess of liabilities&#151;2.9%</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">888,783</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

          <div align="right"></div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Preferred shares at redemption value, including dividends payable&#151;(57.8)%</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">(17,503,356)</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

          <div align="right"></div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<B><FONT size=1 face="serif">Net Assets Applicable to Common Shareholders&#151;100%</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:3px double #000000;">
<FONT size=1 face="serif">&#36;&nbsp; 30,271,991</FONT>&nbsp;
        </TD>
</TR>
</TABLE>
<BR>
<P align="center">
<FONT size=2 face="serif">See Notes to Financial Statements.</FONT></P>
<P align="center">
<FONT size=2 face="serif">56</FONT></P>

<HR noshade align="center" width="100%" size=4>




<P STYLE="page-break-before:always"></P><PAGE>


<P align="justify">
<B><FONT size=2 face="serif">BlackRock Pennsylvania Strategic Municipal Trust (BPS) (continued)</FONT></B></P>
<hr align="left" noshade width="200" size="1" color=black>
<SUP><FONT size=1 face="serif">1 </FONT></SUP><FONT size=1 face="serif">Using
the higher of S&amp;P, Moody or Fitch&#146;s rating.</FONT>
<P align="justify">
<SUP><FONT size=1 face="serif">2 </FONT></SUP><FONT size=1 face="serif">Date (month/year) and price of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates.</FONT></P>
<P align="justify">
<SUP><FONT size=1 face="serif">3 </FONT></SUP><FONT size=1 face="serif">Security is not registered under the Securities Act of 1933. These securities may be resold in transactions in accordance with Rule 144A under that Act, to qualified
institutional buyers. As of June 30, 2006, the Trust held 14.1% of its net assets, with a current market value of &#36;4,253,240, in securities restricted as to resale.</FONT></P>
<P align="justify">
<SUP><FONT size=1 face="serif">4 </FONT></SUP><FONT size=1 face="serif">This bond is prerefunded. U.S. government securities, held in escrow, are used to pay interest on this security, as well as retire the bond in full at the date indicated,
typically at a premium to par.</FONT></P>
<P align="justify">
<SUP><FONT size=1 face="serif">5 </FONT></SUP><FONT size=1 face="serif">Security pledged as collateral.</FONT></P>
<P align="justify">
<SUP><FONT size=1 face="serif">6 </FONT></SUP><FONT size=1 face="serif">Security is collateralized by municipal or U.S. Treasury obligations.</FONT></P>
<P align="justify">
<SUP><FONT size=1 face="serif">7 </FONT></SUP><FONT size=1 face="serif">Security is deemed to be of investment grade quality by the investment advisor.</FONT></P>
<P align="justify">
<SUP><FONT size=1 face="serif">8 </FONT></SUP><FONT size=1 face="serif">For purposes of amortized cost valuation, the maturity date of this instrument is considered to be the earlier of the next date on which the security can be redeemed at par, or
the next date on which the rate of interest is adjusted. Rate shown is rate as of June 30, 2006.</FONT></P>
<P align="justify">
<SUP><FONT size=1 face="serif">9 </FONT></SUP><FONT size=1 face="serif">Cost for Federal income tax purposes is &#36;44,972,176. The net unrealized appreciation on a tax basis is &#36;1,914,388, consisting of &#36;2,025,868 gross unrealized
appreciation and &#36;111,480 gross unrealized depreciation.</FONT></P>
<div style="border:1px solid #000000; padding:10px">
  <table width="95%" border=0 align="center" cellpadding=0 cellspacing=0>
    <tr valign="bottom">
      <td colspan="7" align=left nowrap>
        <center>
          <b><font size=2 face="serif">KEY TO ABBREVIATIONS</font></b>&nbsp;
      </center></td>
    </tr>
    <tr valign="bottom">
      <td align=left nowrap> <font size=2 face="serif">AMBAC </font></td>
      <td align=left nowrap>
        <div align="right"><font size=2 face="sans-serif">&#151;</font>&nbsp; </div></td>
      <td align=left nowrap> <font size=2 face="serif">American Municipal Bond
          Assurance Corp.</font>&nbsp; </td>
      <td>&nbsp; </td>
      <td align=left nowrap> <font size=2 face="serif">FSA</font>&nbsp; </td>
      <td align=left nowrap>
        <div align="right"><font size=2 face="sans-serif">&#151;</font>&nbsp; </div></td>
      <td align=left nowrap> <font size=2 face="serif">Financial Security Assurance</font>&nbsp; </td>
    </tr>
    <tr valign="bottom">
      <td align=left nowrap> <font size=2 face="serif">ETM</font>&nbsp; </td>
      <td align=right nowrap> <font size=2 face="sans-serif">&#151;</font>&nbsp; </td>
      <td align=left nowrap> <font size=2 face="serif">Escrowed to Maturity</font>&nbsp; </td>
      <td>&nbsp; </td>
      <td align=left nowrap> <font size=2 face="serif">GO</font>&nbsp; </td>
      <td align=left nowrap>
        <div align="right"><font size=2 face="sans-serif">&#151;</font>&nbsp; </div></td>
      <td align=left nowrap> <font size=2 face="serif">General Obligation</font>&nbsp; </td>
    </tr>
    <tr valign="bottom">
      <td align=left nowrap> <font size=2 face="serif">FGIC</font>&nbsp; </td>
      <td align=right nowrap> <font size=2 face="sans-serif">&#151;</font>&nbsp; </td>
      <td align=left nowrap> <font size=2 face="serif">Financial Guaranty Insurance
          Co.</font>&nbsp; </td>
      <td>&nbsp; </td>
      <td align=left nowrap> <font size=2 face="serif">MBIA</font>&nbsp; </td>
      <td align=left nowrap>
        <div align="right"><font size=2 face="sans-serif">&#151;</font>&nbsp; </div></td>
      <td align=left nowrap> <font size=2 face="serif">Municipal Bond Insurance
          Assoc.</font>&nbsp; </td>
    </tr>
    <tr valign="bottom">
      <td align=left nowrap> <font size=2 face="serif">FRDD</font>&nbsp; </td>
      <td align=right nowrap> <font size=2 face="sans-serif">&#151;</font>&nbsp; </td>
      <td align=left nowrap> <font size=2 face="serif">Floating Rate Daily Demand</font>&nbsp; </td>
      <td>&nbsp; </td>
      <td align=left nowrap> <font size=2 face="serif">RAA</font>&nbsp; </td>
      <td align=left nowrap>
        <div align="right"><font size=2 face="sans-serif">&#151;</font>&nbsp; </div></td>
      <td align=left nowrap> <font size=2 face="serif">Radian Asset Assurance</font>&nbsp; </td>
    </tr>
    <tr valign="bottom">
      <td align=left nowrap> <font size=2 face="serif">FRWD</font>&nbsp; </td>
      <td align=right nowrap> <font size=2 face="sans-serif">&#151;</font>&nbsp; </td>
      <td align=left nowrap> <font size=2 face="serif">Floating Rate Weekly Demand</font>&nbsp; </td>
      <td>&nbsp; </td>
      <td align=left nowrap> <font size=2 face="serif">RB</font>&nbsp; </td>
      <td align=left nowrap>
        <div align="right"><font size=2 face="sans-serif">&#151;</font>&nbsp; </div></td>
      <td align=left nowrap> <font size=2 face="serif">Revenue Bond</font>&nbsp; </td>
    </tr>
  </table>
</div>
<BR>
<P align="center">
<FONT size=2 face="serif">See Notes to Financial Statements.</FONT></P>
<P align="center">
<FONT size=2 face="serif">57</FONT></P>

<HR noshade align="center" width="100%" size=4>




<P STYLE="page-break-before:always"></P><PAGE>
<P align="justify">
<B><FONT face="serif">PORTFOLIO OF INVESTMENTS (unaudited)</FONT></B><BR>
<B><FONT face="serif">JUNE 30, 2006</FONT></B></P>
<P align="justify">
<B><FONT size=2 face="serif">BlackRock Long-Term Municipal Advantage Trust (BTA)</FONT></B></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD width=5% align=left nowrap>&nbsp;

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=5% align=center nowrap>
<B><FONT size=2 face="serif">Principal</FONT></B>&nbsp;
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=61% align=left nowrap>&nbsp;

        </TD>
        <TD width=9%>&nbsp;
        </TD>
        <TD width=7% align=left nowrap>&nbsp;

        </TD>
        <TD width=3%>&nbsp;
        </TD>
        <TD width=6% align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<B><FONT size=2 face="serif">Amount</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<B><FONT size=2 face="serif">Option Call</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
      <center>
        <B><FONT size=2 face="serif">Rating</FONT></B><B><SUP><FONT size=2 face="serif">1</FONT></SUP></B>&nbsp;
      </center></TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
      <center>
        <B><FONT size=2 face="serif">(000)</FONT></B>&nbsp;
      </center></TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;"> <center>
          <B><FONT size=2 face="serif">Description</FONT></B>&nbsp;
    </center></TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD align=center nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="serif">Provisions</FONT></B><B><SUP><FONT size=2 face="serif">2</FONT></SUP></B>&nbsp;
        </TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        </TD>
        <TD align=center nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="serif">Value</FONT></B>&nbsp;
        </TD>
</TR>
<TR>
        <TD colspan=9>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<B><FONT size=2 face="serif">LONG-TERM INVESTMENTS&#151;100.8%</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<B><FONT size=2 face="serif">Municipal Bonds&#151;100.8%</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<B><FONT size=2 face="serif">California&#151;19.6%</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
<FONT size=1 face="serif">A+</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">&#36;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10,000</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">California GO, 5.00%, 2/01/32</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">08/13 @ 100</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">&#36;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10,088,500</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
<FONT size=1 face="serif">NR</FONT><SUP><FONT size=1 face="serif">3</FONT></SUP>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">7,000</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Irvine Unified Sch. Dist. Fin. Grp. II ST, Ser. A, 5.125%, 9/01/36</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">09/06 @ 103</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">6,863,780</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
<FONT size=1 face="serif">BBB</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">72,945</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Stanislaus Cnty. Tobacco Sec. Cap. Apprec. RB, Ser. A, Zero Coupon, 6/01/46</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">06/16 @ 18.256</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">6,210,537</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
<FONT size=1 face="serif">BBB+</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">7,250</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Statewide Cmntys. RB, Daughters of Charity Hlth. Proj., Ser. A, 5.00%, 7/01/39</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">07/15 @ 100</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">7,123,415</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
<FONT size=1 face="serif">BBB</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">60,000</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Statewide Fin. Auth. Tobacco Settlement Cap. Apprec. RB, Turbo Pooled Prog. A,</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="serif">Zero Coupon, 6/01/46</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">06/16 @ 15.782</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">5,088,600</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">35,374,832</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<B><FONT size=2 face="serif">District of Columbia&#151;13.7%</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Tobacco Settlement Fin. Corp.,</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
<FONT size=1 face="serif">BBB</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">6,880</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="serif">Asset Bkd. Bds., 6.25%, 5/15/24</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">05/11 @ 101</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">7,276,632</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
<FONT size=1 face="serif">BBB</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">15,415</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="serif">RB, 6.50%, 5/15/33</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">No Opt. Call</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">17,332,934</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">24,609,566</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<B><FONT size=2 face="serif">Florida&#151;1.1%</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
<FONT size=1 face="serif">NR</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">1,150</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Baywinds Cmnty. Dev. Dist. RB, Ser. A, 5.25%, 5/01/37</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">05/16 @ 100</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">1,122,964</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
<FONT size=1 face="serif">AAA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">865</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">JEA Wtr. &amp; Swr. Sys. RB, Ser. A, 4.75%, 10/01/36, MBIA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">04/11 @ 100</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">837,960</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">1,960,924</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<B><FONT size=2 face="serif">Georgia&#151;0.5%</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
<FONT size=1 face="serif">BBB</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">1,000</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Cobb Cnty. Dev. Auth. RB, Waga Sld. Wst. Mgt. Proj., Ser. A, 5.00%, 4/01/33</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">04/16 @ 101</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">971,210</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<B><FONT size=2 face="serif">Idaho&#151;2.9%</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Madison Cnty. Hosp. COP,</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
<FONT size=1 face="serif">BBB-</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">2,145</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="serif">5.25%, 9/01/26</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">09/16 @ 100</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">2,164,734</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
<FONT size=1 face="serif">BBB-</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">1,000</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="serif">5.25%, 9/01/30</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">09/16 @ 100</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">1,001,330</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
<FONT size=1 face="serif">BBB-</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">2,000</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="serif">5.25%, 9/01/37</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">09/16 @ 100</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">2,002,660</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">5,168,724</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<B><FONT size=2 face="serif">Illinois&#151;10.3%</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Fin. Auth. RB,</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
<FONT size=1 face="serif">A-</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">14,890</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="serif">Illinois Inst. of Technology Proj., Ser. A, 5.00%, 4/01/36</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">04/16 @ 100</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">14,684,667</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
<FONT size=1 face="serif">BBB-</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">4,000</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="serif">Proctor Hosp. Proj., 5.125%, 1/01/25</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">01/16 @ 100</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">3,939,200</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">18,623,867</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<B><FONT size=2 face="serif">Indiana&#151;2.8%</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
<FONT size=1 face="serif">Baa2</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">5,000</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Delaware Cnty. Hosp. Auth. RB, Cardinal Hlth. Sys. Proj., 5.25%, 8/01/36</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">08/16 @ 100</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">4,969,850</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<B><FONT size=2 face="serif">Montana&#151;2.2%</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Two Rivers Auth, Inc. RB,</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
<FONT size=1 face="serif">NR</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">1,500</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="serif">7.25%, 11/01/21</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">11/11 @ 107</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">1,455,570</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
<FONT size=1 face="serif">NR</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">2,600</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="serif">7.375%, 11/01/27</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">11/11 @ 107</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">2,514,512</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">3,970,082</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<B><FONT size=2 face="serif">Nevada&#151;3.6%</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
<FONT size=1 face="serif">NR</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">6,600</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Henderson Local Impvt. Dist. No. T-18 SA, 5.30%, 9/01/35</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">09/06 @ 103</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">6,446,814</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<B><FONT size=2 face="serif">New Hampshire&#151;2.7%</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
<FONT size=1 face="serif">BBB</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">5,000</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">St. Business Fin. Auth. RB, Wst. Mgmt., Inc. Proj., 5.20%, 5/01/27</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">05/16 @ 101</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">4,949,450</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<B><FONT size=2 face="serif">New Jersey&#151;4.2%</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
<FONT size=1 face="serif">BBB</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">7,335</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Tobacco Settlement Fin. Corp. Asset Bkd. Bds., 5.75%, 6/01/32</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">06/12 @ 100</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">7,634,048</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<B><FONT size=2 face="serif">New Mexico&#151;8.1%</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
<FONT size=1 face="serif">BBB</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">15,000</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Farmington PCRB, San Juan Proj., Ser. B, 4.875%, 4/01/33</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">04/16 @ 101</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">14,573,250</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<B><FONT size=2 face="serif">New York&#151;7.2%</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
<FONT size=1 face="serif">BBB</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">5,000</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">Nassau Cnty. Tobacco Settlement Corp. Asset Bkd. Bds., Ser. A2, Zero Coupon, 6/01/26</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">06/16 @ 100</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">4,271,750</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
<FONT size=1 face="serif">B</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="serif">7,600</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="serif">New York City Indl. Dev. Agcy. RB American Airlines, JFK Intl. Arpt. Proj., 7.625%, 8/01/25</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="serif">08/16 @ 101</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">8,777,316</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">13,049,066</FONT>&nbsp;
        </TD>
</TR>
</TABLE><BR>
<P align="center">
<FONT size=2 face="serif">See Notes to Financial Statements.</FONT></P>
<P align="center">
<FONT size=2 face="serif">58</FONT></P>

<HR noshade align="center" width="100%" size=4>
<P STYLE="page-break-before:always"></P><PAGE>
<P align="justify"><B><FONT size=2 face="serif">BlackRock Long-Term Municipal
      Advantage Trust (BTA) (continued)</FONT></B></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD width=5% align=left nowrap>&nbsp; </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=5% align=center nowrap> <B><FONT size=2 face="serif">Principal</FONT></B>&nbsp; </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=62% align=left nowrap>&nbsp; </TD>
    <TD width=9%>&nbsp; </TD>
    <TD width=7% align=left nowrap>&nbsp; </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=left nowrap>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left nowrap>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=center nowrap> <B><FONT size=2 face="serif">Amount</FONT></B>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left nowrap>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=center nowrap> <B><FONT size=2 face="serif">Option Call</FONT></B>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left nowrap>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left nowrap style="border-bottom:1px solid #000000;">
      <center>
        <B><FONT size=2 face="serif">Rating</FONT></B><B><SUP><FONT size=2 face="serif">1</FONT></SUP></B>&nbsp;
    </center></TD>
    <TD style="border-bottom:1px solid #000000;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;">
      <center>
        <B><FONT size=2 face="serif">(000)</FONT></B>&nbsp;
    </center></TD>
    <TD style="border-bottom:1px solid #000000;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD align=left nowrap style="border-bottom:1px solid #000000;">
      <center>
        <B><FONT size=2 face="serif">Description</FONT></B>&nbsp;
    </center></TD>
    <TD style="border-bottom:1px solid #000000;">&nbsp; </TD>
    <TD align=center nowrap style="border-bottom:1px solid #000000;"> <B><FONT size=2 face="serif">Provisions</FONT></B><B><SUP><FONT size=2 face="serif">2</FONT></SUP></B>&nbsp; </TD>
    <TD style="border-bottom:1px solid #000000;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD align=center nowrap style="border-bottom:1px solid #000000;"> <B><FONT size=2 face="serif">Value</FONT></B>&nbsp; </TD>
  </TR>
  <TR>
    <TD colspan=9>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left nowrap>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left nowrap>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left nowrap> <B><FONT size=2 face="serif">Puerto Rico&#151;3.7%</FONT></B>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left nowrap>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left nowrap>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=center nowrap> <FONT size=1 face="serif">BBB-</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=right nowrap> <FONT size=1 face="serif">&#36; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6,825</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left nowrap> <FONT size=1 face="serif">Indl. Tourist Edl. RB, Ana
        G. Mendez Univ. Sys. Proj., 5.00%, 3/01/36</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=center nowrap> <FONT size=1 face="serif">03/16 @ 100</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;"> <FONT size=1 face="serif">&#36;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6,629,396</FONT>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left nowrap>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left nowrap>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left nowrap> <B><FONT size=2 face="serif">Texas&#151;14.7%</FONT></B>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left nowrap>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left nowrap>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=center nowrap> <FONT size=1 face="serif">BBB</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=right nowrap> <FONT size=1 face="serif">10,000</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left nowrap> <FONT size=1 face="serif">Alliance Arpt. Auth., Inc.
        Spl. Fac. RB, FedEx Corp. Proj., 4.85%, 4/01/21</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=center nowrap> <FONT size=1 face="serif">04/16 @ 100</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=right nowrap> <FONT size=1 face="serif">9,772,800</FONT>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=center nowrap> <FONT size=1 face="serif">Baa2</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=right nowrap> <FONT size=1 face="serif">10,000</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left nowrap> <FONT size=1 face="serif">Brazos River Auth. PCRB,
        5.00%, 3/01/41</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=center nowrap> <FONT size=1 face="serif">03/11 @ 100</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=right nowrap> <FONT size=1 face="serif">9,802,900</FONT>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=center nowrap> <FONT size=1 face="serif">AAA</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=right nowrap> <FONT size=1 face="serif">7,000</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left nowrap> <FONT size=1 face="serif">Dallas/Fort Worth Intl.
        Arpt. Facs. Impvt. Corp. RB, Ser. A, 5.00%, 11/01/35, FSA</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=center nowrap> <FONT size=1 face="serif">11/08 @ 100</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;"> <FONT size=1 face="serif">7,005,600</FONT>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left nowrap>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left nowrap>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left nowrap>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left nowrap>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;"> <FONT size=1 face="serif">26,581,300</FONT>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left nowrap>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left nowrap>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left nowrap> <B><FONT size=2 face="serif">Virginia&#151;3.5%</FONT></B>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left nowrap>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left nowrap>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left nowrap>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left nowrap>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left nowrap> <FONT size=1 face="serif">Peninsula Ports Auth. RB,
        Baptist Homes Proj.,</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left nowrap>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left nowrap>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=center nowrap> <FONT size=1 face="serif">NR</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=right nowrap> <FONT size=1 face="serif">3,250</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left nowrap> &nbsp; &nbsp;<FONT size=1 face="serif">Ser. C, 5.375%,
        12/01/26</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=center nowrap> <FONT size=1 face="serif">12/16 @ 100</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=right nowrap> <FONT size=1 face="serif">3,248,115</FONT>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=center nowrap> <FONT size=1 face="serif">NR</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=right nowrap> <FONT size=1 face="serif">3,000</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left nowrap> &nbsp; &nbsp;<FONT size=1 face="serif">Ser. C, 5.40%,
        12/01/33</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=center nowrap> <FONT size=1 face="serif">12/16 @ 100</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;"> <FONT size=1 face="serif">2,983,830</FONT>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left nowrap>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left nowrap>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left nowrap>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left nowrap>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;"> <FONT size=1 face="serif">6,231,945</FONT>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left nowrap>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left nowrap>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left nowrap> <B><FONT size=1 face="serif">Total Municipal Bonds</FONT></B>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left nowrap>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;"> <FONT size=1 face="serif">181,744,324</FONT>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left nowrap>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left nowrap>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left nowrap> <B><FONT size=2 face="serif">Tender Obligation Municipal
          Bonds&#151;0.0%</FONT></B>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left nowrap>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left nowrap>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left nowrap>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left nowrap>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left nowrap> <B><FONT size=2 face="serif">California&#151;0.0%</FONT></B>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left nowrap>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left nowrap>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=center nowrap> <FONT size=1 face="serif">AAA</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=right nowrap> <FONT size=1 face="serif">5</FONT><SUP><FONT size=1 face="serif">4</FONT></SUP> </TD>
    <TD>&nbsp; </TD>
    <TD align=left nowrap> <FONT size=1 face="serif">Golden St. Tobacco Sec.
        RITES, Ser. 1271, 6/01/45, AMBAC</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=center nowrap> <FONT size=1 face="serif">06/15 @ 100</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=right nowrap> <FONT size=1 face="serif">&#151;</FONT>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=center nowrap> <FONT size=1 face="serif">AAA</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=right nowrap> <FONT size=1 face="serif">5</FONT><SUP><FONT size=1 face="serif">4</FONT></SUP> </TD>
    <TD>&nbsp; </TD>
    <TD align=left nowrap> <FONT size=1 face="serif">Univ. of California RITES,
        Ser. 1274, 5/15/38, MBIA</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=center nowrap> <FONT size=1 face="serif">05/13 @ 101</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;"> <FONT size=1 face="serif">&#151;</FONT>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left nowrap>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left nowrap>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left nowrap>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left nowrap>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;"> <FONT size=1 face="serif">&#151;</FONT>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left nowrap>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left nowrap>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left nowrap> <B><FONT size=2 face="serif">Georgia&#151;0.0%</FONT></B>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left nowrap>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left nowrap>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=center nowrap> <FONT size=1 face="serif">AAA</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=right nowrap> <FONT size=1 face="serif">5</FONT><SUP><FONT size=1 face="serif">4</FONT></SUP> </TD>
    <TD>&nbsp; </TD>
    <TD align=left nowrap> <FONT size=1 face="serif">Atlanta Arpt. Passenger
        Fac. RITES, Ser. 1283, 1/01/33, FSA</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=center nowrap> <FONT size=1 face="serif">07/14 @ 100</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=right nowrap> <FONT size=1 face="serif">&#151;</FONT>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=center nowrap> <FONT size=1 face="serif">AAA</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=right nowrap> <FONT size=1 face="serif">5</FONT><SUP><FONT size=1 face="serif">4</FONT></SUP> </TD>
    <TD>&nbsp; </TD>
    <TD align=left nowrap> <FONT size=1 face="serif">Atlanta Wtr. &amp; Wstwtr.
        RITES, Ser. 1273, 11/01/43, FSA</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=center nowrap> <FONT size=1 face="serif">11/14 @ 100</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;"> <FONT size=1 face="serif">&#151;</FONT>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left nowrap>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left nowrap>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left nowrap>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left nowrap>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;"> <FONT size=1 face="serif">&#151;</FONT>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left nowrap>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left nowrap>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left nowrap> <B><FONT size=2 face="serif">Illinois&#151;0.0%</FONT></B>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left nowrap>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left nowrap>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=center nowrap> <FONT size=1 face="serif">AAA</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=right nowrap> <FONT size=1 face="serif">5</FONT><SUP><FONT size=1 face="serif">4</FONT></SUP> </TD>
    <TD>&nbsp; </TD>
    <TD align=left nowrap> <FONT size=1 face="serif">Chicago O&#146;Hare Intl.
        Arpt. RITES, Ser. 1284, 1/01/33, FGIC</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=center nowrap> <FONT size=1 face="serif">01/16 @ 100</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;"> <FONT size=1 face="serif">&#151;</FONT>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left nowrap>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left nowrap>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left nowrap> <B><FONT size=2 face="serif">Indiana&#151;0.0%</FONT></B>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left nowrap>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left nowrap>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left nowrap>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left nowrap>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left nowrap> <FONT size=1 face="serif">Carmel Ind. Redev. Auth.
        Lease RITES,</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left nowrap>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left nowrap>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=center nowrap> <FONT size=1 face="serif">AA</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=right nowrap> <FONT size=1 face="serif">5</FONT><SUP><FONT size=1 face="serif">4</FONT></SUP> </TD>
    <TD>&nbsp; </TD>
    <TD align=left nowrap> &nbsp; &nbsp;<FONT size=1 face="serif">Ser. 1275,
        2/01/33</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=center nowrap> <FONT size=1 face="serif">02/16 @ 100</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=right nowrap> <FONT size=1 face="serif">&#151;</FONT>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=center nowrap> <FONT size=1 face="serif">AA</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=right nowrap> <FONT size=1 face="serif">5</FONT><SUP><FONT size=1 face="serif">4</FONT></SUP> </TD>
    <TD>&nbsp; </TD>
    <TD align=left nowrap> &nbsp; &nbsp;<FONT size=1 face="serif">Ser. 1275,
        2/01/33</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=center nowrap> <FONT size=1 face="serif">02/16 @ 100</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;"> <FONT size=1 face="serif">&#151;</FONT>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left nowrap>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left nowrap>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left nowrap>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left nowrap>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;"> <FONT size=1 face="serif">&#151;</FONT>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left nowrap>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left nowrap>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left nowrap> <B><FONT size=2 face="serif">Nebraska&#151;0.0%</FONT></B>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left nowrap>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left nowrap>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=center nowrap> <FONT size=1 face="serif">AAA</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=right nowrap> <FONT size=1 face="serif">5</FONT><SUP><FONT size=1 face="serif">4</FONT></SUP> </TD>
    <TD>&nbsp; </TD>
    <TD align=left nowrap> <FONT size=1 face="serif">Omaha Pub. Pwr. Dist. Elec.
        RITES, Ser. 1289, 2/01/36, FGIC</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=center nowrap> <FONT size=1 face="serif">02/16 @ 100</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;"> <FONT size=1 face="serif">&#151;</FONT>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left nowrap>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left nowrap>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left nowrap> <B><FONT size=2 face="serif">New York&#151;0.0%</FONT></B>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left nowrap>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left nowrap>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=center nowrap> <FONT size=1 face="serif">Aa3</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=right nowrap> <FONT size=1 face="serif">5</FONT><SUP><FONT size=1 face="serif">4</FONT></SUP> </TD>
    <TD>&nbsp; </TD>
    <TD align=left nowrap> <FONT size=1 face="serif">Liberty Dev. Corp. RITES,
        Ser. 1288, 10/01/35</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=center nowrap> <FONT size=1 face="serif">No Opt. Call</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=right nowrap> <FONT size=1 face="serif">&#151;</FONT>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=center nowrap> <FONT size=1 face="serif">Aa2</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=right nowrap> <FONT size=1 face="serif">5</FONT><SUP><FONT size=1 face="serif">4</FONT></SUP> </TD>
    <TD>&nbsp; </TD>
    <TD align=left nowrap> <FONT size=1 face="serif">New York City Mun. Wtr.
        Fin. Auth. RITES, Ser. 1314, 6/15/39</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=center nowrap> <FONT size=1 face="serif">06/15 @ 100</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;"> <FONT size=1 face="serif">&#151;</FONT>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left nowrap>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left nowrap>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left nowrap>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left nowrap>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;"> <FONT size=1 face="serif">&#151;</FONT>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left nowrap>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left nowrap>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left nowrap> <B><FONT size=2 face="serif">North Carolina&#151;0.0%</FONT></B>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left nowrap>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left nowrap>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=center nowrap> <FONT size=1 face="serif">AA</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=right nowrap> <FONT size=1 face="serif">5</FONT><SUP><FONT size=1 face="serif">4</FONT></SUP> </TD>
    <TD>&nbsp; </TD>
    <TD align=left nowrap> <FONT size=1 face="serif">Charlotte Mecklenberg Hosp.
        RITES, Ser. 1272, 1/15/45</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=center nowrap> <FONT size=1 face="serif">01/15 @ 100</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=right nowrap> <FONT size=1 face="serif">&#151;</FONT>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=center nowrap> <FONT size=1 face="serif">AA+</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=right nowrap> <FONT size=1 face="serif">5</FONT><SUP><FONT size=1 face="serif">4</FONT></SUP> </TD>
    <TD>&nbsp; </TD>
    <TD align=left nowrap> <FONT size=1 face="serif">Univ. of No. Carolina Chapel
        Hill RITES, Ser. 1287, 12/01/34</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=center nowrap> <FONT size=1 face="serif">12/15 @ 100</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;"> <FONT size=1 face="serif">&#151;</FONT>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left nowrap>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left nowrap>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left nowrap>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left nowrap>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;"> <FONT size=1 face="serif">&#151;</FONT>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left nowrap>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left nowrap>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left nowrap> <B><FONT size=2 face="serif">South Carolina&#151;0.0%</FONT></B>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left nowrap>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left nowrap>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=center nowrap> <FONT size=1 face="serif">Aaa</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=right nowrap> <FONT size=1 face="serif">5</FONT><SUP><FONT size=1 face="serif">4</FONT></SUP> </TD>
    <TD>&nbsp; </TD>
    <TD align=left nowrap> <FONT size=1 face="serif">Transp. Infrastructure Bank
        RITES, Ser. 1285, 10/01/33, AMBAC</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=center nowrap> <FONT size=1 face="serif">10/13 @ 100</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;"> <FONT size=1 face="serif">&#151;</FONT>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left nowrap>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left nowrap>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left nowrap> <B><FONT size=2 face="serif">Texas&#151;0.0%</FONT></B>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left nowrap>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left nowrap>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=center nowrap> <FONT size=1 face="serif">AAA</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=right nowrap> <FONT size=1 face="serif">5</FONT><SUP><FONT size=1 face="serif">4</FONT></SUP> </TD>
    <TD>&nbsp; </TD>
    <TD align=left nowrap> <FONT size=1 face="serif">New Caney Indpt. Sch. Dist.
        RITES, Ser. 1286, 2/15/35</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=center nowrap> <FONT size=1 face="serif">02/16 @ 100</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;"> <FONT size=1 face="serif">&#151;</FONT>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left nowrap>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left nowrap>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left nowrap> <B><FONT size=1 face="serif">Total Long-Term Investments
          (cost &#36;185,293,238)</FONT></B>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left nowrap>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;"> <FONT size=1 face="serif">181,744,324</FONT>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left nowrap>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left nowrap>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left nowrap> <B><FONT size=2 face="serif">SHORT TERM INVESTMENTS&#151;1.2%</FONT></B>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left nowrap>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left nowrap>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left nowrap>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left nowrap>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left nowrap> <B><FONT size=2 face="serif">Nebraska&#151;0.1%</FONT></B>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left nowrap>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left nowrap>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=center nowrap> <FONT size=1 face="serif">A-1+</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=right nowrap> <FONT size=1 face="serif">141</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left nowrap> <FONT size=1 face="serif">American Pub. Energy Agcy.,
        Gas Sply. RB, 3.99%, 7/06/06, FRWD</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=center nowrap> <FONT size=1 face="serif">NA</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;"> <FONT size=1 face="serif">141,000</FONT>&nbsp; </TD>
  </TR>
</TABLE>
<BR>
<P align="center"> <FONT size=2 face="serif">See Notes to Financial Statements.</FONT></P>
<P align="center"> <FONT size=2 face="serif">59</FONT></P>
<HR noshade align="center" width="100%" size=4>
<P STYLE="page-break-before:always"></P>
<PAGE>
<P align="justify"> <B><FONT size=2 face="serif">BlackRock Long-Term Municipal
      Advantage Trust (BTA) (continued)</FONT></B></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD width=6% align=center nowrap>&nbsp;</TD>
    <TD width=5% align=center nowrap> <B><FONT size=2 face="serif">Shares</FONT></B>&nbsp; </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=72% align=left nowrap>&nbsp; </TD>
    <TD width=9%>&nbsp; </TD>
    <TD width=6% align=left nowrap>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=center nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
    <TD align=center nowrap style="border-bottom:1px solid #000000;"> <B><FONT size=2 face="serif">(000)</FONT></B>&nbsp; </TD>
    <TD style="border-bottom:1px solid #000000;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD align=left nowrap style="border-bottom:1px solid #000000;">
      <center>
        <B><FONT size=2 face="serif">Description</FONT></B>&nbsp;
    </center></TD>
    <TD style="border-bottom:1px solid #000000;">&nbsp; </TD>
    <TD align=center nowrap style="border-bottom:1px solid #000000;"> <B><FONT size=2 face="serif">Value</FONT></B>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left nowrap> <B><FONT size=2 face="serif">Money Market Fund&#151;1.1%</FONT></B>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left nowrap>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=center nowrap>&nbsp;</TD>
    <TD align=center nowrap> <FONT size=1 face="serif">2,050</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left nowrap> <FONT size=1 face="serif">AIM Tax Free Investment
        Co. Cash Reserve Portfolio</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;"> <FONT size=1 face="serif">&#36; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2,050,000</FONT>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left nowrap> <B><FONT size=1 face="serif">Total Short-term Investments
          (cost &#36;2,191,000)</FONT></B>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;"> <FONT size=1 face="serif">2,191,000</FONT>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left nowrap> <B><FONT size=1 face="serif">Total Investments&#151;102.0%
          (cost &#36;187,484,238</FONT></B><B><SUP><FONT size=1 face="serif">5</FONT></SUP></B><B><FONT size=1 face="serif">)</FONT></B>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=right nowrap> <FONT size=1 face="serif">&#36; 183,935,324</FONT>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left nowrap> <FONT size=1 face="serif">Liabilities in excess of
        other assets&#151;(2.0)%</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;"> <FONT size=1 face="serif">(3,576,999)</FONT> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left nowrap> <B><FONT size=1 face="serif">Net Assets Applicable
          to Common Shareholders&#151;100%</FONT></B>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=right nowrap style="border-bottom:3px double #000000;"> <FONT size=1 face="serif">&#36; 180,358,325</FONT>&nbsp; </TD>
  </TR>
</TABLE>
<BR>
<hr align="left" noshade width="200" size="1" color=black>
<SUP><FONT size=1 face="serif">1 </FONT></SUP><FONT size=1 face="serif">Using
the higher of S&amp;P, Moody or Fitch rating.</FONT>
<P align="justify"> <SUP><FONT size=1 face="serif">2 </FONT></SUP><FONT size=1 face="serif">Date
    (month/year) and price of the earliest optional call or redemption. There
    may be other call provisions at varying prices at later dates. </FONT></P>
<P align="justify"><SUP><FONT size=1 face="serif">3 </FONT></SUP><FONT size=1 face="serif">Security
    is deemed to be of investment grade quality by the investment advisor.</FONT></P>
<P align="justify"> <SUP><FONT size=1 face="serif">4 </FONT></SUP><FONT size=1 face="serif">Residual
    Interest/Tax Exempt Municipal Bonds. The interest rate shown bears an inverse
    relationship to the interest rate on another security or the value of an
    index.</FONT></P>
<P align="justify"> <SUP><FONT size=1 face="serif">5 </FONT></SUP><FONT size=1 face="serif">Cost
    for Federal income tax purposes is &#36;187,484,165. The net unrealized depreciation
    on a tax basis is &#36;3,548,841, consisting of &#36;6,082,769 gross unrealized
    appreciation and &#36;9,631,610 gross unrealized depreciation.</FONT></P>
<div style="border:1px solid #000000; padding:10px">
  <table width="95%" border=0 align="center" cellpadding=0 cellspacing=0>
    <tr valign="bottom">
      <td colspan="7" align=left nowrap>
        <center>
          <b><font size=2 face="serif">KEY TO ABBREVIATIONS</font></b>&nbsp;
      </center></td>
    </tr>
    <tr valign="bottom">
      <td align=left nowrap> <font size=2 face="serif">AMBAC </font>&nbsp; </td>
      <td align=left nowrap>
        <div align="right"><font size=2 face="sans-serif">&#151;</font>&nbsp; </div></td>
      <td align=left nowrap> <font size=2 face="serif">American Municipal Bond
          Assurance Corp.</font>&nbsp; </td>
      <td>&nbsp; </td>
      <td align=left nowrap> <font size=2 face="serif">PCRB</font>&nbsp; </td>
      <td align=left nowrap>
        <div align="right"><font size=2 face="sans-serif">&#151;</font>&nbsp; </div></td>
      <td align=left nowrap> <font size=2 face="serif">Pollution Control Revenue
          Bond</font>&nbsp; </td>
    </tr>
    <tr valign="bottom">
      <td align=left nowrap> <font size=2 face="serif">COP</font>&nbsp; </td>
      <td align=right nowrap> <font size=2 face="sans-serif">&#151;</font>&nbsp; </td>
      <td align=left nowrap> <font size=2 face="serif">Certificate of Participation</font>&nbsp; </td>
      <td>&nbsp; </td>
      <td align=left nowrap> <font size=2 face="serif">RB</font>&nbsp; </td>
      <td align=left nowrap>
        <div align="right"><font size=2 face="sans-serif">&#151;</font>&nbsp; </div></td>
      <td align=left nowrap> <font size=2 face="serif">Revenue Bond</font>&nbsp; </td>
    </tr>
    <tr valign="bottom">
      <td align=left nowrap> <font size=2 face="serif">FGIC</font>&nbsp; </td>
      <td align=right nowrap> <font size=2 face="sans-serif">&#151;</font>&nbsp; </td>
      <td align=left nowrap> <font size=2 face="serif">Financial Guaranty Insurance
          Co.</font>&nbsp; </td>
      <td>&nbsp; </td>
      <td align=left nowrap> <font size=2 face="serif">RITES</font>&nbsp; </td>
      <td align=left nowrap>
        <div align="right"><font size=2 face="sans-serif">&#151;</font>&nbsp; </div></td>
      <td align=left nowrap> <font size=2 face="serif">Residual Interest Tax
          Exempt Bonds</font>&nbsp; </td>
    </tr>
    <tr valign="bottom">
      <td align=left nowrap> <font size=2 face="serif">FSA</font>&nbsp; </td>
      <td align=right nowrap> <font size=2 face="sans-serif">&#151;</font>&nbsp; </td>
      <td align=left nowrap> <font size=2 face="serif">Financial Security Assurance</font>&nbsp; </td>
      <td>&nbsp; </td>
      <td align=left nowrap> <font size=2 face="serif">SA</font>&nbsp; </td>
      <td align=left nowrap>
        <div align="right"><font size=2 face="sans-serif">&#151;</font>&nbsp; </div></td>
      <td align=left nowrap> <font size=2 face="serif">Special Assessment</font>&nbsp; </td>
    </tr>
    <tr valign="bottom">
      <td align=left nowrap> <font size=2 face="serif">GO</font>&nbsp; </td>
      <td align=right nowrap> <font size=2 face="sans-serif">&#151;</font>&nbsp; </td>
      <td align=left nowrap> <font size=2 face="serif">General Obligation</font>&nbsp; </td>
      <td>&nbsp; </td>
      <td align=left nowrap> <font size=2 face="serif">ST</font>&nbsp; </td>
      <td align=left nowrap>
        <div align="right"><font size=2 face="sans-serif">&#151;</font>&nbsp; </div></td>
      <td align=left nowrap> <font size=2 face="serif">Special Tax</font>&nbsp; </td>
    </tr>
    <tr valign="bottom">
      <td align=left nowrap> <font size=2 face="serif">MBIA</font>&nbsp; </td>
      <td align=right nowrap> <font size=2 face="sans-serif">&#151;</font>&nbsp; </td>
      <td align=left nowrap> <font size=2 face="serif">Municipal Bond Insurance
          Assoc.</font>&nbsp; </td>
      <td>&nbsp; </td>
      <td align=left nowrap>&nbsp; </td>
      <td align=left nowrap>&nbsp; </td>
      <td align=left nowrap>&nbsp; </td>
    </tr>
  </table>
</div>
<BR>
<P align="center"> <FONT size=2 face="serif">See Notes to Financial Statements.</FONT></P>
<P align="center"> <FONT size=2 face="serif">60</FONT></P>
<HR noshade align="center" width="100%" size=4>
<P></P>
<P align="left" style="page-break-before:always"></P><PAGE>




<div style="border-bottom:1px solid #000000"> <b><font face="serif">STATEMENTS
      OF ASSETS AND LIABILITIES (unaudited)</font></b><br>
    <b><font face="serif">June 30, 2006</font></b>
</div>
<P align="justify">&nbsp;</P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

          <div align="left"></div></TD>
        <TD align=center nowrap>
<B><FONT size=2 face="serif">Insured</FONT></B>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

          <div align="left"></div></TD>
        <TD align=center nowrap>
<B><FONT size=2 face="serif">Insured</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

          <div align="left"></div></TD>
        <TD align=center nowrap>
<B><FONT size=2 face="serif">Municipal 2008</FONT></B>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        </TD>
        <TD align=left nowrap>

          <div align="left"></div></TD>
        <TD align=left nowrap> <center>
          <B><FONT size=2 face="serif">Municipal</FONT></B>&nbsp;
    </center></TD>
        <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=center nowrap>
<B><FONT size=2 face="serif">Municipal 2018</FONT></B>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=center nowrap>
<B><FONT size=2 face="serif">Municipal 2020</FONT></B>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

          <div align="left"></div></TD>
        <TD align=right nowrap>
      <center>
        <B><FONT size=2 face="serif">Term Trust</FONT></B>
      </center></TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

          <div align="left"></div></TD>
        <TD align=right nowrap>
      <center>
        <B><FONT size=2 face="serif">Term Trust</FONT></B>&nbsp;
      </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=right nowrap>
      <center>
        <B><FONT size=2 face="serif">Term Trust</FONT></B>
      </center></TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=right nowrap>
      <center>
        <B><FONT size=2 face="serif">Term Trust</FONT></B>
      </center></TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">

          <div align="left"></div></TD>
        <TD align=center nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="serif">(BRM)</FONT></B>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">

          <div align="left"></div></TD>
        <TD align=center nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="serif">(BMT)</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=center nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="serif">(BPK)</FONT></B>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
      <center>
        <B><FONT size=2 face="serif">(BKK)</FONT></B>
      </center></TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
</TR>
<TR>
        <TD colspan=16>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
<B><FONT size=2 face="serif">Assets</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

          <div align="left"></div></TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

          <div align="left"></div></TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
<FONT size=2 face="serif">Investments at value</FONT><SUP><FONT size=2 face="serif">1</FONT></SUP>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
      <div align="left"><FONT size=2 face="serif">&#36;</FONT>
      </div></TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">682,770,180</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
      <div align="left"><FONT size=2 face="serif">&#36;</FONT>
      </div></TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">428,307,811</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 &nbsp;<FONT size=2 face="serif">&#36;</FONT>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">381,665,951</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 &nbsp;<FONT size=2 face="serif">&#36;</FONT>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">478,718,262</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
<FONT size=2 face="serif">Investments in affiliates</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

          <div align="left"></div></TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">168,377</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

          <div align="left"></div></TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">121,751</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">47,954</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">32,742</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
<FONT size=2 face="serif">Cash</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

          <div align="left"></div></TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">535,097</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

          <div align="left"></div></TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">535,409</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">540,050</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">516,282</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
<FONT size=2 face="serif">Receivable from investments sold</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

          <div align="left"></div></TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">3,070,658</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

          <div align="left"></div></TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">1,824,078</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">&#151;</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">1,000,000</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
<FONT size=2 face="serif">Interest receivable</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

          <div align="left"></div></TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">7,489,757</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

          <div align="left"></div></TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">3,928,176</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">4,746,119</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">5,428,965</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
<FONT size=2 face="serif">Unrealized appreciation on swaps</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

          <div align="left"></div></TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">&#151;</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

          <div align="left"></div></TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">&#151;</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">1,095,332</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">1,373,064</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
<FONT size=2 face="serif">Other assets</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">

          <div align="left"></div></TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">39,064</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">

          <div align="left"></div></TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">19,020</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">18,290</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">31,792</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">

          <div align="left"></div></TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">694,073,133</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">

          <div align="left"></div></TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">434,736,245</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">388,113,696</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">487,101,107</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
</TR>
<TR>
        <TD colspan=16>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
<B><FONT size=2 face="serif">Liabilities</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

          <div align="left"></div></TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

          <div align="left"></div></TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
<FONT size=2 face="serif">Payable for investments purchased</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

          <div align="left"></div></TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">&#151;</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

          <div align="left"></div></TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">&#151;</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">&#151;</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">&#151;</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
<FONT size=2 face="serif">Cash with brokers as collateral</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

          <div align="left"></div></TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">&#151;</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

          <div align="left"></div></TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">&#151;</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">1,102,118</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">1,252,679</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
<FONT size=2 face="serif">Dividends payable&#151;common shares</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

          <div align="left"></div></TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">1,802,469</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

          <div align="left"></div></TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">787,363</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">1,201,056</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">1,340,677</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
<FONT size=2 face="serif">Investment advisory fee payable</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

          <div align="left"></div></TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">199,480</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

          <div align="left"></div></TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">125,179</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">127,295</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">199,834</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
<FONT size=2 face="serif">Administration fee payable</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

          <div align="left"></div></TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">56,994</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

          <div align="left"></div></TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">35,766</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">&#151;</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">&#151;</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
<FONT size=2 face="serif">Deferred Trustees&#146; fees</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

          <div align="left"></div></TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">168,377</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

          <div align="left"></div></TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">121,751</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">47,954</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">32,742</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
<FONT size=2 face="serif">Payable to affiliates</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

          <div align="left"></div></TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">47,440</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

          <div align="left"></div></TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">39,687</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">26,261</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">21,668</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
<FONT size=2 face="serif">Other accrued expenses</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">

          <div align="left"></div></TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">213,636</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">

          <div align="left"></div></TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">124,695</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">118,460</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">102,160</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">

          <div align="left"></div></TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">2,488,396</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">

          <div align="left"></div></TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">1,234,441</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">2,623,144</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">2,949,760</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
</TR>
<TR>
        <TD colspan=16>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
<B><FONT size=2 face="serif">Preferred Shares at Redemption Value</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

          <div align="left"></div></TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

          <div align="left"></div></TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
<FONT size=2 face="serif">&#36;25,000 liquidation value per share, including</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

          <div align="left"></div></TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

          <div align="left"></div></TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=2 face="serif">dividends payable</FONT><SUP><FONT size=2 face="serif">2</FONT></SUP>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">

          <div align="left"></div></TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">271,125,237</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">

          <div align="left"></div></TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">170,595,847</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">137,621,962</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">177,667,551</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
</TR>
<TR>
        <TD colspan=16>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
<B><FONT size=2 face="serif">Net Assets Applicable to Common</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

          <div align="left"></div></TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

          <div align="left"></div></TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
 &nbsp; &nbsp;<B><FONT size=2 face="serif">Shareholders</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:3px double #000000;">
      <div align="left"><FONT size=2 face="serif">&#36;</FONT>
      </div></TD>
        <TD align=right nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">420,459,500</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:3px double #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:3px double #000000;">
      <div align="left"><FONT size=2 face="serif">&#36;</FONT>
      </div></TD>
        <TD align=right nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">262,905,957</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:3px double #000000;">
 &nbsp;<FONT size=2 face="serif">&#36;</FONT>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">247,868,590</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:3px double #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:3px double #000000;">
 &nbsp;<FONT size=2 face="serif">&#36;</FONT>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">306,483,796</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:3px double #000000;">&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
<FONT size=2 face="serif">Composition of Net Assets Applicable to</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

          <div align="left"></div></TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

          <div align="left"></div></TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=2 face="serif">Common Shareholders:</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

          <div align="left"></div></TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

          <div align="left"></div></TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=2 face="serif">Par value</FONT><SUP><FONT size=2 face="serif">3</FONT></SUP>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
      <div align="left"><FONT size=2 face="serif">&#36;</FONT>
      </div></TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">272,071</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
      <div align="left"><FONT size=2 face="serif">&#36;</FONT>
      </div></TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">258,856</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 &nbsp;<FONT size=2 face="serif">&#36;</FONT>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">15,908</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 &nbsp;<FONT size=2 face="serif">&#36;</FONT>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">20,237</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=2 face="serif">Paid-in capital in excess of par</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

          <div align="left"></div></TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">377,589,494</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

          <div align="left"></div></TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">239,251,319</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">225,641,716</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">287,166,281</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=2 face="serif">Undistributed net investment income</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

          <div align="left"></div></TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">36,328,517</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

          <div align="left"></div></TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">15,410,172</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">17,712,147</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">1,848,954</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=2 face="serif">Accumulated net realized gain (loss)</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

          <div align="left"></div></TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">(241,635</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">)</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

          <div align="left"></div></TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">22,243</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">(13,560,970</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">)</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">(808,035</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">)</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=2 face="serif">Net unrealized appreciation</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">

          <div align="left"></div></TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">6,511,053</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">

          <div align="left"></div></TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">7,963,367</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">18,059,789</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">18,256,359</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
<FONT size=2 face="serif">Net assets applicable to common shareholders,</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

          <div align="left"></div></TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

          <div align="left"></div></TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=2 face="serif">June 30, 2006</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:3px double #000000;">
      <div align="left"><FONT size=2 face="serif">&#36;</FONT>
      </div></TD>
        <TD align=right nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">420,459,500</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:3px double #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:3px double #000000;">
      <div align="left"><FONT size=2 face="serif">&#36;</FONT>
      </div></TD>
        <TD align=right nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">262,905,957</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:3px double #000000;">
 &nbsp;<FONT size=2 face="serif">&#36;</FONT>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">247,868,590</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:3px double #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:3px double #000000;">
 &nbsp;<FONT size=2 face="serif">&#36;</FONT>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">306,483,796</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:3px double #000000;">&nbsp;

        </TD>
</TR>
<TR>
        <TD colspan=16>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
<FONT size=2 face="serif">Net asset value per common share</FONT><SUP><FONT size=2 face="serif">4</FONT></SUP>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:3px double #000000;">
      <div align="left"><FONT size=2 face="serif">&#36;</FONT>
      </div></TD>
        <TD align=right nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">15.45</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:3px double #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:3px double #000000;">
      <div align="left"><FONT size=2 face="serif">&#36;</FONT>
      </div></TD>
        <TD align=right nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">10.16</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap><div style="border-bottom:3px double #000000"><font size=2 face="serif">&nbsp;&#36;</font> </div></TD>
        <TD align=right nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">15.58</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:3px double #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap><div style="border-bottom:3px double #000000"><font size=2 face="serif">&nbsp;&nbsp;&#36;</font> </div></TD>
        <TD align=right nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">15.15</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:3px double #000000;">&nbsp;

        </TD>
</TR>
<TR>
        <TD colspan=16>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
<SUP><FONT size=2 face="serif">1 </FONT></SUP><FONT size=2 face="serif">Investments at cost</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
      <div align="left"><FONT size=2 face="serif">&#36;</FONT>
      </div></TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">676,259,127</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
      <div align="left"><FONT size=2 face="serif">&#36;</FONT>
      </div></TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">420,344,443</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 &nbsp;<FONT size=2 face="serif">&#36;</FONT>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">364,701,494</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 &nbsp;<FONT size=2 face="serif">&#36;</FONT>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">461,834,967</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
<SUP><FONT size=2 face="serif">2 </FONT></SUP><FONT size=2 face="serif">Preferred shares outstanding</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

          <div align="left"></div></TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">10,840</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

          <div align="left"></div></TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">6,816</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">5,504</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">7,104</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
<SUP><FONT size=2 face="serif">3 </FONT></SUP><FONT size=2 face="serif">Par value per share</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

          <div align="left"></div></TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">0.010</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

          <div align="left"></div></TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">0.010</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">0.001</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">0.001</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
<SUP><FONT size=2 face="serif">4 </FONT></SUP><FONT size=2 face="serif">Common shares outstanding</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

          <div align="left"></div></TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">27,207,093</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

          <div align="left"></div></TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">25,885,639</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">15,908,028</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">20,236,628</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
</TABLE>
<BR>
<P align="center">
<FONT size=2 face="serif">See Notes to Financial Statements.</FONT></P>
<P align="center">
<FONT size=2 face="serif">61</FONT></P>

<HR noshade align="center" width="100%" size=4>




<P STYLE="page-break-before:always"></P><PAGE>


<div style="border-bottom:1px solid #000000">&nbsp;</div>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD align=left nowrap></TD>
  <TD align=left nowrap><center>
  </center></TD>
  <TD><center>
  </center></TD>
  <TD align=left nowrap><center>
  </center></TD>
  <TD align=left nowrap><center>
  </center></TD>
  <TD align=left nowrap><center>
  </center></TD>
  <TD><center>
  </center></TD>
  <TD align=left nowrap><center>
  </center></TD>
  <TD align=left nowrap><center>
  </center></TD>
  <TD><center>
  </center></TD>
  <TD align=left nowrap><center>
  </center></TD>
  <TD align=left nowrap><center>
  </center></TD>
  <TD align=left nowrap><center>
  </center></TD>
  <TD><center>
  </center></TD>
  <TD align=left nowrap><center>
  </center></TD>
  <TD align=left nowrap><center>
  </center></TD>
  <TD><center>
  </center></TD>
  <TD align=left nowrap><center>
  </center></TD>
  <TD align=left nowrap><center>
  </center></TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

          <center>
    </center></TD>
        <TD>
          <center>
    </center></TD>
        <TD align=left nowrap>

          <center>
    </center></TD>
        <TD align=left nowrap>

          <center>
    </center></TD>
        <TD align=left nowrap>

          <center>
    </center></TD>
        <TD>
          <center>
    </center></TD>
        <TD align=left nowrap>

          <center>
    </center></TD>
        <TD align=left nowrap>
 <center>
   <B><FONT size=2 face="serif">California</FONT></B>&nbsp;
    </center></TD>
        <TD>
          <center>
    </center></TD>
        <TD align=left nowrap>

          <center>
    </center></TD>
        <TD align=left nowrap>

          <center>
    </center></TD>
        <TD align=left nowrap>

          <center>
    </center></TD>
        <TD>
          <center>
    </center></TD>
        <TD align=left nowrap>

          <center>
    </center></TD>
        <TD align=left nowrap>

          <center>
    </center></TD>
        <TD>
          <center>
    </center></TD>
        <TD align=left nowrap>

          <center>
    </center></TD>
        <TD align=left nowrap>

          <center>
    </center></TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>
      <center>
        <B><FONT size=2 face="serif">Municipal</FONT></B>&nbsp;
      </center></TD>
        <TD>
          <center>
    </center></TD>
        <TD align=left nowrap>

          <center>
    </center></TD>
        <TD align=left nowrap>
      <center>
        <B><FONT size=2 face="serif">Strategic</FONT></B>
      </center></TD>
        <TD align=left nowrap>

          <center>
    </center></TD>
        <TD>
          <center>
    </center></TD>
        <TD align=left nowrap>

          <center>
    </center></TD>
        <TD align=center nowrap>
      <center>
        <B><FONT size=2 face="serif">Insured</FONT></B>&nbsp;
      </center></TD>
        <TD>
          <center>
    </center></TD>
        <TD align=left nowrap>

          <center>
    </center></TD>
        <TD align=left nowrap>
      <center>
        <B><FONT size=2 face="serif">California</FONT></B>
      </center></TD>
        <TD align=left nowrap>

          <center>
    </center></TD>
        <TD>
          <center>
    </center></TD>
        <TD align=left nowrap>

          <center>
    </center></TD>
        <TD align=center nowrap>
      <center>
        <B><FONT size=2 face="serif">Florida Insured</FONT></B>&nbsp;
      </center></TD>
        <TD>
          <center>
    </center></TD>
        <TD align=left nowrap>

          <center>
    </center></TD>
        <TD align=center nowrap>
      <center>
        <B><FONT size=2 face="serif">Florida</FONT></B>
      </center></TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>

        </TD>
        <TD align=center nowrap>
      <center>
        <B><FONT size=2 face="serif">Target</FONT></B>&nbsp;
      </center></TD>
        <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
          <center>
    </center></TD>
        <TD align=left nowrap>

          <center>
    </center></TD>
        <TD align=left nowrap>
      <center>
        <B><FONT size=2 face="serif">Municipal</FONT></B>
      </center></TD>
        <TD align=left nowrap>

          <center>
    </center></TD>
        <TD>
          <center>
            &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
          </center></TD>
        <TD align=left nowrap>

          <center>
    </center></TD>
        <TD align=center nowrap>
      <center>
        <B><FONT size=2 face="serif">Municipal 2008</FONT></B>&nbsp;
      </center></TD>
        <TD>
          <center>
            &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
          </center></TD>
        <TD align=left nowrap>

          <center>
    </center></TD>
        <TD align=center nowrap>
      <center>
        <B><FONT size=2 face="serif">Municipal 2018</FONT></B>
      </center></TD>
        <TD align=left nowrap>

          <center>
    </center></TD>
        <TD>
          <center>
            &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
          </center></TD>
        <TD align=left nowrap>

          <center>
    </center></TD>
        <TD align=center nowrap>
      <center>
        <B><FONT size=2 face="serif">Municipal 2008</FONT></B>&nbsp;
      </center></TD>
        <TD>
          <center>
            &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
          </center></TD>
        <TD align=left nowrap>

          <center>
    </center></TD>
        <TD align=center nowrap>
      <center>
        <B><FONT size=2 face="serif">Municipal 2020</FONT></B>
      </center></TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
      <center>
        <B><FONT size=2 face="serif">Term Trust</FONT></B>&nbsp;
      </center></TD>
        <TD>
          <center>
    </center></TD>
        <TD align=left nowrap>

          <center>
    </center></TD>
        <TD align=center nowrap>
      <center>
        <B><FONT size=2 face="serif">Trust</FONT></B>
      </center></TD>
        <TD align=left nowrap>

          <center>
    </center></TD>
        <TD>
          <center>
    </center></TD>
        <TD align=left nowrap>

          <center>
    </center></TD>
        <TD align=right nowrap>
      <center>
        <B><FONT size=2 face="serif">Term Trust</FONT></B>&nbsp;
      </center></TD>
        <TD>
          <center>
    </center></TD>
        <TD align=left nowrap>

          <center>
    </center></TD>
        <TD align=right nowrap>      <center>
          <B><FONT size=2 face="serif">Term Trust</FONT></B>
    </center></TD>
        <TD align=left nowrap>

          <center>
    </center></TD>
        <TD>
          <center>
    </center></TD>
        <TD align=left nowrap>

          <center>
    </center></TD>
        <TD align=right nowrap>      <center>
        <B><FONT size=2 face="serif">Term Trust</FONT></B>&nbsp;
    </center></TD>
        <TD>
          <center>
    </center></TD>
        <TD align=left nowrap>

          <center>
    </center></TD>
        <TD align=right nowrap>
      <center>
        <B><FONT size=2 face="serif">Term Trust</FONT></B>
      </center></TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=center nowrap style="border-bottom:1px solid #000000;">
      <center>
        <B><FONT size=2 face="serif">(BMN)</FONT></B>&nbsp;
      </center></TD>
        <TD>
          <center>
    </center></TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">

          <center>
    </center></TD>
        <TD align=center nowrap style="border-bottom:1px solid #000000;">
      <center>
        <B><FONT size=2 face="serif">(BSD)</FONT></B>
      </center></TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">

          <center>
    </center></TD>
        <TD>
          <center>
    </center></TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">

          <center>
    </center></TD>
        <TD align=center nowrap style="border-bottom:1px solid #000000;">
      <center>
        <B><FONT size=2 face="serif">(BFC)</FONT></B>&nbsp;
      </center></TD>
        <TD>
          <center>
    </center></TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">

          <center>
    </center></TD>
        <TD align=center nowrap style="border-bottom:1px solid #000000;">
      <center>
        <B><FONT size=2 face="serif">(BJZ)</FONT></B>
      </center></TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">

          <center>
    </center></TD>
        <TD>
          <center>
    </center></TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">

          <center>
    </center></TD>
        <TD align=center nowrap style="border-bottom:1px solid #000000;">
      <center>
        <B><FONT size=2 face="serif">(BRF)</FONT></B>&nbsp;
      </center></TD>
        <TD>
          <center>
    </center></TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">

          <center>
    </center></TD>
        <TD align=center nowrap style="border-bottom:1px solid #000000;">
      <center>
        <B><FONT size=2 face="serif">(BFO)</FONT></B>
      </center></TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
</TR>
<TR>
        <TD colspan=20>&nbsp;

        </TD>
</TR>
<TR>
        <TD colspan=20>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=right nowrap>
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">458,673,070</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">&#36;</FONT>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">172,398,413</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">261,644,415</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap> <FONT size=2 face="serif">&#36;</FONT>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">149,608,111</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap> <FONT size=2 face="serif">&#36;</FONT>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">198,658,233</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 <FONT size=2 face="serif">&#36;</FONT>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">128,852,779</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">148,524</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">33,771</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">57,823</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">14,114</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">46,215</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">7,345</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">503,853</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">516,806</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">506,984</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">531,670</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">514,550</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">546,365</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">&#151;</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">165,402</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">&#151;</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">&#151;</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">10,506,545</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">145,000</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">1,643,374</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">2,082,898</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">3,257,118</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">1,846,750</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">2,891,625</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">1,376,484</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">&#151;</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">463,447</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">&#151;</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">390,019</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">&#151;</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">377,136</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">27,788</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">18,028</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">29,694</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">14,346</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">20,237</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">18,234</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">460,996,609</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">175,678,765</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">265,496,034</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">152,405,010</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">212,637,405</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">131,323,343</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
</TR>
<TR>
        <TD colspan=20>&nbsp;

        </TD>
</TR>
<TR>
        <TD colspan=20>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">&#151;</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">1,186,972</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">&#151;</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">&#151;</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">&#151;</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">&#151;</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">&#151;</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">600,084</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">&#151;</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">&#151;</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">&#151;</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">&#151;</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">1,413,406</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">665,146</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">669,956</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">394,023</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">326,516</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">309,393</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">131,976</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">64,406</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">76,427</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">50,153</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">61,191</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">54,033</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">73,694</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">&#151;</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">21,836</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">&#151;</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">17,485</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">&#151;</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">148,524</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">33,772</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">57,823</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">14,114</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">46,215</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">7,345</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">57,173</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">10,454</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">23,609</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">11,923</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">17,683</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">7,596</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">295,962</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">71,518</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">105,552</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">72,462</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">87,651</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">87,414</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">2,120,735</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">2,632,352</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">955,203</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">542,675</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">556,741</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">465,781</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
</TR>
<TR>
        <TD colspan=20>&nbsp;

        </TD>
</TR>
<TR>
        <TD colspan=20>&nbsp;

        </TD>
</TR>
<TR>
        <TD colspan=20>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">&#151;</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">62,013,483</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">104,593,465</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">55,545,634</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">84,158,415</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">48,924,981</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
</TR>
<TR>
        <TD colspan=20>&nbsp;

        </TD>
</TR>
<TR>
        <TD colspan=20>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=right nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">458,875,874</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">&#36;</FONT>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">111,032,930</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:3px double #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">159,947,366</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:3px double #000000;"> <FONT size=2 face="serif">&#36;</FONT>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">96,316,701</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:3px double #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:3px double #000000;"> <FONT size=2 face="serif">&#36;</FONT>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">127,922,249</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:3px double #000000;"> <FONT size=2 face="serif">&#36;</FONT>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">81,932,581</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:3px double #000000;">&nbsp;

        </TD>
</TR>
<TR>
        <TD colspan=20>&nbsp;

        </TD>
</TR>
<TR>
        <TD colspan=20>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=right nowrap>
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">454,106</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">&#36;</FONT>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">7,259</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">104,071</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap> <FONT size=2 face="serif">&#36;</FONT>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">6,433</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap> <FONT size=2 face="serif">&#36;</FONT>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">87,071</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap> <FONT size=2 face="serif">&#36;</FONT>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">5,562</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">420,179,598</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">102,871,895</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">144,174,166</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">91,213,865</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">120,583,337</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">78,885,738</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">34,004,297</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">3,886,625</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">13,531,165</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">4,488,868</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">7,012,531</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">25,759</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">4,207,187</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">(3,651,518</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">)</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">&#151;</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">(3,005,994</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">)</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">20,001</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">(703,402</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">)</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">30,686</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">7,918,669</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">2,137,964</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">3,613,529</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">219,309</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">3,718,924</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
</TR>
<TR>
        <TD colspan=20>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=right nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">458,875,874</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">&#36;</FONT>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">111,032,930</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:3px double #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">159,947,366</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:3px double #000000;">
 <FONT size=2 face="serif">&#36;</FONT>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">96,316,701</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:3px double #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:3px double #000000;">
  <FONT size=2 face="serif">&#36;</FONT>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">127,922,249</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:3px double #000000;"> <FONT size=2 face="serif">&#36;</FONT>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">81,932,581</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:3px double #000000;">&nbsp;

        </TD>
</TR>
<TR>
        <TD colspan=20>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=right nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">10.11</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap><div style="border-bottom:3px double #000000"><font size=2 face="serif">&#36;</font> </div></TD>
        <TD align=right nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">15.29</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:3px double #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">15.37</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap><div style="border-bottom:3px double #000000"> <font size=2 face="serif">&#36;</font> </div></TD>
        <TD align=right nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">14.97</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:3px double #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap><div style="border-bottom:3px double #000000">  <font size=2 face="serif">&#36;</font>&nbsp; </div></TD>
        <TD align=right nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">14.69</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap><div style="border-bottom:3px double #000000"> <font size=2 face="serif">&#36;</font>&nbsp; </div></TD>
        <TD align=right nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">14.73</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:3px double #000000;">&nbsp;

        </TD>
</TR>
<TR>
        <TD colspan=20>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=right nowrap>
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">458,642,384</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">&#36;</FONT>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">164,943,190</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">259,506,451</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 <FONT size=2 face="serif">&#36;</FONT>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">146,384,601</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
  <FONT size=2 face="serif">&#36;</FONT>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">198,438,924</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap> <FONT size=2 face="serif">&#36;</FONT>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">125,510,990</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">&#151;</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">2,480</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">4,182</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">2,221</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">3,366</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">1,956</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">0.010</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">0.001</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">0.010</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">0.001</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">0.010</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">0.001</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">45,410,639</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">7,259,444</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">10,407,093</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">6,433,028</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">8,707,093</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">5,562,128</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
</TABLE>
<BR>
<P align="center">
<FONT size=2 face="serif">See Notes to Financial Statements.</FONT></P>
<P align="center">
<FONT size=2 face="serif">62</FONT></P>

<HR noshade align="center" width="100%" size=4>




<P STYLE="page-break-before:always"></P><PAGE>


<div style="border-bottom:1px solid #000000"> <b><font face="serif">STATEMENTS
      OF ASSETS AND LIABILITIES (unaudited) (continued) <br>
  June 30, 2006</font></b></div>
<P align="justify">&nbsp;</P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>
 <center>
   <B><FONT size=2 face="serif">New York</FONT></B>&nbsp;
    </center></TD>
        <TD>
          <center>
    </center></TD>
        <TD align=left nowrap>

          <center>
    </center></TD>
        <TD align=left nowrap>

          <center>
    </center></TD>
        <TD align=left nowrap>

          <center>
    </center></TD>
        <TD>
          <center>
    </center></TD>
        <TD align=left nowrap>

          <center>
    </center></TD>
        <TD align=right nowrap>
      <center>
        <B><FONT size=2 face="serif">Pennsylvania</FONT></B>
      </center></TD>
        <TD align=left nowrap>

          <center>
    </center></TD>
        <TD>
          <center>
    </center></TD>
        <TD align=left nowrap>

          <center>
    </center></TD>
        <TD align=right nowrap>
      <center>
        <B><FONT size=2 face="serif">Long-Term</FONT></B>
      </center></TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=center nowrap>
      <center>
        <B><FONT size=2 face="serif">Insured</FONT></B>&nbsp;
      </center></TD>
        <TD>
          <center>
    </center></TD>
        <TD align=left nowrap>

          <center>
    </center></TD>
        <TD align=left nowrap>
 <center>
   <B><FONT size=2 face="serif">New York</FONT></B>
    </center></TD>
        <TD align=left nowrap>

          <center>
    </center></TD>
        <TD>
          <center>
    </center></TD>
        <TD align=left nowrap>

          <center>
    </center></TD>
        <TD align=left nowrap>
 <center>
   <B><FONT size=2 face="serif">Strategic</FONT></B>
    </center></TD>
        <TD align=left nowrap>

          <center>
    </center></TD>
        <TD>
          <center>
    </center></TD>
        <TD align=left nowrap>

          <center>
    </center></TD>
        <TD align=left nowrap>
      <center>
        <B><FONT size=2 face="serif">Municipal</FONT></B>
      </center></TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=center nowrap>
      <center>
        <B><FONT size=2 face="serif">Municipal 2008</FONT></B>&nbsp;
      </center></TD>
        <TD>
          <center>
    &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    </center></TD>
        <TD align=left nowrap>

          <center>
    </center></TD>
        <TD align=center nowrap>
      <center>
        <B><FONT size=2 face="serif">Municipal 2018</FONT></B>
      </center></TD>
        <TD align=left nowrap>

          <center>
    </center></TD>
        <TD>
          <center>
    &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    </center></TD>
        <TD align=left nowrap>

          <center>
    </center></TD>
        <TD align=left nowrap>
 <center>
   <B><FONT size=2 face="serif">Municipal</FONT></B>
    </center></TD>
        <TD align=left nowrap>

          <center>
    </center></TD>
        <TD>
          <center>
    &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    </center></TD>
        <TD align=left nowrap>

          <center>
    </center></TD>
        <TD align=left nowrap>
      <center>
        <B><FONT size=2 face="serif">Advantage</FONT></B>
      </center></TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
      <center>
        <B><FONT size=2 face="serif">Term Trust</FONT></B>&nbsp;
      </center></TD>
        <TD>
          <center>
    </center></TD>
        <TD align=left nowrap>

          <center>
    </center></TD>
        <TD align=right nowrap>
      <center>
        <B><FONT size=2 face="serif">Term Trust</FONT></B>
      </center></TD>
        <TD align=left nowrap>

          <center>
    </center></TD>
        <TD>
          <center>
    </center></TD>
        <TD align=left nowrap>

          <center>
    </center></TD>
        <TD align=center nowrap>
      <center>
        <B><FONT size=2 face="serif">Trust</FONT></B>
      </center></TD>
        <TD align=left nowrap>

          <center>
    </center></TD>
        <TD>
          <center>
    </center></TD>
        <TD align=left nowrap>

          <center>
    </center></TD>
        <TD align=center nowrap>
      <center>
        <B><FONT size=2 face="serif">Trust</FONT></B>
      </center></TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=center nowrap style="border-bottom:1px solid #000000;">
      <center>
        <B><FONT size=2 face="serif">(BLN)</FONT></B>&nbsp;
      </center></TD>
        <TD>
          <center>
    </center></TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">

          <center>
    </center></TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
 <center>
   <B><FONT size=2 face="serif">(BLH)</FONT></B>
    </center></TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">

          <center>
    </center></TD>
        <TD>
          <center>
    </center></TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">

          <center>
    </center></TD>
        <TD align=center nowrap style="border-bottom:1px solid #000000;">
      <center>
        <B><FONT size=2 face="serif">(BPS)</FONT></B>
      </center></TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">

          <center>
    </center></TD>
        <TD>
          <center>
    </center></TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">

          <center>
    </center></TD>
        <TD align=center nowrap style="border-bottom:1px solid #000000;">
      <center>
        <B><FONT size=2 face="serif">(BTA)</FONT></B>
      </center></TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
</TR>
<TR>
        <TD colspan=16>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
<B><FONT size=2 face="serif">Assets</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
<FONT size=2 face="serif">Investments at value</FONT><SUP><FONT size=2 face="serif">1</FONT></SUP>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">278,633,542</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">87,882,465</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">46,886,564</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">183,935,324</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
<FONT size=2 face="serif">Investments in affiliates</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">68,624</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">12,611</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">19,501</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">&#151;</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
<FONT size=2 face="serif">Cash</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">512,651</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">503,554</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">443,166</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">533,092</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
<FONT size=2 face="serif">Receivable from investments sold</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">415,000</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">&#151;</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">&#151;</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">&#151;</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
<FONT size=2 face="serif">Interest receivable</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">3,341,839</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">1,260,184</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">555,803</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">2,323,193</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
<FONT size=2 face="serif">Unrealized appreciation on swaps</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">&#151;</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">219,048</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">111,646</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">&#151;</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
<FONT size=2 face="serif">Other assets</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">24,294</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">13,300</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">4,068</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">7,291</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">282,995,950</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">89,891,162</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">48,020,748</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">186,798,900</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
</TR>
<TR>
        <TD colspan=16>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
<B><FONT size=2 face="serif">Liabilities</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
<FONT size=2 face="serif">Unrealized depreciation on swaps</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">&#151;</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">&#151;</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">&#151;</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">5,390,680</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
<FONT size=2 face="serif">Dividends payable&#151;common shares</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">513,324</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">222,523</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">152,364</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">912,957</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
<FONT size=2 face="serif">Investment advisory fee payable</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">81,359</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">29,574</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">17,437</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">90,647</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
<FONT size=2 face="serif">Administration fee payable</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">23,245</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">&#151;</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">&#151;</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">&#151;</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
<FONT size=2 face="serif">Deferred Trustees&#146; fees</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">68,624</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">12,612</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">19,500</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">&#151;</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
<FONT size=2 face="serif">Payable to affiliates</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">26,572</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">6,153</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">2,598</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">2,528</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
<FONT size=2 face="serif">Other accrued expenses</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">112,186</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">40,789</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">53,502</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">43,763</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">825,310</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">311,651</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">245,401</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">6,440,575</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
</TR>
<TR>
        <TD colspan=16>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
<B><FONT size=2 face="serif">Preferred Shares at Redemption Value</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
<FONT size=2 face="serif">&#36;25,000 liquidation value per share,</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=2 face="serif">including dividends payable</FONT><SUP><FONT size=2 face="serif">2</FONT></SUP>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">109,650,884</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">31,409,034</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">17,503,356</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">&#151;</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
</TR>
<TR>
        <TD colspan=16>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
<B><FONT size=2 face="serif">Net Assets Applicable to Common</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
 &nbsp; &nbsp;<B><FONT size=2 face="serif">Shareholders</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">172,519,756</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">58,170,477</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:3px double #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">30,271,991</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:3px double #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">180,358,325</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:3px double #000000;">&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
<FONT size=2 face="serif">Composition of Net Assets Applicable to Common</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=2 face="serif">Shareholders:</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=2 face="serif">Par value</FONT><SUP><FONT size=2 face="serif">3</FONT></SUP>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">112,571</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">3,633</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">2,018</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">13,279</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=2 face="serif">Paid-in capital in excess of par</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">155,947,555</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">51,482,732</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">28,402,463</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">189,852,969</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=2 face="serif">Undistributed net investment income</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">12,695,615</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">3,309,056</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">624,634</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">177,476</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=2 face="serif">Accumulated net realized gain (loss)</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">25,542</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">(1,208,389</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">)</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">(728,197</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">)</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">(745,805</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">)</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=2 face="serif">Net unrealized appreciation (depreciation)</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">3,738,473</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">4,583,445</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">1,971,073</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">(8,939,594</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">)</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
<FONT size=2 face="serif">Net assets applicable to common shareholders,</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=2 face="serif">June 30, 2006</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">172,519,756</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">58,170,477</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:3px double #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">30,271,991</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:3px double #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">180,358,325</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:3px double #000000;">&nbsp;

        </TD>
</TR>
<TR>
        <TD colspan=16>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
<FONT size=2 face="serif">Net asset value per common share</FONT><SUP><FONT size=2 face="serif">4</FONT></SUP>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">15.33</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">16.01</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:3px double #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">15.00</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:3px double #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">13.58</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:3px double #000000;">&nbsp;

        </TD>
</TR>
<TR>
        <TD colspan=16>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
<SUP><FONT size=2 face="serif">1 </FONT></SUP><FONT size=2 face="serif">Investments at cost</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">274,895,069</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">83,518,068</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">45,027,137</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">187,484,238</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
<SUP><FONT size=2 face="serif">2 </FONT></SUP><FONT size=2 face="serif">Preferred shares outstanding</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">4,382</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">1,256</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">700</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">&#151;</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
<SUP><FONT size=2 face="serif">3 </FONT></SUP><FONT size=2 face="serif">Par value per share</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">0.010</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">0.001</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">0.001</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">0.001</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
<SUP><FONT size=2 face="serif">4 </FONT></SUP><FONT size=2 face="serif">Common shares outstanding</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">11,257,093</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">3,633,028</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">2,018,066</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">13,279,378</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
</TABLE>
<BR>
<P align="center">
<FONT size=2 face="serif">See Notes to Financial Statements.</FONT></P>
<P align="center">
<FONT size=2 face="serif">63</FONT></P>

<HR noshade align="center" width="100%" size=4>




<P STYLE="page-break-before:always"></P><PAGE>


<div style="border-bottom:1px solid #000000"> <b><font face="serif">STATEMENTS
      OF OPERATIONS (unaudited)</font></b><br>
    <b><font face="serif">For the six months ended June 30, 2006</font></b>
</div>
<P align="justify">&nbsp;</P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>
 <center>
   <B><FONT size=2 face="serif">Insured</FONT></B>
    </center></TD>
        <TD align=left nowrap>

          <center>
    </center></TD>
        <TD>
          <center>
    </center></TD>
        <TD align=left nowrap>

          <center>
    </center></TD>
        <TD align=left nowrap>
 <center>
   <B><FONT size=2 face="serif">Insured</FONT></B>
    </center></TD>
        <TD align=left nowrap>

          <center>
    </center></TD>
        <TD>
          <center>
    </center></TD>
        <TD align=left nowrap>

          <center>
    </center></TD>
        <TD align=center nowrap>
      <center>
        <B><FONT size=2 face="serif">Municipal</FONT></B>
      </center></TD>
        <TD align=left nowrap>

          <center>
    </center></TD>
        <TD>
          <center>
    </center></TD>
        <TD align=left nowrap>

          <center>
    </center></TD>
        <TD align=center nowrap>
      <center>
        <B><FONT size=2 face="serif">Municipal</FONT></B>
      </center></TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=center nowrap>
      <center>
        <B><FONT size=2 face="serif">Municipal 2008</FONT></B>
      </center></TD>
        <TD align=left nowrap>

          <center>
    </center></TD>
        <TD>
          <center>
    &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    </center></TD>
        <TD align=left nowrap>

          <center>
    </center></TD>
        <TD align=center nowrap>
      <center>
        <B><FONT size=2 face="serif">Municipal</FONT></B>
      </center></TD>
        <TD align=left nowrap>

          <center>
    </center></TD>
        <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
          <center>
    </center></TD>
        <TD align=left nowrap>

          <center>
    </center></TD>
        <TD align=center nowrap>
      <center>
        <B><FONT size=2 face="serif">2018 Term</FONT></B>
      </center></TD>
        <TD align=left nowrap>

          <center>
    </center></TD>
        <TD>
          <center>
    &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    </center></TD>
        <TD align=left nowrap>

          <center>
    </center></TD>
        <TD align=center nowrap>
      <center>
        <B><FONT size=2 face="serif">2020 Term</FONT></B>
      </center></TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
      <center>
        <B><FONT size=2 face="serif">Term Trust</FONT></B>
      </center></TD>
        <TD align=left nowrap>

          <center>
    </center></TD>
        <TD>
          <center>
    </center></TD>
        <TD align=left nowrap>

          <center>
    </center></TD>
        <TD align=right nowrap>
      <center>
        <B><FONT size=2 face="serif">Term Trust</FONT></B>
      </center></TD>
        <TD align=left nowrap>

          <center>
    </center></TD>
        <TD>
          <center>
    </center></TD>
        <TD align=left nowrap>

          <center>
    </center></TD>
        <TD align=left nowrap>
 <center>
   <B><FONT size=2 face="serif">Trust</FONT></B>
    </center></TD>
        <TD align=left nowrap>

          <center>
    </center></TD>
        <TD>
          <center>
    </center></TD>
        <TD align=left nowrap>

          <center>
    </center></TD>
        <TD align=left nowrap>
 <center>
   <B><FONT size=2 face="serif">Trust</FONT></B>
    </center></TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
 <center>
   <B><FONT size=2 face="serif">(BRM)</FONT></B>
    </center></TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">

          <center>
    </center></TD>
        <TD>
          <center>
    </center></TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">

          <center>
    </center></TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
 <center>
   <B><FONT size=2 face="serif">(BMT)</FONT></B>
    </center></TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">

          <center>
    </center></TD>
        <TD>
          <center>
    </center></TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">

          <center>
    </center></TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
 <center>
   <B><FONT size=2 face="serif">(BPK)</FONT></B>
    </center></TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">

          <center>
    </center></TD>
        <TD>
          <center>
    </center></TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">

          <center>
    </center></TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
 <center>
   <B><FONT size=2 face="serif">(BKK)</FONT></B>
    </center></TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
</TR>
<TR>
        <TD colspan=17>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
<B><FONT size=2 face="serif">Investment Income</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=2 face="serif">Interest income</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">14,942,687</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">9,234,555</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">10,281,598</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">12,754,558</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=2 face="serif">Income from affiliates</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">4,736</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">3,963</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">1,832</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">895</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Total investment income</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">14,947,423</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">9,238,518</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">10,283,430</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">12,755,453</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
</TR>
<TR>
        <TD colspan=17>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
<B><FONT size=2 face="serif">Expenses</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=2 face="serif">Investment advisory</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">1,210,898</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">760,810</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">768,396</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">1,208,808</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=2 face="serif">Administration</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">345,971</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">217,374</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">&#151;</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">&#151;</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=2 face="serif">Transfer agent</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">10,317</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">11,765</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">7,421</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">7,964</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=2 face="serif">Custodian</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">60,106</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">39,211</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">37,404</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">51,882</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=2 face="serif">Reports to shareholders</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">49,253</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">32,703</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">25,903</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">27,981</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=2 face="serif">Directors/Trustees</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">21,675</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">13,834</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">14,707</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">17,390</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=2 face="serif">Registration</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">8,300</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">8,201</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">8,201</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">8,201</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=2 face="serif">Independent accountants</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">21,119</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">20,351</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">19,113</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">19,617</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=2 face="serif">Legal</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">42,530</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">26,620</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">21,805</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">27,183</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=2 face="serif">Insurance</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">23,608</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">14,809</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">13,069</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">16,451</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=2 face="serif">Auction agent</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">347,440</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">217,720</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">177,447</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">228,758</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=2 face="serif">Deferred Trustees&#146; fees</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">4,736</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">3,963</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">1,832</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">895</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=2 face="serif">Miscellaneous</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">39,844</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">17,500</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">21,390</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">24,834</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Total expenses excluding interest expense and</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=right nowrap>
      <div align="left"> &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">excise tax</FONT>&nbsp;
      </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">2,185,797</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">1,384,861</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">1,116,688</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">1,639,964</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Interest expense</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">&#151;</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">&#151;</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">6,342</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">12,690</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Total expenses</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">2,185,797</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">1,384,861</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">1,123,030</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">1,652,654</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Less fees paid indirectly</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">(7,969</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">)</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">(8,866</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">)</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">(10,465</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">)</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">(6,632</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">)</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Net expenses</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">2,177,828</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">1,375,995</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">1,112,565</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">1,646,022</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
<FONT size=2 face="serif">Net investment income</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">12,769,595</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">7,862,523</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">9,170,865</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">11,109,431</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
</TR>
<TR>
        <TD colspan=17>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
<B><FONT size=2 face="serif">Realized and Unrealized Gain (Loss)</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
<FONT size=2 face="serif">Net realized gain on:</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Investments</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">53,145</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">3,340</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">213,453</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">400,821</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Futures and swaps</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">&#151;</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">&#151;</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">1,186,725</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">1,484,199</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">53,145</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">3,340</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">1,400,178</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">1,885,020</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
<FONT size=2 face="serif">Net change in unrealized appreciation/depreciation on:</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Investments</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">(9,830,954</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">)</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">(7,380,227</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">)</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">(4,908,127</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">)</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">(6,941,251</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">)</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Futures and swaps</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">&#151;</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">&#151;</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">1,704,432</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">2,138,975</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">(9,830,954</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">)</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">(7,380,227</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">)</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">(3,203,695</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">)</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">(4,802,276</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">)</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
<FONT size=2 face="serif">Net loss</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">(9,777,809</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">)</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">(7,376,887</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">)</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">(1,803,517</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">)</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">(2,917,256</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">)</FONT>&nbsp;
        </TD>
</TR>
<TR>
        <TD colspan=17>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
<B><FONT size=2 face="serif">Dividends from Net Investment Income to</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
 &nbsp; &nbsp;<B><FONT size=2 face="serif">Preferred Shareholders</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">(4,123,301</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">)</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">(2,605,134</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">)</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">(2,182,874</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">)</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">(2,810,672</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">)</FONT>&nbsp;
        </TD>
</TR>
<TR>
        <TD colspan=17>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
<B><FONT size=2 face="serif">Net Increase (Decrease) in Net Assets</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
 &nbsp; &nbsp;<B><FONT size=2 face="serif">Applicaple to Common Shareholders</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
 &nbsp; &nbsp;<B><FONT size=2 face="serif">Resulting from Operations</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">(1,131,515</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">)</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">(2,119,498</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">)</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">5,184,474</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:3px double #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">5,381,503</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:3px double #000000;">&nbsp;

        </TD>
</TR>
</TABLE>
<BR>
<P align="center">
<FONT size=2 face="serif">See Notes to Financial Statements.</FONT></P>
<P align="center">
<FONT size=2 face="serif">64</FONT></P>

<HR noshade align="center" width="100%" size=4>




<P STYLE="page-break-before:always"></P><PAGE>


<div style="border-bottom:1px solid #000000"> <b><font face="serif">STATEMENTS
      OF OPERATIONS (unaudited) (continued)</font></b><br>
    <b><font face="serif">For the six months ended June 30, 2006</font></b>
</div>
<P align="justify">&nbsp;</P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=center nowrap>
      <center>
        <B><FONT size=2 face="serif">Municipal</FONT></B>
      </center></TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=center nowrap>
<B><FONT size=2 face="serif">Strategic</FONT></B>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=center nowrap>
<B><FONT size=2 face="serif">California Insured</FONT></B>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=center nowrap>
<B><FONT size=2 face="serif">California</FONT></B>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>
      <center>
        <B><FONT size=2 face="serif">Target</FONT></B>
      </center></TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=center nowrap>
<B><FONT size=2 face="serif">Municipal</FONT></B>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=center nowrap>
<B><FONT size=2 face="serif">Municipal 2008</FONT></B>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=center nowrap>
<B><FONT size=2 face="serif">Municipal 2018</FONT></B>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
      <center>
        <B><FONT size=2 face="serif">Term Trust</FONT></B>
      </center></TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap> <center>
          <B><FONT size=2 face="serif">Trust</FONT></B>
    </center></TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
      <center>
        <B><FONT size=2 face="serif">Term Trust</FONT></B>
      </center></TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
      <center>
        <B><FONT size=2 face="serif">Term Trust</FONT></B>
      </center></TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
      <center>
        <B><FONT size=2 face="serif">(BMN)</FONT></B>
      </center></TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;"><center>
          <B><FONT size=2 face="serif">(BSD)</FONT></B>
    </center></TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;"> <center>
          <B><FONT size=2 face="serif">(BFC)</FONT></B>
    </center></TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;"> <center>
          <B><FONT size=2 face="serif">(BJZ)</FONT></B>
    </center></TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
</TR>
<TR>
        <TD colspan=17>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
<B><FONT size=2 face="serif">Investment Income</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=2 face="serif">Interest income</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">10,110,376</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">4,467,633</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">5,653,808</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">3,728,017</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=2 face="serif">Other Income from affiliates</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">6,733</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">843</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">1,656</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">655</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Total investment income</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">10,117,109</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">4,468,476</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">5,655,464</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">3,728,672</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
</TR>
<TR>
        <TD colspan=17>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
<B><FONT size=2 face="serif">Expenses</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=2 face="serif">Investment advisory</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">846,402</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">521,469</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">464,326</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">303,750</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=2 face="serif">Administration</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">169,281</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">&#151;</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">132,665</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">&#151;</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=2 face="serif">Transfer agent</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">12,851</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">7,421</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">8,507</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">7,421</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=2 face="serif">Custodian</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">73,635</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">38,767</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">26,690</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">17,013</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=2 face="serif">Reports to shareholders</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">52,722</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">15,338</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">18,239</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">10,630</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=2 face="serif">Directors/Trustees</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">23,471</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">7,938</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">11,255</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">7,369</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=2 face="serif">Registration</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">13,853</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">8,212</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">8,201</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">8,201</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=2 face="serif">Independent accountants</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">22,610</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">18,002</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">18,264</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">18,501</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=2 face="serif">Legal</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">42,978</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">15,128</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">20,439</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">10,444</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=2 face="serif">Insurance</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">19,573</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">5,943</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">9,062</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">5,174</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=2 face="serif">Organization</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">&#151;</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">&#151;</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">&#151;</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">&#151;</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=2 face="serif">Auction agent</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">41,676</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">81,758</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">140,819</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">72,762</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=2 face="serif">Deferred Trustees&#146; fees</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">6,733</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">843</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">1,656</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">655</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=2 face="serif">Miscellaneous</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">79,437</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">12,509</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">20,924</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">15,684</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Total expenses excluding interest expense</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">1,405,222</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">733,328</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">881,047</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">477,604</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Interest expense</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">&#151;</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">84</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">&#151;</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">&#151;</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Total expenses</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">1,405,222</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">733,412</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">881,047</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">477,604</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Less fees waived by Advisor</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">&#151;</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">(130,367</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">)</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">&#151;</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">&#151;</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Less fees paid indirectly</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">(68,233</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">)</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">(25,341</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">)</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">(10,840</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">)</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">(10,002</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">)</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Net expenses</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">1,336,989</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">577,704</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">870,207</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">467,602</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
<FONT size=2 face="serif">Net investment income</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">8,780,120</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">3,890,772</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">4,785,257</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">3,261,070</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
</TR>
<TR>
        <TD colspan=17>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
<B><FONT size=2 face="serif">Realized and Unrealized Gain (Loss)</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
<FONT size=2 face="serif">Net realized gain (loss) on:</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Investments</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">4,222,366</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">(268,047</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">)</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">&#151;</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">21,154</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Futures and swaps</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">&#151;</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">507,321</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">&#151;</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">428,943</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">4,222,366</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">239,274</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">&#151;</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">450,097</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
<FONT size=2 face="serif">Net change in unrealized appreciation/depreciation on:</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Investments</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">(6,594,990</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">)</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">(2,673,480</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">)</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">(4,392,476</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">)</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">(2,646,460</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">)</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Futures and swaps</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">&#151;</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">724,496</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">&#151;</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">609,835</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">(6,594,990</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">)</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">(1,948,984</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">)</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">(4,392,476</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">)</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">(2,036,625</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">)</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
<FONT size=2 face="serif">Net loss</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">(2,372,624</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">)</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">(1,709,710</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">)</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">(4,392,476</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">)</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">(1,586,528</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">)</FONT>&nbsp;
        </TD>
</TR>
<TR>
        <TD colspan=17>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
<B><FONT size=2 face="serif">Dividends from Net Investment Income to</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
 &nbsp; &nbsp;<B><FONT size=2 face="serif">Preferred Shareholders</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">(374,430</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">)</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">(988,861</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">)</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">(1,522,744</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">)</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">(817,217</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">)</FONT>&nbsp;
        </TD>
</TR>
<TR>
        <TD colspan=17>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
<B><FONT size=2 face="serif">Net Increase (Decrease) in Net Assets</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
 &nbsp; &nbsp;<B><FONT size=2 face="serif">Applicable to Common Shareholders</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
 &nbsp; &nbsp;<B><FONT size=2 face="serif">Resulting from Operations</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">6,033,066</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:3px double #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">1,192,201</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:3px double #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">(1,129,963</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">)</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">857,325</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:3px double #000000;">&nbsp;

        </TD>
</TR>
</TABLE>
<BR>
<hr align="left" noshade width="100" size="1" color=black>

<P align="justify"><SUP><FONT size=1 face="serif">1 </FONT></SUP><FONT size=1 face="serif">Commencement of investment operations for Long-Term Municipal Advantage Trust was February 28, 2006. This information includes the initial investment by BlackRock Funding, Inc.
  The other Trusts&#146; statements are for the six month period.</FONT></P>
<P align="center">
<FONT size=2 face="serif">See Notes to Financial Statements.</FONT></P>
<P align="center">
<FONT size=2 face="serif">65</FONT></P>

<HR noshade align="center" width="100%" size=4>




<P STYLE="page-break-before:always"></P><PAGE>


<div style="border-bottom:1px solid #000000">&nbsp;</div>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap></TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left nowrap></TD>
  <TD align=left nowrap></TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left nowrap></TD>
  <TD align=left nowrap></TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left nowrap></TD>
  <TD align=left nowrap></TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left nowrap></TD>
  <TD align=left nowrap></TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left nowrap></TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
      <center>
        <B><FONT size=2 face="serif">Long-Term</FONT></B>
      </center></TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=center>
<B><FONT size=2 face="serif">Florida Insured</FONT></B>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp;<B><FONT size=2 face="serif">Florida</FONT></B>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=center nowrap>
<B><FONT size=2 face="serif">New York Insured</FONT></B>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=center nowrap>
<B><FONT size=2 face="serif">New York</FONT></B>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
      <center>
        <B><FONT size=2 face="serif">Pennsylvania</FONT></B>
      </center></TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=center nowrap>
<B><FONT size=2 face="serif">Municipal</FONT></B>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=center>
<B><FONT size=2 face="serif">Municipal 2008</FONT></B>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=center nowrap>
<B><FONT size=2 face="serif">Municipal 2020</FONT></B>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=center nowrap>
<B><FONT size=2 face="serif">Municipal 2008</FONT></B>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=center nowrap>
<B><FONT size=2 face="serif">Municipal 2018</FONT></B>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=center nowrap>
<B><FONT size=2 face="serif">Strategic</FONT></B>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=center nowrap>
<B><FONT size=2 face="serif">Advantage</FONT></B>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=right nowrap>
      <center>
        <B><FONT size=2 face="serif">Term Trust</FONT></B>
      </center></TD>
        <TD align=left nowrap>

          <center>
    </center></TD>
        <TD>
          <center>
    </center></TD>
        <TD align=left nowrap>

          <center>
    </center></TD>
        <TD align=right nowrap>
      <center>
        <B><FONT size=2 face="serif">Term Trust</FONT></B>
      </center></TD>
        <TD align=left nowrap>

          <center>
    </center></TD>
        <TD>
          <center>
    </center></TD>
        <TD align=left nowrap>

          <center>
    </center></TD>
        <TD align=right nowrap>
      <center>
        <B><FONT size=2 face="serif">Term Trust</FONT></B>
      </center></TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
      <center>
        <B><FONT size=2 face="serif">Term Trust</FONT></B>
      </center></TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=center nowrap>
<B><FONT size=2 face="serif">Municipal Trust</FONT></B>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap> <center>
          <B><FONT size=2 face="serif">Trust</FONT></B>
    </center></TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
      <center>
        <B><FONT size=2 face="serif">(BRF)</FONT></B>
      </center></TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
 <center>
   <B><FONT size=2 face="serif">(BFO)</FONT></B>
    </center></TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
      <center>
        <B><FONT size=2 face="serif">(BLN)</FONT></B>
      </center></TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
 &nbsp; &nbsp; &nbsp; &nbsp;<B><FONT size=2 face="serif">(BLH)</FONT></B>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;"> <center>
          <B><FONT size=2 face="serif">(BPS)</FONT></B>
    </center></TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<B></B>
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
      <center>
        <B><FONT size=2 face="serif">(BTA)</FONT><SUP><FONT size=2 face="serif">1</FONT></SUP></B>
      </center></TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
</TR>
<TR>
        <TD colspan=23>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap> <FONT size=2 face="serif">&#36;</FONT>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">4,174,781</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">3,207,322</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">6,163,661</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">2,312,986</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">1,190,129</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">3,417,300</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">1,412</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">190</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">3,049</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">477</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">430</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">&#151;</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">4,176,193</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">3,207,512</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">6,166,710</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">2,313,463</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">1,190,559</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">3,417,300</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
</TR>
<TR>
        <TD colspan=23>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">370,678</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">326,820</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">493,618</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">178,760</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">143,205</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">621,788</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">105,908</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">&#151;</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">141,034</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">&#151;</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">&#151;</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">&#151;</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">8,704</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">7,783</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">8,869</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">7,421</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">7,421</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">5,561</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">28,435</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">25,251</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">38,141</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">18,208</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">14,242</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">45,274</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">15,396</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">11,192</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">19,997</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">7,742</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">5,846</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">12,530</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">9,729</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">7,272</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">11,740</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">7,091</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">6,742</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">7,296</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">8,201</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">8,201</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">8,201</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">8,201</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">597</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">6,737</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">17,742</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">18,287</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">18,339</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">18,251</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">12,698</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">13,471</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">15,432</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">10,201</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">20,616</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">5,383</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">4,927</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">12,806</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">7,222</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">4,449</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">9,618</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">3,045</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">1,630</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">8,541</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">&#151;</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">&#151;</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">&#151;</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">&#151;</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">&#151;</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">39,000</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">107,989</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">63,457</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">142,072</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">42,441</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">26,527</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">&#151;</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">1,412</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">191</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">3,049</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">477</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">430</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">&#151;</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">18,058</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">15,022</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">21,585</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">12,195</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">9,472</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">5,898</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">714,906</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">498,126</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">936,879</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">309,215</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">233,737</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">778,902</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">&#151;</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">&#151;</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">&#151;</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">&#151;</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">&#151;</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">&#151;</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">714,906</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">498,126</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">936,879</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">309,215</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">233,737</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">778,902</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">&#151;</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">&#151;</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">&#151;</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">&#151;</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">(35,801</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">)</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">(248,715</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">)</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">(11,137</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">)</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">(10,771</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">)</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">(10,755</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">)</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">(9,709</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">)</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">(9,382</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">)</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">(28,592</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">)</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">703,769</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">487,355</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">926,124</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">299,506</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">188,554</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">501,595</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">3,472,424</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">2,720,157</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">5,240,586</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">2,013,957</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">1,002,005</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">2,915,705</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
</TR>
<TR>
        <TD colspan=23>&nbsp;

        </TD>
</TR>
<TR>
        <TD colspan=23>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">&#151;</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">(10,506</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">)</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">(2,060</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">)</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">&#151;</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">61,561</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">(745,805</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">)</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">&#151;</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">400,304</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">&#151;</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">240,040</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">113,050</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">&#151;</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">&#151;</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">389,798</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">(2,060</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">)</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">240,040</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">174,611</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">(745,805</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">)</FONT>&nbsp;
        </TD>
</TR>
<TR>
        <TD colspan=23>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">(2,857,872</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">)</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">(2,012,091</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">)</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">(4,192,475</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">)</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">(1,167,926</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">)</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">(709,333</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">)</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">(3,548,914</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">)</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">&#151;</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">583,070</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">&#151;</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">343,985</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">169,630</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">(5,390,680</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">)</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">(2,857,872</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">)</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">(1,429,021</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">)</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">(4,192,475</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">)</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">(823,941</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">)</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">(539,703</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">)</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">(8,939,594</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">)</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">(2,857,872</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">)</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">(1,039,223</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">)</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">(4,194,535</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">)</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">(583,901</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">)</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">(365,092</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">)</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">(9,685,399</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">)</FONT>&nbsp;
        </TD>
</TR>
<TR>
        <TD colspan=23>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">(1,271,367</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">)</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">(767,484</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">)</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">(1,626,675</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">)</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">(449,833</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">)</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">(273,578</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">)</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">&#151;</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
</TR>
<TR>
        <TD colspan=23>&nbsp;

        </TD>
</TR>
<TR>
        <TD colspan=23>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap style="border-bottom:3px double #000000;"> <FONT size=2 face="serif">&#36;</FONT>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">(656,815</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">)</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">913,450</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:3px double #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">(580,624</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">)</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">980,223</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:3px double #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">363,335</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:3px double #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">(6,769,694</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">)</FONT>&nbsp;
        </TD>
</TR>
</TABLE>
<BR>
<P align="center">
<FONT size=2 face="serif">See Notes to Financial Statements.</FONT></P>
<P align="center">
<FONT size=2 face="serif">66</FONT></P>

<HR noshade align="center" width="100%" size=4>




<P STYLE="page-break-before:always"></P><PAGE>


<div style="border-bottom:1px solid #000000"> <b><font face="serif">STATEMENTS
      OF CHANGES IN NET ASSETS</font></b><br>
    <b><font face="serif">For the six months ended June 30, 2006 (unaudited)
    and the year ended December 31, 2005</font></b>
</div>
<P align="justify">&nbsp;</P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD colspan="7" align=left nowrap>
      <center>
        <B><FONT size=2 face="serif">Insured</FONT></B>
      </center></TD>
        <TD>
          <center>
    </center></TD>
        <TD colspan="7" align=left nowrap>
      <center>
        <B><FONT size=2 face="serif">Insured</FONT></B>
      </center></TD>
  </TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD colspan="7" align=left nowrap>
      <center>
        <B><FONT size=2 face="serif">Municipal 2008 Term Trust</FONT></B>
      </center></TD>
        <TD>
          <center>
    &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    </center></TD>
        <TD colspan="7" align=left nowrap>
      <center>
        <B><FONT size=2 face="serif">Municipal Term Trust</FONT></B>
      </center></TD>
  </TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD colspan="7" align=left nowrap style="border-bottom:1px solid #000000;">
      <center>
        <B><FONT size=2 face="serif">(BRM)</FONT></B>
      </center></TD>
        <TD>
          <center>
    </center></TD>
        <TD colspan="7" align=left nowrap style="border-bottom:1px solid #000000;">
      <center>
        <B><FONT size=2 face="serif">(BMT)</FONT></B>
      </center></TD>
  </TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
      <center>
        <B><FONT size=2 face="serif">2006</FONT></B>
      </center></TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
      <center>
        <B><FONT size=2 face="serif">2005</FONT></B>
      </center></TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
      <center>
        <B><FONT size=2 face="serif">2006</FONT></B>
      </center></TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
      <center>
        <B><FONT size=2 face="serif">2005</FONT></B>
      </center></TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
<B><FONT size=2 face="serif">Increase (Decrease) in Net Assets</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
 &nbsp; &nbsp;<B><FONT size=2 face="serif">Applicable to Common Shareholders</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
<B><FONT size=2 face="serif">Operations:</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=2 face="serif">Net investment income</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">12,769,595</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">24,641,861</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">7,862,523</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">15,273,997</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=2 face="serif">Net realized gain (loss)</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">53,145</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">(2,400</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">)</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">3,340</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">226,726</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=2 face="serif">Net change in unrealized appreciation/depreciation</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">(9,830,954</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">)</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">(20,407,431</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">)</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">(7,380,227</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">)</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">(10,475,635</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">)</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=2 face="serif">Dividends and distributions to preferred</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
      <div align="left">&nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">shareholders from:</FONT>&nbsp;
      </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Net investment income</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">(4,123,301</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">)</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">(5,856,777</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">)</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">(2,605,134</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">)</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">(3,769,757</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">)</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
      <div align="left">&nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Net realized gains</FONT>&nbsp;
      </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">&#151;</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">&#151;</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">&#151;</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">(94,031</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">)</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
<FONT size=2 face="serif">Net increase (decrease) in net assets resulting</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=2 face="serif">from operations</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">(1,131,515</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">)</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">(1,624,747</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">)</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">(2,119,498</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">)</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">1,161,300</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
<B><FONT size=2 face="serif">Dividends and Distributions to Common</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
 &nbsp; &nbsp;<B><FONT size=2 face="serif">Shareholders from:</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=2 face="serif">Net investment income</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">(10,814,822</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">)</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">(21,629,646</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">)</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">(6,989,176</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">)</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">(14,884,351</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">)</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=2 face="serif">Net realized gains</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">&#151;</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">&#151;</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">&#151;</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">(391,780</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">)</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
<FONT size=2 face="serif">Total dividends and distributions</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">(10,814,822</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">)</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">(21,629,646</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">)</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">(6,989,176</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">)</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">(15,276,131</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">)</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
<B><FONT size=2 face="serif">Capital Share Transactions:</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=2 face="serif">Reinvestment of common dividends</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">&#151;</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">&#151;</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">&#151;</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">&#151;</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=2 face="serif">Net proceeds from capital share transactions</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">&#151;</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">&#151;</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">&#151;</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">&#151;</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
<FONT size=2 face="serif">Total increase</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">(11,946,337</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">)</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">(23,254,393</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">)</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">(9,108,674</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">)</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">(14,114,831</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">)</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
<B><FONT size=2 face="serif">Net Assets Applicable to</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
 &nbsp; &nbsp;<B><FONT size=2 face="serif">Common Shareholders</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
<FONT size=2 face="serif">Beginning of period</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">432,405,837</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">455,660,230</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">272,014,631</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">286,129,462</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
<FONT size=2 face="serif">End of period</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">420,459,500</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:3px double #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">432,405,837</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:3px double #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">262,905,957</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:3px double #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">272,014,631</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:3px double #000000;">&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
<FONT size=2 face="serif">End of period undistributed net investment income</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">36,328,517</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">38,497,045</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">15,410,172</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">17,141,959</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
</TABLE>
<BR>
<P align="center">
<FONT size=2 face="serif">See Notes to Financial Statements.</FONT></P>
<P align="center">
<FONT size=2 face="serif">67</FONT></P>

<HR noshade align="center" width="100%" size=4>




<P STYLE="page-break-before:always"></P><PAGE>


<div style="border-bottom:1px solid #000000">&nbsp;</div>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD align=left nowrap></TD>
  <TD align=center nowrap colspan=5>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left nowrap></TD>
  <TD align=center nowrap colspan=5>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left nowrap></TD>
  <TD align=center nowrap colspan=5>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left nowrap></TD>
  <TD align=center nowrap colspan=5>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD colspan="7" align=left nowrap>
      <center>
        <B><FONT size=2 face="serif">Municipal</FONT></B>
      </center></TD>
        <TD>
          <center>
    </center></TD>
        <TD colspan="7" align=left nowrap>
      <center>
        <B><FONT size=2 face="serif">Municipal</FONT></B>
      </center></TD>
        <TD>
          <center>
    </center></TD>
        <TD colspan="7" align=left nowrap>
      <center>
        <B><FONT size=2 face="serif">Municipal</FONT></B>
      </center></TD>
        <TD>
          <center>
    </center></TD>
        <TD colspan="7" align=left nowrap>
      <center>
        <B><FONT size=2 face="serif">Strategic</FONT></B>
      </center></TD>
  </TR>
<TR valign="bottom">
        <TD colspan="7" align=left nowrap>
      <center>
        <B><FONT size=2 face="serif">2018 Term Trust</FONT></B>
      </center></TD>
        <TD>
          <center>
    &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    </center></TD>
        <TD colspan="7" align=left nowrap>
      <center>
        <B><FONT size=2 face="serif">2020 Term Trust</FONT></B>
      </center></TD>
        <TD>
          <center>
    &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    </center></TD>
        <TD colspan="7" align=left nowrap>
      <center>
        <B><FONT size=2 face="serif">Target Term Trust</FONT></B>
      </center></TD>
        <TD>
          <center>
    &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    </center></TD>
        <TD colspan="7" align=left nowrap>
      <center>
        <B><FONT size=2 face="serif">Municipal Trust</FONT></B>
      </center></TD>
  </TR>
<TR valign="bottom">
        <TD colspan="7" align=left nowrap style="border-bottom:1px solid #000000;">
      <center>
        <B><FONT size=2 face="serif">(BPK)</FONT></B>
      </center></TD>
        <TD>
          <center>
    </center></TD>
        <TD colspan="7" align=left nowrap style="border-bottom:1px solid #000000;">
      <center>
        <B><FONT size=2 face="serif">(BKK)</FONT></B>
      </center></TD>
        <TD>
          <center>
    </center></TD>
        <TD colspan="7" align=left nowrap style="border-bottom:1px solid #000000;">
      <center>
        <B><FONT size=2 face="serif">(BMN)</FONT></B>
      </center></TD>
        <TD>
          <center>
    </center></TD>
        <TD colspan="7" align=left nowrap style="border-bottom:1px solid #000000;">
      <center>
        <B><FONT size=2 face="serif">(BSD)</FONT></B>
      </center></TD>
  </TR>
<TR valign="bottom">
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
      <center>
        <B><FONT size=2 face="serif">2006</FONT></B>
      </center></TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
      <center>
        <B><FONT size=2 face="serif">2005</FONT></B>
      </center></TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
      <center>
        <B><FONT size=2 face="serif">2006</FONT></B>
      </center></TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
      <center>
        <B><FONT size=2 face="serif">2005</FONT></B>
      </center></TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
      <center>
        <B><FONT size=2 face="serif">2006</FONT></B>
      </center></TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
      <center>
        <B><FONT size=2 face="serif">2005</FONT></B>
      </center></TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
      <center>
        <B><FONT size=2 face="serif">2006</FONT></B>
      </center></TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
      <center>
        <B><FONT size=2 face="serif">2005</FONT></B>
      </center></TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
</TR>
<TR>
        <TD colspan=31>&nbsp;

        </TD>
</TR>
<TR>
        <TD colspan=31>&nbsp;

        </TD>
</TR>
<TR>
        <TD colspan=31>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=right nowrap>
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">9,170,865</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">18,971,183</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">11,109,431</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">22,369,679</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">8,780,120</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">24,626,249</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">3,890,772</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">8,234,349</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">1,400,178</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">(6,238,370</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">)</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">1,885,020</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">234,951</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">4,222,366</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">(15,190</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">)</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">239,274</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">2,599,022</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">(3,203,695</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">)</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">2,205,469</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">(4,802,276</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">)</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">7,670,839</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">(6,594,990</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">)</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">(18,090,760</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">)</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">(1,948,984</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">)</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">(2,090,681</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">)</FONT>&nbsp;
        </TD>
</TR>
<TR>
        <TD colspan=31>&nbsp;

        </TD>
</TR>
<TR>
        <TD colspan=31>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">(2,182,874</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">)</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">(3,197,120</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">)</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">(2,810,672</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">)</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">(4,116,677</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">)</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">(374,430</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">)</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">(4,805,518</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">)</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">(988,861</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">)</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">(1,435,533</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">)</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">&#151;</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">&#151;</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">&#151;</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">&#151;</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">&#151;</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">(9,199</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">)</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">&#151;</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">&#151;</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
</TR>
<TR>
        <TD colspan=31>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">5,184,474</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">11,741,162</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">5,381,503</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">26,158,792</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">6,033,066</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">1,705,582</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">1,192,201</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">7,307,157</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
</TR>
<TR>
        <TD colspan=31>&nbsp;

        </TD>
</TR>
<TR>
        <TD colspan=31>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">(7,206,337</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">)</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">(13,410,468</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">)</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">(8,044,060</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">)</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">(17,529,979</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">)</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">(8,480,441</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">)</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">(19,378,995</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">)</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">(3,988,844</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">)</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">(7,442,211</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">)</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">&#151;</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">&#151;</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">&#151;</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">&#151;</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">&#151;</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">(44,957</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">)</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">&#151;</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">&#151;</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">(7,206,337</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">)</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">(13,410,468</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">)</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">(8,044,060</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">)</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">(17,529,979</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">)</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">(8,480,441</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">)</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">(19,423,952</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">)</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">(3,988,844</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">)</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">(7,442,211</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">)</FONT>&nbsp;
        </TD>
</TR>
<TR>
        <TD colspan=31>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">&#151;</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">&#151;</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">&#151;</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">&#151;</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">&#151;</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">&#151;</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">145,713</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">132,779</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">&#151;</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">&#151;</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">&#151;</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">&#151;</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">&#151;</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">&#151;</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">145,713</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">132,779</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">(2,021,863</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">)</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">(1,669,306</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">)</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">(2,662,557</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">)</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">8,628,813</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">(2,447,375</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">)</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">(17,718,370</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">)</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">(2,650,930</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">)</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">(2,275</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">)</FONT>&nbsp;
        </TD>
</TR>
<TR>
        <TD colspan=31>&nbsp;

        </TD>
</TR>
<TR>
        <TD colspan=31>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">249,890,453</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">251,559,759</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">309,146,353</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">300,517,540</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">461,323,249</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">479,041,619</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">113,683,860</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">113,686,135</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=right nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">247,868,590</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:3px double #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">249,890,453</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:3px double #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">306,483,796</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:3px double #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">309,146,353</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:3px double #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">458,875,874</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:3px double #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">461,323,249</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:3px double #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">111,032,930</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:3px double #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">113,683,860</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:3px double #000000;">&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=right nowrap>
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">17,712,147</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">17,930,493</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">1,848,954</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">1,594,255</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">34,004,297</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">34,079,048</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">3,886,625</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">4,973,558</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
</TABLE>
<BR>
<P align="center">
<FONT size=2 face="serif">See Notes to Financial Statements.</FONT></P>
<P align="center">
<FONT size=2 face="serif">68</FONT></P>

<HR noshade align="center" width="100%" size=4>




<P STYLE="page-break-before:always"></P><PAGE>


<div style="border-bottom:1px solid #000000"> <b><font face="serif">STATEMENTS
      OF CHANGES IN NET ASSETS (continued)</font></b><br>
    <b><font face="serif">For the six months ended June 30, 2006 (unaudited)
    and the year ended December 31, 2005</font></b>
</div>
<P align="justify">&nbsp;</P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD colspan="7" align=left nowrap>
      <center>
        <B><FONT size=2 face="serif">California Insured</FONT></B>
      </center></TD>
        <TD>
          <center>
    </center></TD>
        <TD colspan="7" align=left nowrap>
      <center>
        <B><FONT size=2 face="serif">California</FONT></B>
      </center></TD>
  </TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD colspan="7" align=left nowrap>
      <center>
        <B><FONT size=2 face="serif">Municipal 2008 Term Trust</FONT></B>
      </center></TD>
        <TD>
          <center>
    &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    </center></TD>
        <TD colspan="7" align=left nowrap>
      <center>
        <B><FONT size=2 face="serif">Municipal 2018 Term Trust</FONT></B>
      </center></TD>
  </TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD colspan="7" align=left nowrap style="border-bottom:1px solid #000000;">
      <center>
        <B><FONT size=2 face="serif">(BFC)</FONT></B>
      </center></TD>
        <TD>
          <center>
    </center></TD>
        <TD colspan="7" align=left nowrap style="border-bottom:1px solid #000000;">
      <center>
        <B><FONT size=2 face="serif">(BJZ)</FONT></B>
      </center></TD>
  </TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
      <center>
        <B><FONT size=2 face="serif">2006</FONT></B>
      </center></TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
      <center>
        <B><FONT size=2 face="serif">2005</FONT></B>
      </center></TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
      <center>
        <B><FONT size=2 face="serif">2006</FONT></B>
      </center></TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
      <center>
        <B><FONT size=2 face="serif">2005</FONT></B>
      </center></TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
<B><FONT size=2 face="serif">Increase (Decrease) in Net Assets</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
 &nbsp; &nbsp;<B><FONT size=2 face="serif">Applicable to Common Shareholders</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR>
        <TD colspan=17>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
<B><FONT size=2 face="serif">Operations:</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=2 face="serif">Net investment income</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">4,785,257</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">9,410,731</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">3,261,070</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">6,249,720</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=2 face="serif">Net realized gain (loss)</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">&#151;</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">&#151;</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">450,097</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">(196,292</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">)</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=2 face="serif">Net change in unrealized appreciation/depreciation</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">(4,392,476</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">)</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">(8,530,659</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">)</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">(2,036,625</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">)</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">51,197</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=2 face="serif">Dividends and distributions to preferred</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">shareholders from:</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Net investment income</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">(1,522,744</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">)</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">(2,084,590</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">)</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">(817,217</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">)</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">(1,142,679</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">)</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Net realized gains</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">&#151;</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">(12,763</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">)</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">&#151;</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">&#151;</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
<FONT size=2 face="serif">Net increase (decrease) in net assets resulting</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=2 face="serif">from operations</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">(1,129,963</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">)</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">(1,217,281</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">)</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">857,325</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">4,961,946</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
</TR>
<TR>
        <TD colspan=17>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
<B><FONT size=2 face="serif">Dividends and Distributions to Common</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
 &nbsp; &nbsp;<B><FONT size=2 face="serif">Shareholders from:</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=2 face="serif">Net investment income</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">(4,019,740</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">)</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">(8,039,481</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">)</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">(2,364,138</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">)</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">(4,728,276</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">)</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=2 face="serif">Net realized gains</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">&#151;</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">(54,533</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">)</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">&#151;</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">&#151;</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
<FONT size=2 face="serif">Total dividends and distributions</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">(4,019,740</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">)</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">(8,094,014</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">)</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">(2,364,138</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">)</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">(4,728,276</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">)</FONT>&nbsp;
        </TD>
</TR>
<TR>
        <TD colspan=17>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
<B><FONT size=2 face="serif">Capital Share Transactions:</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
<FONT size=2 face="serif">Total increase (decrease)</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">(5,149,703</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">)</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">(9,311,295</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">)</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">(1,506,813</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">)</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">233,670</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
</TR>
<TR>
        <TD colspan=17>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
<B><FONT size=2 face="serif">Net Assets Applicable to</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp;<B><FONT size=2 face="serif">Common Shareholders</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
<FONT size=2 face="serif">Beginning of period</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">165,097,069</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">174,408,364</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">97,823,514</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">97,589,844</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
<FONT size=2 face="serif">End of period</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">159,947,366</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:3px double #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">165,097,069</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:3px double #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">96,316,701</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:3px double #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">97,823,514</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:3px double #000000;">&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
<FONT size=2 face="serif">End of period undistributed (distributions in excess of)</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=2 face="serif">net investment income</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">13,531,165</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">14,288,392</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">4,488,868</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">4,409,153</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
</TABLE>
<BR>
<P align="center">
<FONT size=2 face="serif">See Notes to Financial Statements.</FONT></P>
<P align="center">
<FONT size=2 face="serif">69</FONT></P>

<HR noshade align="center" width="100%" size=4>




<P STYLE="page-break-before:always"></P><PAGE>


<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD colspan="7" align=left nowrap>
      <center>
        <B><FONT size=2 face="serif">Florida Insured</FONT></B>
      </center></TD>
        <TD>
          <center>
    </center></TD>
        <TD colspan="7" align=left nowrap>      <center>
          <B><FONT size=2 face="serif">Florida Municipal</FONT></B>
    </center></TD>
        <TD>
          <center>
    </center></TD>
        <TD colspan="7" align=left nowrap>
      <center>
        <B><FONT size=2 face="serif">New York Insured</FONT></B>
      </center></TD>
        <TD>
          <center>
    </center></TD>
        <TD colspan="7" align=left nowrap>
      <center>
        <B><FONT size=2 face="serif">New York</FONT></B>
      </center></TD>
  </TR>
<TR valign="bottom">
        <TD colspan="7" align=left nowrap>        <center>
          <B><FONT size=2 face="serif">Municipal 2008 Term Trust</FONT></B>
    </center></TD>
        <TD>
          <center>
    &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    </center></TD>
        <TD colspan="7" align=left nowrap>
      <center>
        <B><FONT size=2 face="serif">2020 Term Trust</FONT></B>
      </center></TD>
        <TD>
          <center>
    &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    </center></TD>
        <TD colspan="7" align=left nowrap>
      <center>
        <B><FONT size=2 face="serif">Municipal 2008 Term Trust</FONT></B>
      </center></TD>
        <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
          <center>
    </center></TD>
        <TD colspan="7" align=left nowrap>
      <center>
        <B><FONT size=2 face="serif">Municipal 2018 Term Trust</FONT></B>
      </center></TD>
  </TR>
<TR valign="bottom">
        <TD colspan="7" align=left nowrap style="border-bottom:1px solid #000000;">
      <center>
        <B><FONT size=2 face="serif">(BRF)</FONT></B>
      </center></TD>
        <TD>
          <center>
    </center></TD>
        <TD colspan="7" align=left nowrap style="border-bottom:1px solid #000000;">     <center>
          <B><FONT size=2 face="serif">(BFO)</FONT></B>
    </center></TD>
        <TD>
          <center>
    </center></TD>
        <TD colspan="7" align=left nowrap style="border-bottom:1px solid #000000;">       <center>
            <B><FONT size=2 face="serif">(BLN)</FONT></B>
      </center></TD>
        <TD>
          <center>
    </center></TD>
        <TD colspan="7" align=left nowrap style="border-bottom:1px solid #000000;">       <center>
            <B><FONT size=2 face="serif">(BLH)</FONT></B>
      </center></TD>
  </TR>
<TR valign="bottom">
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
      <center>
        <B><FONT size=2 face="serif">2006</FONT></B>
      </center></TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
      <center>
        <B><FONT size=2 face="serif">2005</FONT></B>
      </center></TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
      <center>
        <B><FONT size=2 face="serif">2006</FONT></B>
      </center></TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
      <center>
        <B><FONT size=2 face="serif">2005</FONT></B>
      </center></TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
      <center>
        <B><FONT size=2 face="serif">2006</FONT></B>
      </center></TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
      <center>
        <B><FONT size=2 face="serif">2005</FONT></B>
      </center></TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
      <center>
        <B><FONT size=2 face="serif">2006</FONT></B>
      </center></TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
      <center>
        <B><FONT size=2 face="serif">2005</FONT></B>
      </center></TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
</TR>
<TR>
        <TD colspan=31>&nbsp;

        </TD>
</TR>
<TR>
        <TD colspan=31>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=right nowrap>
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">3,472,424</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">6,809,157</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">2,720,157</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">5,436,626</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">5,240,586</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">10,168,052</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">2,013,957</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">3,930,167</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">&#151;</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">88,503</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">389,798</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">56,090</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">(2,060</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">)</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">27,602</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">240,040</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">171,272</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">(2,857,872</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">)</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">(5,953,913</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">)</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">(1,429,021</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">)</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">1,629,993</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">(4,192,475</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">)</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">(8,711,114</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">)</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">(823,941</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">)</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">410,410</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR>
        <TD colspan=31>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">(1,271,367</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">)</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">(1,908,083</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">)</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">(767,484</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">)</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">(1,090,002</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">)</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">(1,626,675</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">)</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">(2,262,552</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">)</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">(449,833</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">)</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">(619,624</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">)</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">&#151;</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">(16,356</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">)</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">&#151;</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">(35,017</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">)</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">&#151;</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">(14,078</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">)</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">&#151;</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">&#151;</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
</TR>
<TR>
        <TD colspan=31>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">(656,815</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">)</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">(980,692</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">)</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">913,450</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">5,997,690</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">(580,624</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">)</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">(792,090</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">)</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">980,223</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">3,892,225</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
</TR>
<TR>
        <TD colspan=31>&nbsp;

        </TD>
</TR>
<TR>
        <TD colspan=31>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">(2,394,451</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">)</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">(6,530,321</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">)</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">(1,856,360</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">)</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">(4,192,475</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">)</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">(4,031,166</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">)</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">(8,442,822</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">)</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">(1,335,138</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">)</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">(2,670,276</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">)</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">&#151;</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">(57,876</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">)</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">&#151;</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">(320,969</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">)</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">&#151;</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">(57,749</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">)</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">&#151;</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">&#151;</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">(2,394,451</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">)</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">(6,588,197</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">)</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">(1,856,360</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">)</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">(4,513,444</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">)</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">(4,031,166</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">)</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">(8,500,571</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">)</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">(1,335,138</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">)</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">(2,670,276</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">)</FONT>&nbsp;
        </TD>
</TR>
<TR>
        <TD colspan=31>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">(3,051,266</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">)</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">(7,568,889</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">)</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">(942,910</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">)</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">1,484,246</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">(4,611,790</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">)</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">(9,292,661</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">)</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">(354,915</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">)</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">1,221,949</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
</TR>
<TR>
        <TD colspan=31>&nbsp;

        </TD>
</TR>
<TR>
        <TD colspan=31>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">130,973,515</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">138,542,404</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">82,875,491</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">81,391,245</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">177,131,546</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">186,424,207</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">58,525,392</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">57,303,443</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=right nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">127,922,249</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:3px double #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">130,973,515</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:3px double #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">81,932,581</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:3px double #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">82,875,491</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:3px double #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">172,519,756</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:3px double #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">177,131,546</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:3px double #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">58,170,477</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:3px double #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">58,525,392</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:3px double #000000;">&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=right nowrap>
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">7,012,531</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">7,205,925</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">25,759</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">(70,554</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">)</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">12,695,615</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">13,112,870</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">3,309,056</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">3,080,070</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
</TABLE>
<BR>
<P align="center">
<FONT size=2 face="serif">See Notes to Financial Statements.</FONT></P>
<P align="center">
<FONT size=2 face="serif">70</FONT></P>

<HR noshade align="center" width="100%" size=4>




<P STYLE="page-break-before:always"></P><PAGE>


<div style="border-bottom:1px solid #000000"> <b><font face="serif">STATEMENTS
      OF CHANGES IN NET ASSETS (continued)</font></b><br>
    <b><font face="serif">For the six months ended June 30, 2006 (unaudited)
    and the year ended December 31, 2005</font></b>
</div>
<P align="justify">&nbsp;</P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD colspan="7" align=left nowrap>
        <center>
          <B><FONT size=2 face="serif">Pennsylvania</FONT></B>
    </center></TD>
        <TD>&nbsp;
        </TD>
        <TD colspan="3" align=left nowrap>
      <center>
        <B><FONT size=2 face="serif">Long-Term</FONT></B>
      </center></TD>
  </TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD colspan="7" align=left nowrap>      <center>
          <B><FONT size=2 face="serif">Strategic Municipal Trust</FONT></B>
    </center></TD>
        <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        </TD>
        <TD colspan="3" align=left nowrap>
      <center>
        <B><FONT size=2 face="serif">Municipal Advantage Trust</FONT></B>
      </center></TD>
  </TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD colspan="7" align=left nowrap style="border-bottom:1px solid #000000;">
      <center>
        <B><FONT size=2 face="serif">(BPS)</FONT></B>
      </center></TD>
        <TD>&nbsp;
        </TD>
        <TD colspan="3" align=left nowrap style="border-bottom:1px solid #000000;">
      <center>
        <B><FONT size=2 face="serif">(BTA)</FONT></B>
      </center></TD>
  </TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
      <center>
        <B><FONT size=2 face="serif">2006</FONT></B>
    </center></TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
      <center>
        <B><FONT size=2 face="serif">2005</FONT></B>
    </center></TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
      <center>
        <B><FONT size=2 face="serif">2006</FONT></B><B><SUP><FONT size=2 face="serif">1</FONT></SUP></B>
    </center></TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
<B><FONT size=2 face="serif">Increase (Decrease) in Net Assets</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
 &nbsp; &nbsp; &nbsp;<B><FONT size=2 face="serif">Applicable to Common Shareholders</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
<B><FONT size=2 face="serif">Operations:</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=2 face="serif">Net investment income</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">1,002,005</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">1,964,401</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">2,915,705</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=2 face="serif">Net realized gain (loss)</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">174,611</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">196,363</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">(745,805</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">)</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=2 face="serif">Net change in unrealized depreciation</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">(539,703</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">)</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">(1,047,091</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">)</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">(8,939,594</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">)</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=2 face="serif">Dividends to preferred shareholders</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
      <div align="left">&nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">from net investment income</FONT>&nbsp;
      </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">(273,578</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">)</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">(380,143</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">)</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">&#151;</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=2 face="serif">Net increase in net assets resulting</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">from operations</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">363,335</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">733,530</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">(6,769,694</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">)</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
<B><FONT size=2 face="serif">Dividends to Common Shareholders from:</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=2 face="serif">Net investment income</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">(913,909</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">)</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">(1,807,728</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">)</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">(2,738,229</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">)</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
<B><FONT size=2 face="serif">Capital Share Transactions:</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=2 face="serif">Net proceeds from the issuance of common shares</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">&#151;</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">&#151;</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">186,584,810</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=2 face="serif">Net proceeds from the underwriters&#146; over-allotment</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
      <div align="left">&nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">option exercised</FONT>&nbsp;
      </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">&#151;</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">&#151;</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">3,216,375</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=2 face="serif">Reinvestment of common dividends</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">22,019</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">17,613</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">65,063</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=2 face="serif">Net proceeds from capital share transactions</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">22,019</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">17,613</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">189,866,248</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
<FONT size=2 face="serif">Total increase (decrease)</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">(528,555</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">)</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">(1,056,585</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">)</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">180,358,325</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
<B><FONT size=2 face="serif">Net Assets Applicable to</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
 &nbsp; &nbsp;<B><FONT size=2 face="serif">Common Shareholders</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
<FONT size=2 face="serif">Beginning of period</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">30,800,546</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">31,857,131</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">&#151;</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
<FONT size=2 face="serif">End of period</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">30,271,991</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:3px double #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">30,800,546</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:3px double #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">180,358,325</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:3px double #000000;">&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
<FONT size=2 face="serif">End of period undistributed net investment income</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">624,634</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">810,116</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">177,476</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
</TABLE>
<BR>
<hr align="left" noshade width="100" size="1" color=black>
<SUP><FONT size=1 face="serif">1 </FONT></SUP><FONT size=1 face="serif">Commencement
of investment operations for Long-Term Municipal Advantage Trust was February
28, 2006. This information includes the initial investment by BlackRock Funding,
Inc. The other Trusts&#146; statements are for the six month period.</FONT><br>
<P align="center">
<FONT size=2 face="serif">See Notes to Financial Statements.</FONT></P>
<P align="center">
<FONT size=2 face="serif">71</FONT></P>

<HR noshade align="center" width="100%" size=4>




<P STYLE="page-break-before:always"></P><PAGE>


<P align="justify">
<B><FONT face="serif">FINANCIAL HIGHLIGHTS</FONT></B></P>
<P align="justify">
<B><FONT size=2 face="serif">BlackRock Insured Municipal 2008 Term Trust (BRM)</FONT></B></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD align=center nowrap>&nbsp;
</TD>
        <TD colspan="4" align=center nowrap><b><font size=2 face="serif">Six Months Ended</font></b>    </TD>
        <TD align=left nowrap>&nbsp;</TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>&nbsp;</TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap></TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap></TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD colspan="4" align=left nowrap>
      <center>
    <B><FONT size=2 face="serif">June 30, 2006</FONT></B>      </center></TD>
        <TD align=left nowrap>&nbsp;</TD>
        <TD colspan="19" align=left nowrap>
      <center>
        <div style="border-bottom:1px solid #000000"> <b><font size=2 face="serif">Year
              Ended December 31,</font></b>&nbsp; </div>
      </center> </TD>
  </TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD colspan="4" align=left nowrap>
      <center>
        <div style="border-bottom:1px solid #000000"> <b><font size=2 face="serif">(unaudited)</font></b> </div>
      </center> </TD>
        <TD align=left nowrap></TD>
        <TD align=left nowrap><div style="border-bottom:1px solid #000000">&nbsp;</div>

        </TD>
        <TD align=right nowrap>
      <center>
        <div style="border-bottom:1px solid #000000"> <b><font size=2 face="serif">2005</font></b> </div>
      </center></TD>
        <TD align=left nowrap>

          <center>
            <div style="border-bottom:1px solid #000000">&nbsp;</div>
      </center></TD>
        <TD align=left nowrap>&nbsp;</TD>
        <TD align=left nowrap>

          <center>
            <div style="border-bottom:1px solid #000000">&nbsp;</div>
      </center></TD>
        <TD align=right nowrap>
      <center>
        <div style="border-bottom:1px solid #000000"> <b><font size=2 face="serif">2004</font></b> </div>
      </center></TD>
        <TD align=left nowrap>

          <center>
            <div style="border-bottom:1px solid #000000">&nbsp;</div>
      </center></TD>
        <TD align=left nowrap>&nbsp;</TD>
        <TD align=left nowrap>

          <center>
            <div style="border-bottom:1px solid #000000">&nbsp;</div>
      </center></TD>
        <TD align=right nowrap>
      <center>
        <div style="border-bottom:1px solid #000000"> <b><font size=2 face="serif">2003</font></b> </div>
      </center></TD>
        <TD align=left nowrap>

          <center>
            <div style="border-bottom:1px solid #000000">&nbsp;</div>
      </center></TD>
        <TD align=left nowrap>

          <center>
    </center></TD>
        <TD align=left nowrap>

          <center>
            <div style="border-bottom:1px solid #000000">&nbsp;</div>
      </center></TD>
        <TD align=right nowrap>
      <center>
        <div style="border-bottom:1px solid #000000"> <b><font size=2 face="serif">2002</font></b> </div>
      </center></TD>
        <TD align=left nowrap>

          <center>
            <div style="border-bottom:1px solid #000000">&nbsp;</div>
      </center></TD>
        <TD align=left nowrap>&nbsp;</TD>
        <TD align=left nowrap>

          <center>
            <div style="border-bottom:1px solid #000000">&nbsp;</div>
      </center></TD>
        <TD align=right nowrap>
      <center>
        <div style="border-bottom:1px solid #000000"> <b><font size=2 face="serif">2001</font></b> </div>
      </center></TD>
        <TD align=left nowrap><div style="border-bottom:1px solid #000000">&nbsp;</div>

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
<B><FONT size=2 face="serif">PER COMMON SHARE OPERATING</FONT></B>&nbsp;
        </TD>
        <TD align=left nowrap></TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>&nbsp;</TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>&nbsp;</TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap></TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap></TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
 &nbsp; &nbsp;<B><FONT size=2 face="serif">PERFORMANCE:</FONT></B>&nbsp;
        </TD>
        <TD align=left nowrap></TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>&nbsp;</TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>&nbsp;</TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp; </TD>
        <TD align=left nowrap></TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap></TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
<FONT size=2 face="serif">Net asset value, beginning of period</FONT>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
        <TD align=left nowrap><div align="right">
          <div style="border-bottom:1px solid #000000"><font size=2 face="serif">$</font> </div>
        </div></TD>
        <TD align=right nowrap><div style="border-bottom:1px solid #000000"> <font size=2 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.89</font> </div></TD>
        <TD align=left nowrap><div style="border-bottom:1px solid #000000">&nbsp;</div>

        </TD>
        <TD align=left nowrap></TD>
        <TD align=right nowrap><div style="border-bottom:1px solid #000000"> <font size=2 face="serif">&#36;</font> </div></TD>
        <TD align=right nowrap><div style="border-bottom:1px solid #000000"> <font size=2 face="serif">16.75</font> </div></TD>
        <TD align=left nowrap><div style="border-bottom:1px solid #000000">&nbsp;</div>

        </TD>
        <TD align=left nowrap></TD>
        <TD align=right nowrap><div style="border-bottom:1px solid #000000"> <font size=2 face="serif">&#36;</font> </div></TD>
        <TD align=right nowrap><div style="border-bottom:1px solid #000000"> <font size=2 face="serif">17.38</font> </div></TD>
        <TD align=left nowrap><div style="border-bottom:1px solid #000000">&nbsp;</div> </TD>
        <TD align=right nowrap>&nbsp;</TD>
        <TD align=right nowrap><div style="border-bottom:1px solid #000000"> <font size=2 face="serif">&#36;</font> </div></TD>
        <TD align=right nowrap><div style="border-bottom:1px solid #000000"> <font size=2 face="serif">17.62</font> </div></TD>
        <TD align=left nowrap><div style="border-bottom:1px solid #000000">&nbsp;</div>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap><div style="border-bottom:1px solid #000000"> <font size=2 face="serif">&#36;</font>&nbsp; </div></TD>
        <TD align=right nowrap><div style="border-bottom:1px solid #000000"> <font size=2 face="serif">16.80</font> </div></TD>
        <TD align=left nowrap><div style="border-bottom:1px solid #000000">&nbsp;</div>

        </TD>
        <TD align=right nowrap>&nbsp;</TD>
        <TD align=right nowrap><div style="border-bottom:1px solid #000000"> <font size=2 face="serif">&#36;</font> </div></TD>
        <TD align=right nowrap><div style="border-bottom:1px solid #000000"> <font size=2 face="serif">16.62</font> </div></TD>
        <TD align=left nowrap><div style="border-bottom:1px solid #000000">&nbsp;</div>

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
<FONT size=2 face="serif">Investment operations:</FONT>&nbsp;
        </TD>
        <TD align=left nowrap></TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>&nbsp;</TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>&nbsp;</TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap></TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap></TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=2 face="serif">Net investment income</FONT>&nbsp;
        </TD>
        <TD align=left nowrap></TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">0.47</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>&nbsp;</TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">0.91</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>&nbsp;</TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">0.97</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap></TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">1.07</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">1.26</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap></TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">1.33</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=2 face="serif">Net realized and unrealized gain (loss)</FONT>&nbsp;
        </TD>
        <TD align=left nowrap></TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">(0.36</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">)</FONT>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;</TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">(0.75</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">)</FONT>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;</TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">(0.55</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">)</FONT>&nbsp;
        </TD>
        <TD align=left nowrap></TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">(0.07</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">)</FONT>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">0.53</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap></TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">(0.08</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">)</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=2 face="serif">Dividends and distributions to preferred</FONT>&nbsp;
        </TD>
        <TD align=left nowrap></TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>&nbsp;</TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>&nbsp;</TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap></TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap></TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
      <div align="left"><FONT size=2 face="serif">&nbsp; &nbsp;&nbsp; &nbsp;shareholders from:</FONT>&nbsp;
      </div></TD>
        <TD align=left nowrap></TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>&nbsp;</TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>&nbsp;</TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap></TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap></TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
 &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Net investment income</FONT>&nbsp;
        </TD>
        <TD align=left nowrap></TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">(0.15</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">)</FONT>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;</TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">(0.22</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">)</FONT>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;</TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">(0.10</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">)</FONT>&nbsp;
        </TD>
        <TD align=left nowrap></TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">(0.08</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">)</FONT>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">(0.13</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">)</FONT>&nbsp;
        </TD>
        <TD align=left nowrap></TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">(0.27</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">)</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
      <div align="left"> &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Net realized gain on investments</FONT>&nbsp;
      </div></TD>
        <TD align=left nowrap></TD>
        <TD align=left nowrap><div style="border-bottom:1px solid #000000">&nbsp;</div>

        </TD>
        <TD align=right nowrap><div style="border-bottom:1px solid #000000"> <font size=2 face="serif">&#151;</font> </div></TD>
        <TD align=left nowrap><div style="border-bottom:1px solid #000000">&nbsp;</div>

        </TD>
        <TD align=left nowrap></TD>
        <TD align=left nowrap><div style="border-bottom:1px solid #000000">&nbsp;</div>

        </TD>
        <TD align=right nowrap><div style="border-bottom:1px solid #000000"> <font size=2 face="serif">&#151;</font> </div></TD>
        <TD align=left nowrap><div style="border-bottom:1px solid #000000">&nbsp;</div>

        </TD>
        <TD align=left nowrap>&nbsp;</TD>
        <TD align=left nowrap><div style="border-bottom:1px solid #000000">&nbsp;</div>

        </TD>
        <TD align=right nowrap><div style="border-bottom:1px solid #000000"> <font size=2 face="serif">(0.01</font> </div></TD>
        <TD align=left nowrap><div style="border-bottom:1px solid #000000"> <font size=2 face="serif">)</font>&nbsp; </div></TD>
        <TD align=left nowrap></TD>
        <TD align=left nowrap><div style="border-bottom:1px solid #000000">&nbsp;</div>

        </TD>
        <TD align=right nowrap><div style="border-bottom:1px solid #000000"> <font size=2 face="serif">(0.01</font> </div></TD>
        <TD align=left nowrap><div style="border-bottom:1px solid #000000"> <font size=2 face="serif">)</font>&nbsp; </div></TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap><div style="border-bottom:1px solid #000000">&nbsp;</div>

        </TD>
        <TD align=right nowrap><div style="border-bottom:1px solid #000000"> <font size=2 face="serif">(0.01</font> </div></TD>
        <TD align=left nowrap><div style="border-bottom:1px solid #000000"> <font size=2 face="serif">)</font>&nbsp; </div></TD>
        <TD align=left nowrap></TD>
        <TD align=left nowrap><div style="border-bottom:1px solid #000000">&nbsp;</div>

        </TD>
        <TD align=right nowrap><div style="border-bottom:1px solid #000000"> <font size=2 face="serif">&#151;</font> </div></TD>
        <TD align=left nowrap><div style="border-bottom:1px solid #000000">&nbsp;</div>

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
<FONT size=2 face="serif">Net increase (decrease) from</FONT>&nbsp;
        </TD>
        <TD align=left nowrap></TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>&nbsp;</TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>&nbsp;</TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap></TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap></TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=2 face="serif">investment operations</FONT>&nbsp;
        </TD>
        <TD align=left nowrap></TD>
        <TD align=left nowrap><div style="border-bottom:1px solid #000000">&nbsp;</div>

        </TD>
        <TD align=right nowrap><div style="border-bottom:1px solid #000000"> <font size=2 face="serif">(0.04</font> </div></TD>
        <TD align=left nowrap><div style="border-bottom:1px solid #000000"> <font size=2 face="serif">)</font>&nbsp; </div></TD>
        <TD align=left nowrap>&nbsp;</TD>
        <TD align=left nowrap><div style="border-bottom:1px solid #000000">&nbsp;</div>

        </TD>
        <TD align=right nowrap><div style="border-bottom:1px solid #000000"> <font size=2 face="serif">(0.06</font> </div></TD>
        <TD align=left nowrap><div style="border-bottom:1px solid #000000"> <font size=2 face="serif">)</font>&nbsp; </div></TD>
        <TD align=left nowrap>&nbsp;</TD>
        <TD align=left nowrap><div style="border-bottom:1px solid #000000">&nbsp;</div>

        </TD>
        <TD align=right nowrap><div style="border-bottom:1px solid #000000"> <font size=2 face="serif">0.31</font> </div></TD>
        <TD align=left nowrap><div style="border-bottom:1px solid #000000">&nbsp;</div>

        </TD>
        <TD align=left nowrap></TD>
        <TD align=left nowrap><div style="border-bottom:1px solid #000000">&nbsp;</div>

        </TD>
        <TD align=right nowrap><div style="border-bottom:1px solid #000000"> <font size=2 face="serif">0.91</font> </div></TD>
        <TD align=left nowrap><div style="border-bottom:1px solid #000000">&nbsp;</div>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap><div style="border-bottom:1px solid #000000">&nbsp;</div>

        </TD>
        <TD align=right nowrap><div style="border-bottom:1px solid #000000"> <font size=2 face="serif">1.65</font> </div></TD>
        <TD align=left nowrap><div style="border-bottom:1px solid #000000">&nbsp;</div>

        </TD>
        <TD align=left nowrap></TD>
        <TD align=left nowrap><div style="border-bottom:1px solid #000000">&nbsp;</div>

        </TD>
        <TD align=right nowrap><div style="border-bottom:1px solid #000000"> <font size=2 face="serif">0.98</font> </div></TD>
        <TD align=left nowrap><div style="border-bottom:1px solid #000000">&nbsp;</div>

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
<FONT size=2 face="serif">Dividends and distributions to common</FONT>&nbsp;
        </TD>
        <TD align=left nowrap></TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>&nbsp;</TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>&nbsp;</TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap></TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap></TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=2 face="serif">shareholders from:</FONT>&nbsp;
        </TD>
        <TD align=left nowrap></TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>&nbsp;</TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>&nbsp;</TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap></TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap></TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=2 face="serif">Net investment income</FONT>&nbsp;
        </TD>
        <TD align=left nowrap></TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">(0.40</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">)</FONT>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;</TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">(0.80</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">)</FONT>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;</TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">(0.88</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">)</FONT>&nbsp;
        </TD>
        <TD align=left nowrap></TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">(1.02</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">)</FONT>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">(0.79</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">)</FONT>&nbsp;
        </TD>
        <TD align=left nowrap></TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">(0.80</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">)</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=2 face="serif">Net realized gain</FONT>&nbsp;
        </TD>
        <TD align=left nowrap></TD>
        <TD align=left nowrap><div style="border-bottom:1px solid #000000">&nbsp;</div>

        </TD>
        <TD align=right nowrap><div style="border-bottom:1px solid #000000"> <font size=2 face="serif">&#151;</font> </div></TD>
        <TD align=left nowrap><div style="border-bottom:1px solid #000000">&nbsp;</div>

        </TD>
        <TD align=left nowrap></TD>
        <TD align=left nowrap><div style="border-bottom:1px solid #000000">&nbsp;</div>

        </TD>
        <TD align=right nowrap><div style="border-bottom:1px solid #000000"> <font size=2 face="serif">&#151;</font> </div></TD>
        <TD align=left nowrap><div style="border-bottom:1px solid #000000">&nbsp;</div>

        </TD>
        <TD align=left nowrap>&nbsp;</TD>
        <TD align=left nowrap><div style="border-bottom:1px solid #000000">&nbsp;</div>

        </TD>
        <TD align=right nowrap><div style="border-bottom:1px solid #000000"> <font size=2 face="serif">(0.06</font> </div></TD>
        <TD align=left nowrap><div style="border-bottom:1px solid #000000"> <font size=2 face="serif">)</font>&nbsp; </div></TD>
        <TD align=left nowrap></TD>
        <TD align=left nowrap><div style="border-bottom:1px solid #000000">&nbsp;</div>

        </TD>
        <TD align=right nowrap><div style="border-bottom:1px solid #000000"> <font size=2 face="serif">(0.13</font> </div></TD>
        <TD align=left nowrap><div style="border-bottom:1px solid #000000"> <font size=2 face="serif">)</font>&nbsp; </div></TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap><div style="border-bottom:1px solid #000000">&nbsp;</div>

        </TD>
        <TD align=right nowrap><div style="border-bottom:1px solid #000000"> <font size=2 face="serif">(0.04</font> </div></TD>
        <TD align=left nowrap><div style="border-bottom:1px solid #000000"> <font size=2 face="serif">)</font>&nbsp; </div></TD>
        <TD align=left nowrap></TD>
        <TD align=left nowrap><div style="border-bottom:1px solid #000000">&nbsp;</div>

        </TD>
        <TD align=right nowrap><div style="border-bottom:1px solid #000000"> <font size=2 face="serif">&#151;</font> </div></TD>
        <TD align=left nowrap><div style="border-bottom:1px solid #000000">&nbsp;</div>

        </TD>
</TR>
<TR>
        <TD colspan=25>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap><FONT size=2 face="serif">Total dividends and distributions </FONT>&nbsp; </TD>
  <TD align=left nowrap></TD>
  <TD align=left nowrap><div style="border-bottom:3px double #000000">&nbsp;</div></TD>
  <TD align=right nowrap><div style="border-bottom:3px double #000000">
    <div align="right"><font size=2 face="serif">(0.40</font></div>
  </div></TD>
  <TD align=left nowrap><div style="border-bottom:3px double #000000"><font size=2 face="serif">)</font>&nbsp; </div></TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=right nowrap><div style="border-bottom:3px double #000000">&nbsp;</div> </TD>
  <TD align=right nowrap><div style="border-bottom:3px double #000000"><font size=2 face="serif">(0.80</font> </div></TD>
  <TD align=left nowrap><div style="border-bottom:3px double #000000"><font size=2 face="serif">)</font>&nbsp; </div></TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=right nowrap><div style="border-bottom:3px double #000000">&nbsp;</div> </TD>
  <TD align=right nowrap><div style="border-bottom:3px double #000000"><font size=2 face="serif">(0.94</font> </div></TD>
  <TD align=left nowrap><div style="border-bottom:3px double #000000"><font size=2 face="serif">)</font>&nbsp; </div></TD>
  <TD align=left nowrap></TD>
  <TD align=left nowrap><div style="border-bottom:3px double #000000">&nbsp;</div></TD>
  <TD align=right nowrap><div style="border-bottom:3px double #000000"><font size=2 face="serif">(1.15</font> </div></TD>
  <TD align=left nowrap><div style="border-bottom:3px double #000000"><font size=2 face="serif">)</font>&nbsp; </div></TD>
  <TD align=left nowrap></TD>
  <TD align=left nowrap><div style="border-bottom:3px double #000000">&nbsp;</div> </TD>
  <TD align=right nowrap><div style="border-bottom:3px double #000000"><font size=2 face="serif">(0.83</font> </div></TD>
  <TD align=left nowrap><div style="border-bottom:3px double #000000"><font size=2 face="serif">)</font>&nbsp; </div></TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap><div style="border-bottom:3px double #000000">&nbsp;</div> </TD>
  <TD align=right nowrap><div style="border-bottom:3px double #000000"><font size=2 face="serif">(0.80</font> </div></TD>
  <TD align=left nowrap><div style="border-bottom:3px double #000000"><font size=2 face="serif">)</font>&nbsp; </div></TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
<FONT size=2 face="serif">Net asset value, end of
period</FONT>&nbsp;
        </TD>
        <TD align=left nowrap></TD>
        <TD align=right nowrap><div style="border-bottom:3px double #000000"> <font size=2 face="serif">&#36;</font> </div></TD>
        <TD align=right nowrap><div style="border-bottom:3px double #000000"> <font size=2 face="serif">15.45</font> </div></TD>
        <TD align=left nowrap><div style="border-bottom:3px double #000000"> &nbsp; </div></TD>
        <TD align=left nowrap>&nbsp;</TD>
        <TD align=right nowrap><div style="border-bottom:3px double #000000"> <font size=2 face="serif">&#36;</font> </div></TD>
        <TD align=right nowrap><div style="border-bottom:3px double #000000"> <font size=2 face="serif">15.89</font> </div></TD>
        <TD align=left nowrap><div style="border-bottom:3px double #000000"> &nbsp; </div></TD>
        <TD align=left nowrap>&nbsp;</TD>
        <TD align=right nowrap><div style="border-bottom:3px double #000000"> <font size=2 face="serif">&#36;</font> </div></TD>
        <TD align=right nowrap><div style="border-bottom:3px double #000000"> <font size=2 face="serif">16.75</font> </div></TD>
        <TD align=left nowrap>
      <div style="border-bottom:3px double #000000">&nbsp;</div>        </TD>
        <TD align=left nowrap></TD>
        <TD align=right nowrap><div style="border-bottom:3px double #000000"> <font size=2 face="serif">&#36;</font> </div></TD>
        <TD align=right nowrap><div style="border-bottom:3px double #000000"> <font size=2 face="serif">17.38</font> </div></TD>
        <TD align=left nowrap><div style="border-bottom:3px double #000000">&nbsp;</div>
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap><div style="border-bottom:3px double #000000"> <font size=2 face="serif">&#36;</font>&nbsp; </div></TD>
        <TD align=right nowrap><div style="border-bottom:3px double #000000"> <font size=2 face="serif">17.62</font> </div></TD>
        <TD align=left nowrap><div style="border-bottom:3px double #000000">&nbsp;</div>
        </TD>
        <TD align=right nowrap>&nbsp;</TD>
        <TD align=right nowrap><div style="border-bottom:3px double #000000"> <font size=2 face="serif">&#36;</font> </div></TD>
        <TD align=right nowrap><div style="border-bottom:3px double #000000"> <font size=2 face="serif">16.80</font> </div></TD>
        <TD align=left nowrap><div style="border-bottom:3px double #000000">&nbsp;</div>
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
<FONT size=2 face="serif">Market price, end of period</FONT>&nbsp;
        </TD>
        <TD align=left nowrap></TD>
        <TD align=right nowrap><div style="border-bottom:3px double #000000"> <font size=2 face="serif">&#36;</font> </div></TD>
        <TD align=right nowrap><div style="border-bottom:3px double #000000"> <font size=2 face="serif">15.16</font> </div></TD>
        <TD align=left nowrap><div style="border-bottom:3px double #000000">&nbsp;</div>

        </TD>
        <TD align=left nowrap>&nbsp;</TD>
        <TD align=right nowrap><div style="border-bottom:3px double #000000"> <font size=2 face="serif">&#36;</font> </div></TD>
        <TD align=right nowrap><div style="border-bottom:3px double #000000"> <font size=2 face="serif">15.30</font> </div></TD>
        <TD align=left nowrap><div style="border-bottom:3px double #000000">&nbsp;</div>

        </TD>
        <TD align=left nowrap>&nbsp;</TD>
        <TD align=right nowrap><div style="border-bottom:3px double #000000"> <font size=2 face="serif">&#36;</font> </div></TD>
        <TD align=right nowrap><div style="border-bottom:3px double #000000"> <font size=2 face="serif">16.31</font> </div></TD>
        <TD align=left nowrap><div style="border-bottom:3px double #000000">&nbsp;</div>

        </TD>
        <TD align=left nowrap></TD>
        <TD align=right nowrap><div style="border-bottom:3px double #000000"> <font size=2 face="serif">&#36;</font> </div></TD>
        <TD align=right nowrap><div style="border-bottom:3px double #000000"> <font size=2 face="serif">17.27</font> </div></TD>
        <TD align=left nowrap><div style="border-bottom:3px double #000000">&nbsp;</div>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap><div style="border-bottom:3px double #000000"> <font size=2 face="serif">&#36;</font>&nbsp; </div></TD>
        <TD align=right nowrap><div style="border-bottom:3px double #000000"> <font size=2 face="serif">16.58</font> </div></TD>
        <TD align=left nowrap><div style="border-bottom:3px double #000000">&nbsp;</div>

        </TD>
        <TD align=right nowrap>&nbsp;</TD>
        <TD align=right nowrap><div style="border-bottom:3px double #000000"> <font size=2 face="serif">&#36;</font> </div></TD>
        <TD align=right nowrap><div style="border-bottom:3px double #000000"> <font size=2 face="serif">15.70</font> </div></TD>
        <TD align=left nowrap><div style="border-bottom:3px double #000000">&nbsp;</div>

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
<B><FONT size=2 face="serif">TOTAL INVESTMENT RETURN</FONT></B><B><SUP><FONT size=2 face="serif">1</FONT></SUP></B>&nbsp;
        </TD>
        <TD align=left nowrap></TD>
        <TD align=left nowrap><div style="border-bottom:3px double #000000">&nbsp;</div>

        </TD>
        <TD align=right nowrap><div style="border-bottom:3px double #000000"> <font size=2 face="serif">1.65</font> </div></TD>
        <TD align=left nowrap><div style="border-bottom:3px double #000000"> <font size=2 face="serif">%</font>&nbsp; </div></TD>
        <TD align=left nowrap>&nbsp;</TD>
        <TD align=left nowrap><div style="border-bottom:3px double #000000"></div>

        </TD>
        <TD align=right nowrap><div style="border-bottom:3px double #000000"> <font size=2 face="serif">(1.41</font> </div></TD>
        <TD align=left nowrap><div style="border-bottom:3px double #000000"> <font size=2 face="serif">)%</font>&nbsp; </div></TD>
        <TD align=left nowrap>&nbsp;</TD>
        <TD align=left nowrap><div style="border-bottom:3px double #000000">&nbsp;</div>

        </TD>
        <TD align=right nowrap><div style="border-bottom:3px double #000000"> <font size=2 face="serif">(0.09</font> </div></TD>
        <TD align=left nowrap><div style="border-bottom:3px double #000000"> <font size=2 face="serif">)%</font>&nbsp; </div></TD>
        <TD align=left nowrap></TD>
        <TD align=left nowrap><div style="border-bottom:3px double #000000">&nbsp;</div>

        </TD>
        <TD align=right nowrap><div style="border-bottom:3px double #000000"> <font size=2 face="serif">11.29</font> </div></TD>
        <TD align=left nowrap><div style="border-bottom:3px double #000000"> <font size=2 face="serif">%</font>&nbsp; </div></TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap><div style="border-bottom:3px double #000000">&nbsp;</div>

        </TD>
        <TD align=right nowrap><div style="border-bottom:3px double #000000"> <font size=2 face="serif">11.15</font> </div></TD>
        <TD align=left nowrap><div style="border-bottom:3px double #000000"> <font size=2 face="serif">%</font>&nbsp; </div></TD>
        <TD align=left nowrap></TD>
        <TD align=left nowrap><div style="border-bottom:3px double #000000">&nbsp;</div>

        </TD>
        <TD align=right nowrap><div style="border-bottom:3px double #000000"> <font size=2 face="serif">11.06</font> </div></TD>
        <TD align=left nowrap><div style="border-bottom:3px double #000000"> <font size=2 face="serif">%</font>&nbsp; </div></TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
<B><FONT size=2 face="serif">RATIOS TO AVERAGE NET ASSETS</FONT></B>&nbsp;
        </TD>
        <TD align=left nowrap></TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>&nbsp;</TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>&nbsp;</TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap></TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap></TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
 &nbsp; &nbsp;<B><FONT size=2 face="serif">OF COMMON SHAREHOLDERS:</FONT></B><B><SUP><FONT size=2 face="serif">2</FONT></SUP></B>&nbsp;
        </TD>
        <TD align=left nowrap></TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>&nbsp;</TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>&nbsp;</TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap></TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap></TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
<FONT size=2 face="serif">Expenses after fees waived and paid indirectly </FONT>&nbsp;
        </TD>
        <TD align=left nowrap></TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">1.03</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">%</FONT><SUP><FONT size=2 face="serif">3</FONT></SUP>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;</TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">1.03</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">%</FONT>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;</TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">0.99</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">%</FONT>&nbsp;
        </TD>
        <TD align=left nowrap></TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">0.98</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">%</FONT>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">0.98</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">%</FONT>&nbsp;
        </TD>
        <TD align=left nowrap></TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">1.01</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">%</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
<FONT size=2 face="serif">Expenses after fees waived and before fees</FONT>&nbsp;
        </TD>
        <TD align=left nowrap></TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>&nbsp;</TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>&nbsp;</TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap></TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap></TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=2 face="serif">paid indirectly</FONT>&nbsp;
        </TD>
        <TD align=left nowrap></TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">1.03</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">%</FONT><SUP><FONT size=2 face="serif">3</FONT></SUP>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;</TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">1.03</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">%</FONT>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;</TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">1.00</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">%</FONT>&nbsp;
        </TD>
        <TD align=left nowrap></TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">0.98</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">%</FONT>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">0.98</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">%</FONT>&nbsp;
        </TD>
        <TD align=left nowrap></TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">1.02</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">%</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
<FONT size=2 face="serif">Expenses before fees waived</FONT>&nbsp;
        </TD>
        <TD align=left nowrap></TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>&nbsp;</TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>&nbsp;</TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap></TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap></TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=2 face="serif">and paid indirectly</FONT>&nbsp;
        </TD>
        <TD align=left nowrap></TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">1.03</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">%</FONT><SUP><FONT size=2 face="serif">3</FONT></SUP>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;</TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">1.03</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">%</FONT>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;</TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">1.00</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">%</FONT>&nbsp;
        </TD>
        <TD align=left nowrap></TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">0.98</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">%</FONT>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">0.98</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">%</FONT>&nbsp;
        </TD>
        <TD align=left nowrap></TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">1.02</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">%</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
<FONT size=2 face="serif">Net investment income after fees waived and</FONT>&nbsp;
        </TD>
        <TD align=left nowrap></TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>&nbsp;</TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>&nbsp;</TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap></TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap></TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=2 face="serif">paid indirectly and before preferred share</FONT>&nbsp;
        </TD>
        <TD align=left nowrap></TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>&nbsp;</TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>&nbsp;</TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap></TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap></TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=2 face="serif">dividends</FONT>&nbsp;
        </TD>
        <TD align=left nowrap></TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">6.04</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">%</FONT><SUP><FONT size=2 face="serif">3</FONT></SUP>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;</TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">5.58</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">%</FONT>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;</TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">5.66</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">%</FONT>&nbsp;
        </TD>
        <TD align=left nowrap></TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">6.03</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">%</FONT>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">7.34</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">%</FONT>&nbsp;
        </TD>
        <TD align=left nowrap></TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">7.87</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">%</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
<FONT size=2 face="serif">Preferred share dividends</FONT>&nbsp;
        </TD>
        <TD align=left nowrap></TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">1.95</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">%</FONT><SUP><FONT size=2 face="serif">3</FONT></SUP>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;</TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">1.33</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">%</FONT>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;</TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">0.57</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">%</FONT>&nbsp;
        </TD>
        <TD align=left nowrap></TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">0.47</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">%</FONT>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">0.73</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">%</FONT>&nbsp;
        </TD>
        <TD align=left nowrap></TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">1.60</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">%</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
<FONT size=2 face="serif">Net investment income available to common</FONT>&nbsp;
        </TD>
        <TD align=left nowrap></TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>&nbsp;</TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>&nbsp;</TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap></TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap></TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=2 face="serif">shareholders</FONT>&nbsp;
        </TD>
        <TD align=left nowrap></TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">4.09</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">%</FONT><SUP><FONT size=2 face="serif">3</FONT></SUP>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;</TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">4.25</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">%</FONT>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;</TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">5.09</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">%</FONT>&nbsp;
        </TD>
        <TD align=left nowrap></TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">5.56</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">%</FONT>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">6.61</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">%</FONT>&nbsp;
        </TD>
        <TD align=left nowrap></TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">6.27</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">%</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
<B><FONT size=2 face="serif">SUPPLEMENTAL DATA:</FONT></B>&nbsp;
        </TD>
        <TD align=left nowrap></TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>&nbsp;</TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>&nbsp;</TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap></TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap></TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
<FONT size=2 face="serif">Average net assets of common</FONT>&nbsp;
        </TD>
        <TD align=left nowrap></TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>&nbsp;</TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>&nbsp;</TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap></TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap></TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=2 face="serif">shareholders (000)</FONT>&nbsp;
        </TD>
        <TD align=right nowrap>&nbsp;</TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">426,676</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>&nbsp;</TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">441,822</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>&nbsp;</TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">464,135</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=right nowrap>&nbsp;</TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">480,887</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right nowrap colspan=2>
<FONT size=2 face="serif">468,417</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=right nowrap>&nbsp;</TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">460,153</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
<FONT size=2 face="serif">Portfolio turnover</FONT>&nbsp;
        </TD>
        <TD align=left nowrap></TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">&#151;</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>&nbsp;</TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">3</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">%</FONT>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;</TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">4</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">%</FONT>&nbsp;
        </TD>
        <TD align=left nowrap></TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">18</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">%</FONT>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">23</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">%</FONT>&nbsp;
        </TD>
        <TD align=left nowrap></TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">3</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">%</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
<FONT size=2 face="serif">Net assets of common shareholders,</FONT>&nbsp;
        </TD>
        <TD align=left nowrap></TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>&nbsp;</TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>&nbsp;</TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap></TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap></TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=2 face="serif">end of period (000)</FONT>&nbsp;
        </TD>
        <TD align=right nowrap>&nbsp;</TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">420,460</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>&nbsp;</TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">432,406</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>&nbsp;</TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">455,660</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=right nowrap>&nbsp;</TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">472,785</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right nowrap colspan=2>
<FONT size=2 face="serif">479,390</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=right nowrap>&nbsp;</TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">457,070</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
<FONT size=2 face="serif">Preferred shares outstanding (000)</FONT>&nbsp;
        </TD>
        <TD align=right nowrap>&nbsp;</TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">271,000</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>&nbsp;</TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">271,000</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>&nbsp;</TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">271,000</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=right nowrap>&nbsp;</TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">271,000</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right nowrap colspan=2>
<FONT size=2 face="serif">271,000</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=right nowrap>&nbsp;</TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">271,000</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
<FONT size=2 face="serif">Asset coverage per preferred share,</FONT>&nbsp;
        </TD>
        <TD align=left nowrap></TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>&nbsp;</TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>&nbsp;</TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap></TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap></TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=2 face="serif">end of period</FONT>&nbsp;
        </TD>
        <TD align=right nowrap>&nbsp;</TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">63,799</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>&nbsp;</TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">64,902</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>&nbsp;</TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">67,041</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=right nowrap>&nbsp;</TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">68,622</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right nowrap colspan=2>
<FONT size=2 face="serif">69,235</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=right nowrap>&nbsp;</TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">67,178</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
</TABLE>
<BR><P align="justify">
<hr align="left" noshade width="100" size="1" color=black>
<SUP><FONT size=1 face="serif">1 </FONT></SUP><FONT size=1 face="serif">Total
  investment return is calculated assuming a purchase of a common share at the
  current market price on the first day and a sale at the current market price
  on the last day of each period reported. Dividends and distributions, if any,
  are assumed for purposes of this calculation to be reinvested at prices obtained
  under the Trust&#146;s dividend reinvestment plan. Total investment returns
  do not reflect brokerage commissions. Total investment returns for less than
  a full year are not annualized. Past performance is not a guarantee of future
results.</FONT><br>
<p><SUP><FONT size=1 face="serif">2 </FONT></SUP><FONT size=1 face="serif">Ratios
    are calculated on the basis of income and expenses applicable to both the
    common and preferred shares relative to the average net assets of common
    shareholders.</FONT></p>
<P align="justify">
<SUP><FONT size=1 face="serif">3 </FONT></SUP><FONT size=1 face="serif">Annualized.</FONT></P>
<P align="justify">
<FONT size=1 face="serif">The information in the above Financial Highlights represents the operating performance for a common share outstanding, total investment returns, ratios to average net assets and other supplemental data for each period
indicated. This information has been determined based upon financial information provided in the financial statements and market price data for the Trust&#146;s common shares.</FONT></P>
<P align="center">
<FONT size=2 face="serif">See Notes to Financial Statements.</FONT></P>
<P align="center">
<FONT size=2 face="serif">72</FONT></P>

<HR noshade align="center" width="100%" size=4>




<P STYLE="page-break-before:always"></P><PAGE>


<P align="justify">
<B><FONT face="serif">FINANCIAL HIGHLIGHTS</FONT></B></P>
<P align="justify">
<B><FONT size=2 face="serif">BlackRock Insured Municipal Term Trust (BMT)</FONT></B></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD align=center nowrap>&nbsp;
</TD>
        <TD colspan="4" align=center nowrap><center>
    </center>     <center>
        <b><font size=2 face="serif">Six Months Ended</font></b>
      </center>   <center>
      </center> </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap></TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap></TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD colspan="4" align=left nowrap>
      <center>
    <B><FONT size=2 face="serif">June 30, 2006</FONT></B>      </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD colspan="17" align=left nowrap style="border-bottom:1px solid #000000;">
      <center>
        <B><FONT size=2 face="serif">Year Ended December 31,</FONT></B>&nbsp;
      </center></TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD colspan="4" align=left nowrap style="border-bottom:1px solid #000000;">
      <center>
        <B><FONT size=2 face="serif">(unaudited)</FONT></B>
    </center>   </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
      <center>
        <B><FONT size=2 face="serif">2005</FONT></B>
      </center></TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">

          <center>
&nbsp;
          </center></TD>
        <TD>
          <center>
    </center></TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">

          <center>
&nbsp;
          </center></TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
      <center>
        <B><FONT size=2 face="serif">2004</FONT></B>
      </center></TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">

          <center>
&nbsp;
          </center></TD>
        <TD align=left nowrap> </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
      <center>
        <B><FONT size=2 face="serif">2003</FONT></B>
      </center></TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">

          <center>
&nbsp;
          </center></TD>
        <TD align=left nowrap>

          <center>
    </center></TD>
        <TD align=left nowrap><div style="border-bottom:1px solid #000000">&nbsp;</div></TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
      <center>
        <B><FONT size=2 face="serif">2002</FONT></B>
      </center></TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">

          <center>
&nbsp;
          </center></TD>
        <TD>
          <center>
    </center></TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">

          <center>
&nbsp;
          </center></TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
      <center>
        <B><FONT size=2 face="serif">2001</FONT></B>
      </center></TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
<B><FONT size=2 face="serif">PER COMMON SHARE OPERATING</FONT></B>&nbsp;
        </TD>
        <TD align=left nowrap></TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap> </TD>
        <TD align=left nowrap></TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap></TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
 &nbsp; &nbsp;<B><FONT size=2 face="serif">PERFORMANCE:</FONT></B>&nbsp;
        </TD>
        <TD align=left nowrap></TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap></TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap></TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
<FONT size=2 face="serif">Net asset value, beginning of period</FONT>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;"><FONT size=2 face="serif">&#36;</FONT>

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">10.51</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">11.05</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">11.40</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=left nowrap> </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;"><div align="right"><FONT size=2 face="serif">&#36;</FONT></div></TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">11.29</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=left nowrap> </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;"><div align="right"><FONT size=2 face="serif">&#36;</FONT></div></TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">10.85</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">10.85</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
<FONT size=2 face="serif">Investment operations:</FONT>&nbsp;
        </TD>
        <TD align=left nowrap></TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap> </TD>
        <TD align=left nowrap></TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap> </TD>
        <TD align=left nowrap></TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=2 face="serif">Net investment income</FONT>&nbsp;
        </TD>
        <TD align=left nowrap></TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">0.30</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">0.59</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">0.67</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap></TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">0.73</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap></TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">0.81</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">0.89</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=2 face="serif">Net realized and unrealized gain (loss)</FONT>&nbsp;
        </TD>
        <TD align=left nowrap></TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">(0.28</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">)</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">(0.38</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">)</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">(0.34</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">)</FONT>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap></TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">0.10</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap></TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">0.41</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">(0.12</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">)</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=2 face="serif">Dividends and distributions to preferred</FONT>&nbsp;
        </TD>
        <TD align=left nowrap></TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap></TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap></TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">shareholders from:</FONT>&nbsp;
        </TD>
        <TD align=left nowrap></TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap></TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap></TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Net investment income</FONT>&nbsp;
        </TD>
        <TD align=left nowrap></TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">(0.10</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">)</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">(0.15</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">)</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">(0.07</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">)</FONT>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap></TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">(0.06</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">)</FONT>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap></TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">(0.08</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">)</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">(0.18</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">)</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Net realized gain on investments</FONT>&nbsp;
        </TD>
        <TD align=left nowrap></TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">&#151;</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">&#151;</FONT></TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;"><font size=2 face="serif">&nbsp; </font><sup><font size=2 face="serif">1</font></sup>

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">&#151;</FONT></TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;"><font size=2 face="serif">&nbsp; </font><sup><font size=2 face="serif">1</font></sup>

        </TD>
        <TD align=left nowrap> </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp; </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">&#151;</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;"><font size=2 face="serif">&nbsp; </font><sup><font size=2 face="serif">1</font></sup>

        </TD>
        <TD align=left nowrap> </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp; </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">(0.02</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">)</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">(0.01</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">)</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
<FONT size=2 face="serif">Net increase (decrease) from</FONT>&nbsp;
        </TD>
        <TD align=left nowrap></TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap> </TD>
        <TD align=left nowrap> </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap> </TD>
        <TD align=left nowrap> </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">investment operations</FONT>&nbsp;
        </TD>
        <TD align=left nowrap></TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">(0.08</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">)</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">0.06</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">0.26</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=left nowrap> </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp; </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">0.77</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=left nowrap> </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp; </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">1.12</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">0.58</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
<FONT size=2 face="serif">Dividends and distributions to common</FONT>&nbsp;
        </TD>
        <TD align=left nowrap></TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap> </TD>
        <TD align=left nowrap></TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap> </TD>
        <TD align=left nowrap></TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=2 face="serif">shareholders from:</FONT>&nbsp;
        </TD>
        <TD align=left nowrap></TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap></TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap></TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=2 face="serif">Net investment income</FONT>&nbsp;
        </TD>
        <TD align=left nowrap></TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">(0.27</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">)</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">(0.58</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">)</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">(0.58</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">)</FONT>&nbsp;
        </TD>
        <TD align=left nowrap> </TD>
        <TD align=left nowrap></TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">(0.64</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">)</FONT>&nbsp;
        </TD>
        <TD align=left nowrap> </TD>
        <TD align=left nowrap></TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">(0.58</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">)</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">(0.57</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">)</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=2 face="serif">Net realized gain</FONT>&nbsp;
        </TD>
        <TD align=left nowrap></TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">&#151;</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">(0.02</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">)</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">(0.03</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">)</FONT>&nbsp;
        </TD>
        <TD align=left nowrap> </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp; </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">(0.02</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">)</FONT>&nbsp;
        </TD>
        <TD align=left nowrap> </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp; </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">(0.10</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">)</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">(0.02</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">)</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
<FONT size=2 face="serif">Total dividends and distributions</FONT>&nbsp;
        </TD>
        <TD align=left nowrap></TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">(0.27</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">)</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">(0.60</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">)</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">(0.61</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">)</FONT>&nbsp;
        </TD>
        <TD align=left nowrap> </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp; </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">(0.66</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">)</FONT>&nbsp;
        </TD>
        <TD align=left nowrap> </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp; </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">(0.68</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">)</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">(0.59</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">)</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
<FONT size=2 face="serif">Capital charges with respect to issuance of</FONT>&nbsp;
        </TD>
        <TD align=left nowrap></TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap> </TD>
        <TD align=left nowrap></TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap> </TD>
        <TD align=left nowrap></TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap><FONT size=2 face="serif">&nbsp; &nbsp;preferred shares </FONT>&nbsp; </TD>
  <TD align=left nowrap></TD>
  <TD align=left nowrap style="border-bottom:3px double #000000;">&nbsp;</TD>
  <TD align=right nowrap style="border-bottom:3px double #000000;"><font size=2 face="serif">&#151;</font>&nbsp; </TD>
  <TD align=left nowrap style="border-bottom:3px double #000000;">&nbsp; </TD>
  <TD>&nbsp;</TD>
  <TD align=right nowrap style="border-bottom:3px double #000000;">&nbsp; </TD>
  <TD align=right nowrap style="border-bottom:3px double #000000;"><FONT size=2 face="serif">&#151;</FONT> </TD>
  <TD align=left nowrap style="border-bottom:3px double #000000;">&nbsp; </TD>
  <TD>&nbsp;</TD>
  <TD align=right nowrap style="border-bottom:3px double #000000;">&nbsp; </TD>
  <TD align=right nowrap style="border-bottom:3px double #000000;"><FONT size=2 face="serif">&#151;</FONT> </TD>
  <TD align=left nowrap style="border-bottom:3px double #000000;">&nbsp; </TD>
  <TD align=left nowrap style="border-bottom:3px double #000000;"></TD>
  <TD align=left nowrap style="border-bottom:3px double #000000;">&nbsp;</TD>
  <TD align=right nowrap style="border-bottom:3px double #000000;"><FONT size=2 face="serif">&#151;</FONT> </TD>
  <TD align=left nowrap style="border-bottom:3px double #000000;">&nbsp; </TD>
  <TD align=left nowrap style="border-bottom:3px double #000000;"></TD>
  <TD align=left nowrap style="border-bottom:3px double #000000;">&nbsp;</TD>
  <TD align=right nowrap style="border-bottom:3px double #000000;"><FONT size=2 face="serif">&#151;</FONT> </TD>
  <TD align=left nowrap style="border-bottom:3px double #000000;">&nbsp; </TD>
  <TD>&nbsp;</TD>
  <TD align=right nowrap style="border-bottom:3px double #000000;">&nbsp;</TD>
  <TD align=right nowrap style="border-bottom:3px double #000000;"><FONT size=2 face="serif">0.01</FONT> </TD>
  <TD align=left nowrap style="border-bottom:3px double #000000;">&nbsp;</TD>
</TR>
<TR>
        <TD colspan=25>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
<FONT size=2 face="serif">Net asset value, end of period</FONT>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:3px double #000000;"></TD>
        <TD align=left nowrap style="border-bottom:3px double #000000;"><FONT size=2 face="serif">&#36;</FONT>

        </TD>
        <TD align=right nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">10.16</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:3px double #000000;">&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">10.51</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:3px double #000000;">&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">11.05</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:3px double #000000;">&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:3px double #000000;">

        </TD>
        <TD align=right nowrap style="border-bottom:3px double #000000;"> <FONT size=2 face="serif">&#36;</FONT> </TD>
        <TD align=right nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">11.40</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:3px double #000000;">&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:3px double #000000;">

        </TD>
        <TD align=right nowrap style="border-bottom:3px double #000000;"> <FONT size=2 face="serif">&#36;</FONT> </TD>
        <TD align=right nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">11.29</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:3px double #000000;">&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">10.85</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:3px double #000000;">&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
<FONT size=2 face="serif">Market price, end of period</FONT>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:3px double #000000;"></TD>
        <TD align=left nowrap style="border-bottom:3px double #000000;"><FONT size=2 face="serif">&#36;</FONT>

        </TD>
        <TD align=right nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">9.39</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:3px double #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">10.36</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:3px double #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">11.30</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:3px double #000000;">&nbsp;

        </TD>
        <TD align=left nowrap style="border-bottom:3px double #000000;">

        </TD>
        <TD align=right nowrap style="border-bottom:3px double #000000;"> <FONT size=2 face="serif">&#36;</FONT> </TD>
        <TD align=right nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">11.06</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:3px double #000000;">&nbsp;

        </TD>
        <TD align=left nowrap style="border-bottom:3px double #000000;">

        </TD>
        <TD align=right nowrap style="border-bottom:3px double #000000;"> <FONT size=2 face="serif">&#36;</FONT> </TD>
        <TD align=right nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">10.94</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:3px double #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">10.63</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:3px double #000000;">&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
<B><FONT size=2 face="serif">TOTAL INVESTMENT RETURN</FONT></B><B><SUP><FONT size=2 face="serif">2</FONT></SUP></B>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:3px double #000000;"></TD>
        <TD align=left nowrap style="border-bottom:3px double #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">(7.02</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">)%</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:3px double #000000;">

        </TD>
        <TD align=right nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">(3.26</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">)%</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:3px double #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">7.92</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">%</FONT>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:3px double #000000;">

        </TD>
        <TD align=left nowrap style="border-bottom:3px double #000000;">&nbsp;</TD>
        <TD align=right nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">7.28</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">%</FONT>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:3px double #000000;">

        </TD>
        <TD align=left nowrap style="border-bottom:3px double #000000;">&nbsp;</TD>
        <TD align=right nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">9.51</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">%</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:3px double #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">7.73</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">%</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
<B><FONT size=2 face="serif">RATIOS TO AVERAGE NET ASSETS</FONT></B>&nbsp;
        </TD>
        <TD align=left nowrap></TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap></TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap></TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
 &nbsp; &nbsp;<B><FONT size=2 face="serif">OF COMMON SHAREHOLDERS:</FONT></B><B><SUP><FONT size=2 face="serif">3</FONT></SUP></B>&nbsp;
        </TD>
        <TD align=left nowrap></TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap></TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap></TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
<FONT size=2 face="serif">Expenses after fees waived and paid indirectly </FONT></TD>
        <TD align=left nowrap></TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">1.04</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">%</FONT><SUP><FONT size=2 face="serif">4</FONT></SUP>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">1.04</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">%</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">1.02</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">%</FONT>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap></TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">1.02</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">%</FONT>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap></TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">1.05</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">%</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">1.06</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">%</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
<FONT size=2 face="serif">Expenses after fees waived and before fees</FONT>&nbsp;
        </TD>
        <TD align=left nowrap></TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap></TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap></TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=2 face="serif">paid indirectly</FONT>&nbsp;
        </TD>
        <TD align=left nowrap></TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">1.04</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">%</FONT><SUP><FONT size=2 face="serif">4</FONT></SUP>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">1.05</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">%</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">1.02</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">%</FONT>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap></TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">1.02</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">%</FONT>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap></TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">1.06</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">%</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">1.06</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">%</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
<FONT size=2 face="serif">Expenses before fees waived and paid indirectly</FONT>&nbsp;
        </TD>
        <TD align=left nowrap></TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">1.04</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">%</FONT><SUP><FONT size=2 face="serif">4</FONT></SUP>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">1.05</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">%</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">1.02</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">%</FONT>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap></TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">1.02</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">%</FONT>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap></TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">1.06</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">%</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">1.06</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">%</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
<FONT size=2 face="serif">Net investment income after fees waived and</FONT>&nbsp;
        </TD>
        <TD align=left nowrap></TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap></TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap></TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=2 face="serif">paid indirectly and before preferred share</FONT>&nbsp;
        </TD>
        <TD align=left nowrap></TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap></TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap></TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=2 face="serif">dividends</FONT>&nbsp;
        </TD>
        <TD align=left nowrap></TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">5.92</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">%</FONT><SUP><FONT size=2 face="serif">4</FONT></SUP>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">5.48</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">%</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">6.04</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">%</FONT>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap></TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">6.36</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">%</FONT>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap></TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">7.32</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">%</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">8.12</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">%</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
<FONT size=2 face="serif">Preferred share dividends</FONT>&nbsp;
        </TD>
        <TD align=left nowrap></TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">1.96</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">%</FONT><SUP><FONT size=2 face="serif">4</FONT></SUP>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">1.35</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">%</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">0.66</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">%</FONT>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap></TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">0.50</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">%</FONT>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap></TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">0.70</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">%</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">1.68</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">%</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
<FONT size=2 face="serif">Net investment income available to</FONT>&nbsp;
        </TD>
        <TD align=left nowrap></TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap></TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap></TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=2 face="serif">common shareholders</FONT>&nbsp;
        </TD>
        <TD align=left nowrap></TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">3.96</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">%</FONT><SUP><FONT size=2 face="serif">4</FONT></SUP>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">4.13</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">%</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">5.38</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">%</FONT>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap></TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">5.86</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">%</FONT>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap></TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">6.62</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">%</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">6.44</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">%</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
<B><FONT size=2 face="serif">SUPPLEMENTAL DATA:</FONT></B>&nbsp;
        </TD>
        <TD align=left nowrap></TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap></TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap></TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
<FONT size=2 face="serif">Average net assets of common</FONT>&nbsp;
        </TD>
        <TD align=left nowrap></TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap></TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap></TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=2 face="serif">shareholders (000)</FONT>&nbsp;
        </TD>
        <TD align=right nowrap>&nbsp;</TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">267,952</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">278,492</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">289,091</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right nowrap>&nbsp;</TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">293,334</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right nowrap>&nbsp;</TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">287,692</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">284,390</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
<FONT size=2 face="serif">Portfolio turnover</FONT>&nbsp;
        </TD>
        <TD align=left nowrap></TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">&#151;</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">&#151;</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">1</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">%</FONT>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap></TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">11</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">%</FONT>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap></TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">36</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">%</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">7</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">%</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
<FONT size=2 face="serif">Net assets of common shareholders,</FONT>&nbsp;
        </TD>
        <TD align=left nowrap></TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap></TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap></TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=2 face="serif">end of period (000)</FONT>&nbsp;
        </TD>
        <TD align=right nowrap>&nbsp;</TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">262,906</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">272,015</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">286,129</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right nowrap>&nbsp;</TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">295,028</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right nowrap>&nbsp;</TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">292,371</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">280,743</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
<FONT size=2 face="serif">Preferred shares outstanding (000)</FONT>&nbsp;
        </TD>
        <TD align=right nowrap>&nbsp;</TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">170,400</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">170,400</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">170,400</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right nowrap>&nbsp;</TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">170,400</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right nowrap>&nbsp;</TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">170,400</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">170,400</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
<FONT size=2 face="serif">Asset coverage per preferred share,</FONT>&nbsp;
        </TD>
        <TD align=left nowrap></TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap></TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap></TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=2 face="serif">end of period</FONT>&nbsp;
        </TD>
        <TD align=right nowrap>&nbsp;</TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">63,601</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">64,924</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">66,987</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right nowrap>&nbsp;</TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">68,288</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right nowrap>&nbsp;</TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">67,895</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">66,195</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
</TABLE>
<BR>
<P align="justify"><hr align="left" noshade width="100" size="1">
<SUP><FONT size=1 face="serif">1 </FONT></SUP><FONT size=1 face="serif">Amounted to less than &#36;0.01 per common share outstanding.</FONT><p></P>
<P align="justify">
<SUP><FONT size=1 face="serif">2 </FONT></SUP><FONT size=1 face="serif">Total investment return is calculated assuming a purchase of a common share at the current market price on the first day and a sale at the current market price on the last day
of each period reported. Dividends and distributions, if any, are assumed for purposes of this calculation to be reinvested at prices obtained under the Trust&#146;s dividend reinvestment plan. Total investment returns do not reflect brokerage
commissions. Total investment returns for less than a full year are not annualized. Past performance is not a guarantee of future results.</FONT></P>
<P align="justify">
<SUP><FONT size=1 face="serif">3 </FONT></SUP><FONT size=1 face="serif">Ratios are calculated on the basis of income and expenses applicable to both the common and preferred shares relative to the average net assets of common shareholders.
</FONT></P>
<P align="justify"><SUP><FONT size=1 face="serif">4 </FONT></SUP><FONT size=1 face="serif">Annualized.</FONT></P>
<P align="justify">
<FONT size=1 face="serif">The information in the above Financial Highlights represents the operating performance for a common share outstanding, total investment returns, ratios to average net assets and other supplemental data for each period
indicated. This information has been determined based upon financial information provided in the financial statements and market price data for the Trust&#146;s common shares.</FONT></P>
<P align="center">
<FONT size=2 face="serif">See Notes to Financial Statements. </FONT></p>
<p align="center"><FONT size=2 face="serif">73</FONT></P>

<HR noshade align="center" width="100%" size=4>

<P align="left" style="page-break-before:always"></P><PAGE>



<A name="page_76"></A>

<P align="justify">
<B><FONT face="serif">FINANCIAL HIGHLIGHTS</FONT></B></P>
<P align="justify">
<B><FONT size=2 face="serif">BlackRock Municipal 2018 Term Trust (BPK)</FONT></B></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

          <div align="left"></div></TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

          <div align="left"></div></TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

          <div align="left"></div></TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD colspan="4" align=left nowrap>
      <center>
        <B><FONT size=2 face="serif">For the period</FONT></B>
      </center> </TD>
  </TR>
<TR valign="bottom">
        <TD align=right nowrap>
<B></B>
        </TD>
        <TD colspan="4" align=right nowrap><center>
            <b><font size=2 face="serif">Six Months Ended</font></b>
    </center></TD>
        <TD align=right nowrap>&nbsp;&nbsp;&nbsp;</TD>
        <TD align=right nowrap><div align="left"></div></TD>
        <TD align=right nowrap>&nbsp;</TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;&nbsp;
        </TD>
        <TD align=left nowrap>

          <div align="left"></div></TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;&nbsp;
        </TD>
        <TD align=left nowrap>

          <div align="left"></div></TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=right nowrap>&nbsp;
        </TD>
        <TD align=right nowrap>&nbsp;</TD>
        <TD align=right nowrap>&nbsp;</TD>
        <TD colspan="4" align=right nowrap>       <center>
            <b><font size=2 face="serif">October 30, 2001</font></b><b><sup><font size=2 face="serif">1</font></sup></b>
    </center>   </TD>
  </TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD colspan="4" align=left nowrap>
      <center>
        <B><FONT size=2 face="serif">June 30, 2006</FONT></B>
      </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">

          <div align="left">&nbsp;</div></TD>
        <TD colspan="13" align=left nowrap style="border-bottom:1px solid #000000;">
      <center>
        <B><FONT size=2 face="serif">Year Ended December 31,</FONT></B>
      </center></TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD colspan="4" align=left nowrap>      <center>
            <B><FONT size=2 face="serif">through</FONT></B>
    </center>   </TD>
  </TR>
<TR valign="bottom">
        <TD align=left >&nbsp;

        </TD>
        <TD colspan="4" align=left nowrap style="border-bottom:1px solid #000000;">
      <center>
        <B><FONT size=2 face="serif">(unaudited)</FONT></B>
    </center>   </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">

          <div align="left">&nbsp;&nbsp;</div></TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
      <center>
        <B><FONT size=2 face="serif">2005</FONT></B>
      </center></TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">

          <center>
&nbsp;
    </center></TD>
        <TD>
          <center>
    </center></TD>
        <TD align=left nowrap>    <div style="border-bottom:1px solid #000000">&nbsp;</div></TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
      <center>
        <B><FONT size=2 face="serif">2004</FONT></B>
      </center></TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">

          <center>
&nbsp;
    </center></TD>
        <TD><center>
        </center></TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">

          <div align="left">&nbsp;&nbsp;</div></TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
      <center>
        <B><FONT size=2 face="serif">2003</FONT></B>
      </center></TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">

          <center>
&nbsp;
    </center></TD>
        <TD><center>
        </center></TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">

          <center>
&nbsp;
    </center></TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
      <center>
        <B><FONT size=2 face="serif">2002</FONT></B>
      </center></TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
        <TD align=left nowrap>&nbsp;&nbsp; </TD>
        <TD colspan="4" align=right nowrap style="border-bottom:1px solid #000000;">      <center>
            <b><font size=2 face="serif"> December 31, 2001</font></b><b><sup><font size=2 face="serif">2</font></sup></b>
    </center>   </TD>
  </TR>
<TR valign="bottom">
        <TD align=left nowrap>
<B><FONT size=2 face="serif">PER COMMON SHARE OPERATING</FONT></B>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

          <div align="left"></div></TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

          <div align="left"></div></TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

          <div align="left"></div></TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

          <div align="left"></div></TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap> </TD>
        <TD align=left nowrap></TD>
        <TD align=left nowrap>

          <div align="left"></div></TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
 &nbsp; &nbsp;<B><FONT size=2 face="serif">PERFORMANCE:</FONT></B>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

          <div align="left"></div></TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

          <div align="left"></div></TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

          <div align="left"></div></TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

          <div align="left"></div></TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap></TD>
        <TD align=left nowrap>

          <div align="left"></div></TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
<FONT size=2 face="serif">Net asset value, beginning of period</FONT>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">

 <div align="left"><FONT size=2 face="serif">&#36;</FONT>&nbsp;
    </div></TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">15.71</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
      <div align="left"><FONT size=2 face="serif">&#36;</FONT>
      </div></TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">15.81</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">

 <div align="left"><FONT size=2 face="serif">&#36;</FONT>&nbsp;
    </div></TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">15.53</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
      <div align="left"><FONT size=2 face="serif">&#36;</FONT>
      </div></TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">14.66</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">&#36;</FONT>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">13.66</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">

        </TD>
        <TD align=left nowrap>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">

 <div align="left"><FONT size=2 face="serif">&#36;</FONT>&nbsp;
    </div></TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">14.33</FONT><SUP></SUP>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;"><SUP><FONT size=2 face="serif">3</FONT></SUP>

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
<FONT size=2 face="serif">Investment operations:</FONT>&nbsp;
        </TD>
        <TD align=left nowrap> </TD>
        <TD align=left nowrap>

          <div align="left"></div></TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

          <div align="left"></div></TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

          <div align="left"></div></TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

          <div align="left"></div></TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap></TD>
        <TD align=left nowrap>

          <div align="left"></div></TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=2 face="serif">Net investment income</FONT>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

          <div align="left"></div></TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">0.58</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

          <div align="left"></div></TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">1.19</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

          <div align="left"></div></TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">1.21</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

          <div align="left"></div></TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">1.21</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">1.17</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap></TD>
        <TD align=left nowrap>

          <div align="left"></div></TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">0.10</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=2 face="serif">Net realized and unrealized gain (loss) </FONT>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

          <div align="left"></div></TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">(0.12</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">)</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

          <div align="left"></div></TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">(0.25</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">)</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

          <div align="left"></div></TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">(0.05</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">)</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

          <div align="left"></div></TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">0.52</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">0.73</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap></TD>
        <TD align=left nowrap>

          <div align="left"></div></TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">(0.55</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">)</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=2 face="serif">Dividends to preferred shareholders from</FONT>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

          <div align="left"></div></TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

          <div align="left"></div></TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

          <div align="left"></div></TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

          <div align="left"></div></TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap></TD>
        <TD align=left nowrap>

          <div align="left"></div></TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">net investment income</FONT>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">

        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">

          <div align="left">&nbsp;</div></TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">(0.14</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">)</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">

          <div align="left">&nbsp;</div></TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">(0.20</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">)</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">

          <div align="left">&nbsp;</div></TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">(0.10</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">)</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">

          <div align="left">&nbsp;</div></TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">(0.08</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">)</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">(0.12</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">)</FONT>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">

        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;"></TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">

          <div align="left">&nbsp;</div></TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">(0.01</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">)</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
<FONT size=2 face="serif">Net increase (decrease) from investment</FONT>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

          <div align="left"></div></TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

          <div align="left"></div></TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

          <div align="left"></div></TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

          <div align="left"></div></TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap></TD>
        <TD align=left nowrap>

          <div align="left"></div></TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=2 face="serif">operations</FONT>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">

        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">

          <div align="left">&nbsp;</div></TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">0.32</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">

          <div align="left">&nbsp;</div></TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">0.74</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">

          <div align="left">&nbsp;</div></TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">1.06</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">

          <div align="left">&nbsp;</div></TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">1.65</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">1.78</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">

        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;"></TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">

          <div align="left">&nbsp;</div></TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">(0.46</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">)</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
<FONT size=2 face="serif">Dividends to common shareholders from</FONT>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

          <div align="left"></div></TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

          <div align="left"></div></TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

          <div align="left"></div></TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

          <div align="left"></div></TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap></TD>
        <TD align=left nowrap>

          <div align="left"></div></TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=2 face="serif">net investment income</FONT>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">

        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">

          <div align="left">&nbsp;</div></TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">(0.45</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">)</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">

          <div align="left">&nbsp;</div></TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">(0.84</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">)</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">

          <div align="left">&nbsp;</div></TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">(0.78</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">)</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">

          <div align="left">&nbsp;</div></TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">(0.78</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">)</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">(0.78</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">)</FONT>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">

        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;"></TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">

          <div align="left">&nbsp;</div></TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">(0.07</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">)</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
<FONT size=2 face="serif">Capital charges with respect to issuance of:</FONT>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

          <div align="left"></div></TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

          <div align="left"></div></TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

          <div align="left"></div></TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

          <div align="left"></div></TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap></TD>
        <TD align=left nowrap>

          <div align="left"></div></TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=2 face="serif">Common shares</FONT>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

          <div align="left"></div></TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">&#151;</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

          <div align="left"></div></TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">&#151;</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

          <div align="left"></div></TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">&#151;</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

          <div align="left"></div></TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">&#151;</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">&#151;</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap></TD>
        <TD align=left nowrap>

          <div align="left"></div></TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">(0.03</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">)</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=2 face="serif">Preferred shares</FONT>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">

        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">

          <div align="left">&nbsp;</div></TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">&#151;</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">

          <div align="left">&nbsp;</div></TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">&#151;</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">

          <div align="left">&nbsp;</div></TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">&#151;</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">

          <div align="left">&nbsp;</div></TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">&#151;</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">&#151;</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">

        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;"></TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">

          <div align="left">&nbsp;</div></TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">(0.11</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">)</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
<FONT size=2 face="serif">Total capital charges</FONT>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">

        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">

          <div align="left">&nbsp;</div></TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">&#151;</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">

          <div align="left">&nbsp;</div></TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">&#151;</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">

          <div align="left">&nbsp;</div></TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">&#151;</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">

          <div align="left">&nbsp;</div></TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">&#151;</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">&#151;</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">

        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;"></TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">

          <div align="left">&nbsp;</div></TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">(0.14</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">)</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
<FONT size=2 face="serif">Net asset value, end of period</FONT>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:3px double #000000;">

        </TD>
        <TD align=left nowrap style="border-bottom:3px double #000000;">

 <div align="left"><FONT size=2 face="serif">&#36;</FONT>&nbsp;
    </div></TD>
        <TD align=right nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">15.58</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:3px double #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:3px double #000000;">
      <div align="left"><FONT size=2 face="serif">&#36;</FONT>
      </div></TD>
        <TD align=right nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">15.71</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:3px double #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:3px double #000000;">

 <div align="left"><FONT size=2 face="serif">&#36;</FONT>&nbsp;
    </div></TD>
        <TD align=right nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">15.81</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:3px double #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:3px double #000000;">
      <div align="left"><FONT size=2 face="serif">&#36;</FONT>
      </div></TD>
        <TD align=right nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">15.53</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:3px double #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">&#36;</FONT>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">14.66</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:3px double #000000;">&nbsp;

        </TD>
        <TD align=left nowrap style="border-bottom:3px double #000000;">

        </TD>
        <TD align=left nowrap style="border-bottom:3px double #000000;"></TD>
        <TD align=left nowrap style="border-bottom:3px double #000000;">

 <div align="left"><FONT size=2 face="serif">&#36;</FONT>&nbsp;
    </div></TD>
        <TD align=right nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">13.66</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:3px double #000000;">&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
<FONT size=2 face="serif">Market price, end of period</FONT>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:3px double #000000;">

        </TD>
        <TD align=left nowrap style="border-bottom:3px double #000000;">

 <div align="left"><FONT size=2 face="serif">&#36;</FONT>&nbsp;
    </div></TD>
        <TD align=right nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">15.64</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:3px double #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:3px double #000000;">
      <div align="left"><FONT size=2 face="serif">&#36;</FONT>
      </div></TD>
        <TD align=right nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">15.71</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:3px double #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:3px double #000000;">

 <div align="left"><FONT size=2 face="serif">&#36;</FONT>&nbsp;
    </div></TD>
        <TD align=right nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">15.16</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:3px double #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:3px double #000000;">
      <div align="left"><FONT size=2 face="serif">&#36;</FONT>
      </div></TD>
        <TD align=right nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">14.36</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:3px double #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">&#36;</FONT>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">13.43</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:3px double #000000;">&nbsp;

        </TD>
        <TD align=left nowrap style="border-bottom:3px double #000000;">

        </TD>
        <TD align=left nowrap style="border-bottom:3px double #000000;"></TD>
        <TD align=left nowrap style="border-bottom:3px double #000000;">

 <div align="left"><FONT size=2 face="serif">&#36;</FONT>&nbsp;
    </div></TD>
        <TD align=right nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">13.06</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:3px double #000000;">&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
<B><FONT size=2 face="serif">TOTAL INVESTMENT RETURN</FONT></B><B><SUP><FONT size=2 face="serif">4</FONT></SUP></B>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:3px double #000000;">

        </TD>
        <TD align=left nowrap style="border-bottom:3px double #000000;">

          <div align="left">&nbsp;</div></TD>
        <TD align=right nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">2.40</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">%</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:3px double #000000;">

          <div align="left">&nbsp;</div></TD>
        <TD align=right nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">9.35</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">%</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:3px double #000000;">

          <div align="left">&nbsp;</div></TD>
        <TD align=right nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">11.27</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">%</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:3px double #000000;">

          <div align="left">&nbsp;</div></TD>
        <TD align=right nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">12.92</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">%</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:3px double #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">8.84</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">%</FONT>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:3px double #000000;">

        </TD>
        <TD align=left nowrap style="border-bottom:3px double #000000;"></TD>
        <TD align=left nowrap style="border-bottom:3px double #000000;">

          <div align="left">&nbsp;</div></TD>
        <TD align=right nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">(12.51</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">)%</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
<B><FONT size=2 face="serif">RATIOS TO AVERAGE NET ASSETS</FONT></B>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

          <div align="left"></div></TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

          <div align="left"></div></TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

          <div align="left"></div></TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

          <div align="left"></div></TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap></TD>
        <TD align=left nowrap>

          <div align="left"></div></TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
 &nbsp; &nbsp;<B><FONT size=2 face="serif">OF COMMON SHAREHOLDERS:</FONT></B><B><SUP><FONT size=2 face="serif">5</FONT></SUP></B>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

          <div align="left"></div></TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

          <div align="left"></div></TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

          <div align="left"></div></TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

          <div align="left"></div></TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap></TD>
        <TD align=left nowrap>

          <div align="left"></div></TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
<FONT size=2 face="serif">Expenses after fees waived and paid</FONT>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

          <div align="left"></div></TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

          <div align="left"></div></TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

          <div align="left"></div></TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

          <div align="left"></div></TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap></TD>
        <TD align=left nowrap>

          <div align="left"></div></TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=2 face="serif">indirectly</FONT>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

          <div align="left"></div></TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">0.90</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">%</FONT><SUP><FONT size=2 face="serif">6</FONT></SUP>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

          <div align="left"></div></TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">0.91</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">%</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

          <div align="left"></div></TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">0.91</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">%</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

          <div align="left"></div></TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">0.93</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">%</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">0.92</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">%</FONT>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap></TD>
        <TD align=left nowrap>

          <div align="left"></div></TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">0.93</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">%</FONT><SUP><FONT size=2 face="serif">6</FONT></SUP>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
<FONT size=2 face="serif">Expenses after fees waived and before</FONT>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

          <div align="left"></div></TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

          <div align="left"></div></TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

          <div align="left"></div></TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

          <div align="left"></div></TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap></TD>
        <TD align=left nowrap>

          <div align="left"></div></TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=2 face="serif">fees paid indirectly</FONT>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

          <div align="left"></div></TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">0.91</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">%</FONT><SUP><FONT size=2 face="serif">6</FONT></SUP>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

          <div align="left"></div></TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">0.91</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">%</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

          <div align="left"></div></TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">0.91</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">%</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

          <div align="left"></div></TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">0.94</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">%</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">0.94</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">%</FONT>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap></TD>
        <TD align=left nowrap>

          <div align="left"></div></TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">0.93</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">%</FONT><SUP><FONT size=2 face="serif">6</FONT></SUP>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
<FONT size=2 face="serif">Expenses before fees waived and paid</FONT>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

          <div align="left"></div></TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

          <div align="left"></div></TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

          <div align="left"></div></TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

          <div align="left"></div></TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap></TD>
        <TD align=left nowrap>

          <div align="left"></div></TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=2 face="serif">indirectly</FONT>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

          <div align="left"></div></TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">0.91</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">%</FONT><SUP><FONT size=2 face="serif">6</FONT></SUP>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

          <div align="left"></div></TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">0.91</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">%</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

          <div align="left"></div></TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">0.91</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">%</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

          <div align="left"></div></TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">0.94</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">%</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">0.94</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">%</FONT>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap></TD>
        <TD align=left nowrap>

          <div align="left"></div></TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">0.93</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">%</FONT><SUP><FONT size=2 face="serif">6</FONT></SUP>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
<FONT size=2 face="serif">Net investment income after fees waived</FONT>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

          <div align="left"></div></TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

          <div align="left"></div></TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

          <div align="left"></div></TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

          <div align="left"></div></TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap></TD>
        <TD align=left nowrap>

          <div align="left"></div></TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=2 face="serif">and paid indirectly and before preferred</FONT>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

          <div align="left"></div></TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

          <div align="left"></div></TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

          <div align="left"></div></TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

          <div align="left"></div></TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap></TD>
        <TD align=left nowrap>

          <div align="left"></div></TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=2 face="serif">share dividends</FONT>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

          <div align="left"></div></TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">7.40</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">%</FONT><SUP><FONT size=2 face="serif">6</FONT></SUP>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

          <div align="left"></div></TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">7.53</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">%</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

          <div align="left"></div></TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">7.83</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">%</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

          <div align="left"></div></TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">8.21</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">%</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">8.14</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">%</FONT>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap></TD>
        <TD align=left nowrap>

          <div align="left"></div></TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">4.39</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">%</FONT><SUP><FONT size=2 face="serif">6</FONT></SUP>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
<FONT size=2 face="serif">Preferred share dividends</FONT>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

          <div align="left"></div></TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">1.76</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">%</FONT><SUP><FONT size=2 face="serif">6</FONT></SUP>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

          <div align="left"></div></TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">1.27</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">%</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

          <div align="left"></div></TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">0.64</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">%</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

          <div align="left"></div></TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">0.57</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">%</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">0.84</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">%</FONT>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap></TD>
        <TD align=left nowrap>

          <div align="left"></div></TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">0.28</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">%</FONT><SUP><FONT size=2 face="serif">6</FONT></SUP>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
<FONT size=2 face="serif">Net investment income available to</FONT>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

          <div align="left"></div></TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

          <div align="left"></div></TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

          <div align="left"></div></TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

          <div align="left"></div></TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap></TD>
        <TD align=left nowrap>

          <div align="left"></div></TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=2 face="serif">common shareholders</FONT>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

          <div align="left"></div></TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">5.64</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">%</FONT><SUP><FONT size=2 face="serif">6</FONT></SUP>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

          <div align="left"></div></TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">6.26</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">%</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

          <div align="left"></div></TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">7.19</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">%</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

          <div align="left"></div></TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">7.64</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">%</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">7.30</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">%</FONT>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap></TD>
        <TD align=left nowrap>

          <div align="left"></div></TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">4.11</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">%</FONT><SUP><FONT size=2 face="serif">6</FONT></SUP>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
<B><FONT size=2 face="serif">SUPPLEMENTAL DATA:</FONT></B>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

          <div align="left"></div></TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

          <div align="left"></div></TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

          <div align="left"></div></TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

          <div align="left"></div></TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap></TD>
        <TD align=left nowrap>

          <div align="left"></div></TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
<FONT size=2 face="serif">Average net assets of common</FONT>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

          <div align="left"></div></TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

          <div align="left"></div></TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

          <div align="left"></div></TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

          <div align="left"></div></TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap></TD>
        <TD align=left nowrap>

          <div align="left"></div></TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=2 face="serif">shareholders (000)</FONT>&nbsp;
        </TD>
        <TD align=right nowrap>&nbsp;
        </TD>
        <TD align=right nowrap><div align="left"><font size=2 face="serif">&#36;</font>
    </div></TD>
        <TD align=right nowrap><font size=2 face="serif">249,782</font></TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
      <div align="left"><FONT size=2 face="serif">&#36;</FONT>
      </div></TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">252,013</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

 <div align="left"><FONT size=2 face="serif">&#36;</FONT>&nbsp;
    </div></TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">246,602</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
      <div align="left"><FONT size=2 face="serif">&#36;</FONT>
      </div></TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">235,575</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">&#36;</FONT>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">227,674</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=right nowrap>&nbsp;
        </TD>
        <TD align=right nowrap>&nbsp;</TD>
        <TD align=right nowrap><div align="left"><font size=2 face="serif">&#36;</font>
    </div></TD>
        <TD align=right nowrap><font size=2 face="serif">206,486</font> </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
<FONT size=2 face="serif">Portfolio turnover</FONT>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

          <div align="left"></div></TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">5</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">%</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

          <div align="left"></div></TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">15</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">%</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

          <div align="left"></div></TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">31</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">%</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

          <div align="left"></div></TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">15</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">%</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">53</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">%</FONT>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap></TD>
        <TD align=left nowrap>

          <div align="left"></div></TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">&#151;</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
<FONT size=2 face="serif">Net assets of common shareholders,</FONT>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

          <div align="left"></div></TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

          <div align="left"></div></TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

          <div align="left"></div></TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

          <div align="left"></div></TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap></TD>
        <TD align=left nowrap>

          <div align="left"></div></TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=2 face="serif">end of period (000)</FONT>&nbsp;
        </TD>
        <TD align=right nowrap>&nbsp;
        </TD>
        <TD align=right nowrap><div align="left"><font size=2 face="serif">&#36;</font>
    </div></TD>
        <TD align=right nowrap><font size=2 face="serif">247,869</font> </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
      <div align="left"><FONT size=2 face="serif">&#36;</FONT>
      </div></TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">249,890</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

 <div align="left"><FONT size=2 face="serif">&#36;</FONT>&nbsp;
    </div></TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">251,560</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
      <div align="left"><FONT size=2 face="serif">&#36;</FONT>
      </div></TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">247,032</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">&#36;</FONT>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">233,233</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=right nowrap>&nbsp;
        </TD>
        <TD align=right nowrap>&nbsp;</TD>
        <TD align=right nowrap><div align="left"><font size=2 face="serif">&#36;</font>
    </div></TD>
        <TD align=right nowrap><font size=2 face="serif">217,229</font></TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
<FONT size=2 face="serif">Preferred shares outstanding (000)</FONT>&nbsp;
        </TD>
        <TD align=right nowrap>&nbsp;
</TD>
        <TD align=right nowrap><div align="left"><font size=2 face="serif">&#36;</font>
    </div></TD>
        <TD align=right nowrap><font size=2 face="serif">137,600</font></TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
      <div align="left"><FONT size=2 face="serif">&#36;</FONT>
      </div></TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">137,600</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

 <div align="left"><FONT size=2 face="serif">&#36;</FONT>&nbsp;
    </div></TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">137,600</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
      <div align="left"><FONT size=2 face="serif">&#36;</FONT>
      </div></TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">137,600</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">&#36;</FONT>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">137,600</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=right nowrap>&nbsp;
        </TD>
        <TD align=right nowrap>&nbsp;</TD>
        <TD align=right nowrap><div align="left"><font size=2 face="serif">&#36;</font>
    </div></TD>
        <TD align=right nowrap><font size=2 face="serif">137,600</font></TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
<FONT size=2 face="serif">Asset coverage per preferred share,</FONT>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

          <div align="left"></div></TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

          <div align="left"></div></TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

          <div align="left"></div></TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

          <div align="left"></div></TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap></TD>
        <TD align=left nowrap>

          <div align="left"></div></TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=2 face="serif">end of period</FONT>&nbsp;
        </TD>
        <TD align=right nowrap>&nbsp;
        </TD>
        <TD align=right nowrap><div align="left"><font size=2 face="serif">&#36;</font>
    </div></TD>
        <TD align=right nowrap><font size=2 face="serif">70,038</font></TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
      <div align="left"><FONT size=2 face="serif">&#36;</FONT>
      </div></TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">70,407</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

 <div align="left"><FONT size=2 face="serif">&#36;</FONT>&nbsp;
    </div></TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">70,736</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
      <div align="left"><FONT size=2 face="serif">&#36;</FONT>
      </div></TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">69,887</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">&#36;</FONT>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">67,381</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=right nowrap>&nbsp;
        </TD>
        <TD align=right nowrap>&nbsp;</TD>
        <TD align=right nowrap><div align="left"><font size=2 face="serif">&#36;</font>
    </div></TD>
        <TD align=right nowrap><font size=2 face="serif">64,485</font></TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
</TABLE>
<BR>
<P align="justify"><hr align="left" noshade width="100" size="1">
<SUP><FONT size=1 face="serif">1 </FONT></SUP><FONT size=1 face="serif">Commencement of investment operations. This information includes the initial investment by BlackRock Funding, Inc.</FONT>
<p><SUP><FONT size=1 face="serif">2 </FONT></SUP><FONT size=1 face="serif">Calculated using the average shares outstanding method.</FONT></p>
<P align="justify">
<SUP><FONT size=1 face="serif">3 </FONT></SUP><FONT size=1 face="serif">Net asset value, beginning of period, reflects a deduction of &#36;0.675 per share sales charge from the initial offering price of &#36;15.00 per share.</FONT></P>
<P align="justify">
<SUP><FONT size=1 face="serif">4 </FONT></SUP><FONT size=1 face="serif">Total investment return is calculated assuming a purchase of a common share at the current market price on the first day and a sale at the current market price on the last day
of each period reported. Dividends and distributions, if any, are assumed for purposes of this calculation to be reinvested at prices obtained under the Trust&#146;s dividend reinvestment plan. Total investment returns do not reflect brokerage
commissions. Total investment returns for less than a full year are not annualized. Past performance is not a guarantee of future results.</FONT></P>
<P align="justify">
<SUP><FONT size=1 face="serif">5 </FONT></SUP><FONT size=1 face="serif">Ratios are calculated on the basis of income and expenses applicable to both the common and preferred shares relative to the average net assets of the common
shareholders.</FONT></P>
<P align="justify">
<SUP><FONT size=1 face="serif">6 </FONT></SUP><FONT size=1 face="serif">Annualized.</FONT></P>
<P align="justify">
<FONT size=1 face="serif">The information in the above Financial Highlights represents the operating performance for a common share outstanding, total investment returns, ratios to average net assets and other supplemental data for each period
indicated. This information has been determined based upon financial information provided in the financial statements and market price data for the Trust&#146;s common shares. </FONT><P align="center"><FONT size=2 face="serif">See Notes to Financial
Statements.</FONT></P>
<P align="center">
<FONT size=2 face="serif">74</FONT></P>

<HR noshade align="center" width="100%" size=4>




<P STYLE="page-break-before:always"></P><PAGE>
<A name="page_77"></A>

<P align="justify">
<B><FONT face="serif">FINANCIAL HIGHLIGHTS</FONT></B></P>
<P align="justify">
<B><FONT size=2 face="serif">BlackRock Municipal 2020 Term Trust (BKK)</FONT></B></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD colspan="4">
      <center>
        <B><FONT size=1 face="serif">For the period</FONT></B>
    </center>   </TD>
  </TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD colspan="4">
      <center>
        <B><FONT size=1 face="serif">Six Months Ended</FONT></B>
    </center>

          <center>
      </center></TD>
        <TD>
          <center>
    </center></TD>
        <TD align=left nowrap>

          <center>
    </center></TD>
        <TD align=left nowrap>

          <center>
    </center></TD>
        <TD align=left nowrap>

          <center>
    </center></TD>
        <TD>
          <center>
    </center></TD>
        <TD align=left nowrap>

          <center>
    </center></TD>
        <TD align=left nowrap>

          <center>
    </center></TD>
        <TD align=left nowrap>

          <center>
    </center></TD>
        <TD>
          <center>
    </center></TD>
        <TD colspan="4">
      <center>
        <B><FONT size=1 face="serif">September 30, 2003</FONT></B><B><SUP><FONT size=1 face="serif">1</FONT></SUP></B>
    </center>   </TD>
  </TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD colspan="4">
      <center>
        <B><FONT size=1 face="serif">June 30, 2006</FONT></B>
    </center>

          <center>
      </center></TD>
        <TD>
          <center>
    </center></TD>
        <TD colspan="7" align=left nowrap style="border-bottom:1px solid #000000;">

          <center>
    </center>
      <center>
        <B><FONT size=1 face="serif">Year Ended December 31,</FONT></B>
    </center>

          <center>
      </center></TD>
        <TD>
          <center>
    </center></TD>
        <TD colspan="4">
      <center>
        <B><FONT size=1 face="serif">through</FONT></B>
    </center>   </TD>
  </TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD colspan="4">
      <center>
        <div style="border-bottom:1px solid #000000"> <b><font size=1 face="serif">(unaudited)</font></b> </div>
      </center>

          <center>
      </center></TD>
        <TD>
          <center>
    &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    </center></TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">

          <center>
&nbsp;
    </center></TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
      <center>
        <B><FONT size=1 face="serif">2005</FONT></B>
      </center></TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">

          <center>
&nbsp;
    </center></TD>
        <TD>
          <center>
    &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    </center></TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">

          <center>
&nbsp;
    </center></TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
      <center>
        <B><FONT size=1 face="serif">2004</FONT></B>
      </center></TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">

          <center>
&nbsp;
    </center></TD>
        <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
          <center>
    </center></TD>
        <TD colspan="4">
      <center>
        <div style="border-bottom:1px solid #000000"> <b><font size=1 face="serif">December
              31, 2003</font></b> </div>
      </center> </TD>
  </TR>
<TR valign="bottom">
        <TD align=left nowrap>
<B><FONT size=2 face="serif">PER COMMON SHARE OPERATING PERFORMANCE:</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
<FONT size=2 face="serif">Net asset value, beginning of period</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;"> <FONT size=2 face="serif">&#36;</FONT>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">15.28</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">14.85</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">14.51</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;"> <FONT size=2 face="serif">&#36;</FONT>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">14.33</FONT></TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;"><SUP><FONT size=2 face="serif">2</FONT></SUP>

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
<FONT size=2 face="serif">Investment operations:</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=2 face="serif">Net investment income</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">0.55</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">1.11</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">1.10</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">0.15</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=2 face="serif">Net realized and unrealized gain (loss)</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">(0.14</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">)</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">0.39</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">0.28</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">0.25</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=2 face="serif">Dividends to preferred shareholders from</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">net investment income</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">(0.14</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">)</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">(0.20</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">)</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">(0.10</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">)</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">(0.01</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">)</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
<FONT size=2 face="serif">Net increase from investment operations</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">0.27</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">1.30</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">1.28</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">0.39</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
<FONT size=2 face="serif">Dividends to common shareholders from</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=2 face="serif">net investment income</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">(0.40</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">)</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">(0.87</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">)</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">(0.94</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">)</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">(0.16</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">)</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
<FONT size=2 face="serif">Capital charges with respect to issuance of</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=2 face="serif">Common shares</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">&#151;</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">&#151;</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">&#151;</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">(0.03</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">)</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=2 face="serif">Preferred shares</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">&#151;</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">&#151;</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">&#151;</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">(0.02</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">)</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
<FONT size=2 face="serif">Total capital charges</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">&#151;</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">&#151;</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">&#151;</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">(0.05</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">)</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
<FONT size=2 face="serif">Net asset value, end of period</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:3px double #000000;"> <FONT size=2 face="serif">&#36;</FONT>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">15.15</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:3px double #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">15.28</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:3px double #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">14.85</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:3px double #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD align=left nowrap style="border-bottom:3px double #000000;"> <FONT size=2 face="serif">&#36;</FONT>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">14.51</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:3px double #000000;">&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
<FONT size=2 face="serif">Market price, end of period</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:3px double #000000;"> <FONT size=2 face="serif">&#36;</FONT>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">14.73</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:3px double #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">14.00</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:3px double #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">15.02</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:3px double #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD align=left nowrap style="border-bottom:3px double #000000;"> <FONT size=2 face="serif">&#36;</FONT>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">15.00</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:3px double #000000;">&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
<B><FONT size=2 face="serif">TOTAL INVESTMENT RETURN</FONT></B><B><SUP><FONT size=2 face="serif">3</FONT></SUP></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:3px double #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">8.04</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">%</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:3px double #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">(1.28</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">)%</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:3px double #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">6.63</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">%</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD align=left nowrap style="border-bottom:3px double #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">1.05</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">%</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
<B><FONT size=2 face="serif">RATIOS TO AVERAGE NET ASSETS</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
 &nbsp; &nbsp;<B><FONT size=2 face="serif">OF COMMON SHAREHOLDERS:</FONT></B><B><SUP><FONT size=2 face="serif">4</FONT></SUP></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
<FONT size=2 face="serif">Expenses after fees waived and paid indirectly</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">1.07</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">%</FONT><SUP><FONT size=2 face="serif">5</FONT></SUP>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">1.08</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">%</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">1.09</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">%</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">0.85</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">%</FONT><SUP><FONT size=2 face="serif">5</FONT></SUP>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
<FONT size=2 face="serif">Expenses after fees waived and before fees paid indirectly </FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">1.08</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">%</FONT><SUP><FONT size=2 face="serif">5</FONT></SUP>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">1.09</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">%</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">1.09</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">%</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">0.87</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">%</FONT><SUP><FONT size=2 face="serif">5</FONT></SUP>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
<FONT size=2 face="serif">Expenses before fees waived and paid indirectly</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">1.08</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">%</FONT><SUP><FONT size=2 face="serif">5</FONT></SUP>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">1.09</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">%</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">1.09</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">%</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">0.87</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">%</FONT><SUP><FONT size=2 face="serif">5</FONT></SUP>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
<FONT size=2 face="serif">Net investment income after fees waived and paid indirectly</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=2 face="serif">and before preferred share dividends</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">7.23</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">%</FONT><SUP><FONT size=2 face="serif">5</FONT></SUP>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">7.27</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">%</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">7.67</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">%</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">4.25</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">%</FONT><SUP><FONT size=2 face="serif">5</FONT></SUP>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
<FONT size=2 face="serif">Preferred share dividends</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">1.83</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">%</FONT><SUP><FONT size=2 face="serif">5</FONT></SUP>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">1.34</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">%</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">0.72</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">%</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">0.30</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">%</FONT><SUP><FONT size=2 face="serif">5</FONT></SUP>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
<FONT size=2 face="serif">Net investment income available to common shareholders</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">5.40</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">%</FONT><SUP><FONT size=2 face="serif">5</FONT></SUP>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">5.93</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">%</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">6.95</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">%</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">3.95</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">%</FONT><SUP><FONT size=2 face="serif">5</FONT></SUP>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
<B><FONT size=2 face="serif">SUPPLEMENTAL DATA:</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
<FONT size=2 face="serif">Average net assets of common shareholders (000)</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 <FONT size=2 face="serif">&#36;</FONT>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">309,930</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">307,487</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">290,212</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD align=left nowrap> <FONT size=2 face="serif">&#36;</FONT>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">279,827</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
<FONT size=2 face="serif">Portfolio turnover</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">7</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">%</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">14</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">%</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">51</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">%</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">17</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">%</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
<FONT size=2 face="serif">Net assets of common shareholders, end of period (000)</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap> <FONT size=2 face="serif">&#36;</FONT>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">306,484</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">309,146</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">300,518</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD align=left nowrap> <FONT size=2 face="serif">&#36;</FONT>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">293,598</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
<FONT size=2 face="serif">Preferred shares outstanding (000)</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap> <FONT size=2 face="serif">&#36;</FONT>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">177,600</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">177,600</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">177,600</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD align=left nowrap> <FONT size=2 face="serif">&#36;</FONT>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">177,600</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
<FONT size=2 face="serif">Asset coverage per preferred share, end of period</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap> <FONT size=2 face="serif">&#36;</FONT>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">68,152</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">68,527</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">67,307</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD align=left nowrap> <FONT size=2 face="serif">&#36;</FONT>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">66,332</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
</TABLE>
<BR>
<P align="justify"><hr align="left" noshade width="100" size="1">
<SUP><FONT size=1 face="serif">1 </FONT></SUP><FONT size=1 face="serif">Commencement of investment operations. This information includes the initial investment by BlackRock Funding, Inc.</FONT><p></P>
<P align="justify">
<SUP><FONT size=1 face="serif">2 </FONT></SUP><FONT size=1 face="serif">Net asset value, beginning of period, reflects a deduction of &#36;0.675 per share sales charge from the initial offering price of &#36;15.00 per share.</FONT></P>
<P align="justify">
<SUP><FONT size=1 face="serif">3 </FONT></SUP><FONT size=1 face="serif">Total investment return is calculated assuming a purchase of a common share at the current market price on the first day and a sale at the current market price on the last day
of each period reported. Dividends and distributions, if any, are assumed for purposes of this calculation to be reinvested at prices obtained under the Trust&#146;s dividend reinvestment plan. Total investment returns do not reflect brokerage
commissions. Total investment returns for less than a full year are not annualized. Past performance is not a guarantee of future results.</FONT></P>
<P align="justify">
<SUP><FONT size=1 face="serif">4 </FONT></SUP><FONT size=1 face="serif">Ratios are calculated on the basis of income and expenses applicable to both the common and preferred shares relative to the average net assets of the common
shareholders.</FONT></P>
<P align="justify">
<SUP><FONT size=1 face="serif">5 </FONT></SUP><FONT size=1 face="serif">Annualized.</FONT></P>
<P align="justify">
<FONT size=1 face="serif">The information in the above Financial Highlights represents the operating performance for a common share outstanding, total investment returns, ratios to average net assets and other supplemental data for each period
indicated. This information has been determined based upon financial information provided in the financial statements and market price data for the Trust&#146;s common shares.</FONT></P>
<P align="center">
<FONT size=2 face="serif">See Notes to Financial Statements.</FONT></P>
<P align="center">
<FONT size=2 face="serif">75</FONT></P>

<HR noshade align="center" width="100%" size=4>




<P STYLE="page-break-before:always"></P><PAGE>
<A name="page_78"></A>

<P align="justify">
<B><FONT face="serif">FINANCIAL HIGHLIGHTS</FONT></B></P>
<P align="justify">
<B><FONT size=2 face="serif">BlackRock Municipal Target Term Trust (BMN)</FONT></B></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD align=center nowrap>&nbsp;
</TD>
        <TD colspan="4" align=center nowrap><b><font size=2 face="serif">Six Months Ended</font></b>    </TD>
        <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD colspan="4" align=left nowrap>
      <center>
        <B><FONT size=2 face="serif">June 30, 2006</FONT></B>
      </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD colspan="17" align=left nowrap style="border-bottom:1px solid #000000;">
      <center>
        <B><FONT size=2 face="serif">Year Ended December 31,</FONT></B>&nbsp;
      </center></TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD>&nbsp;

        </TD>
        <TD colspan="4" align=left nowrap style="border-bottom:1px solid #000000;">
      <center>
        <B><FONT size=2 face="serif">(unaudited)</FONT></B>
      </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
      <center>
        <B><FONT size=2 face="serif">2005</FONT></B>
      </center></TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">

          <center>
&nbsp;
    </center></TD>
        <TD>
          <center>
    </center></TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">

          <center>
&nbsp;
    </center></TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
      <center>
        <B><FONT size=2 face="serif">2004</FONT></B>
      </center></TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">

          <center>
&nbsp;
    </center></TD>
        <TD>
          <center>
    </center></TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">

          <center>
&nbsp;
    </center></TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
      <center>
        <B><FONT size=2 face="serif">2003</FONT></B>
      </center></TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">

          <center>
&nbsp;
    </center></TD>
        <TD>
          <center>
    </center></TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
      <center>
&nbsp;
    </center></TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
      <center>
        <B><FONT size=2 face="serif">2002</FONT></B>
      </center></TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">

          <center>
&nbsp;
    </center></TD>
        <TD>
          <center>
    </center></TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">

          <center>
&nbsp;
    </center></TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
      <center>
        <B><FONT size=2 face="serif">2001</FONT></B>
      </center></TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
<B><FONT size=2 face="serif">PER COMMON SHARE OPERATING</FONT></B>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap> </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
 &nbsp; &nbsp;<B><FONT size=2 face="serif">PERFORMANCE:</FONT></B>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
<FONT size=2 face="serif">Net asset value, beginning of period</FONT>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">&#36;</FONT>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">10.16</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">10.55</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">10.97</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;"><FONT size=2 face="serif">&#36;</FONT>

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">11.16</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">&#36;</FONT>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">10.57</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">10.67</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
<FONT size=2 face="serif">Investment operations:</FONT>&nbsp;
        </TD>
        <TD align=left nowrap> </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=2 face="serif">Net investment income</FONT>&nbsp;
        </TD>
        <TD align=left nowrap> </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">0.19</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">0.54</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">0.57</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">0.62</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">0.70</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">0.83</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=2 face="serif">Net realized and unrealized gain (loss)</FONT>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">(0.04</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">)</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">(0.39</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">)</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">(0.41</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">)</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">(0.16</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">)</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">0.62</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">(0.10</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">)</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=2 face="serif">Dividends and distributions to preferred</FONT>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
      <div align="left"><FONT size=2 face="serif">&nbsp; &nbsp;<FONT size=2 face="serif">&nbsp;</FONT><FONT size=2 face="serif"></FONT>&nbsp; &nbsp;<FONT size=2 face="serif">&nbsp;</FONT><FONT size=2 face="serif"></FONT><FONT size=2 face="serif"></FONT>shareholders from:</FONT>&nbsp;
      </div></TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=2 face="serif">&nbsp;</FONT><FONT size=2 face="serif">&nbsp; &nbsp;<FONT size=2 face="serif">&nbsp;</FONT><FONT size=2 face="serif"></FONT>Net investment income</FONT>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">(0.01</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">)</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">(0.11</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">)</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">(0.07</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">)</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">(0.06</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">)</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">(0.08</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">)</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">(0.17</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">)</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
      <div align="left"><FONT size=2 face="serif">&nbsp; &nbsp;<FONT size=2 face="serif">&nbsp;</FONT><FONT size=2 face="serif"></FONT>&nbsp; &nbsp;<FONT size=2 face="serif">&nbsp;</FONT><FONT size=2 face="serif"></FONT>Net realized gain</FONT>&nbsp;
      </div></TD>
        <TD align=left nowrap> </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">&#151;</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">&#151;</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;"><font size=2 face="serif">&nbsp; </font><sup><font size=2 face="serif">1</font></sup>

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">&#151;</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;"><font size=2 face="serif">&nbsp; </font><sup><font size=2 face="serif">1</font></sup>

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">&#151;</FONT></TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;"><font size=2 face="serif">&nbsp; </font><sup><font size=2 face="serif">1</font></sup>

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">(0.01</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">)</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">(0.02</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">)</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
<FONT size=2 face="serif">Net increase from investment operations</FONT>&nbsp;
        </TD>
        <TD align=left nowrap> </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">0.14</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">0.04</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">0.09</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">0.40</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">1.23</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">0.54</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
<FONT size=2 face="serif">Dividends and distributions to common</FONT>&nbsp;
        </TD>
        <TD align=left nowrap> </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=2 face="serif">shareholders from:</FONT>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=2 face="serif">Net investment income</FONT>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">(0.19</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">)</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">(0.43</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">)</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">(0.50</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">)</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">(0.57</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">)</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">(0.60</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">)</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">(0.58</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">)</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=2 face="serif">Net realized gain</FONT>&nbsp;
        </TD>
        <TD align=left nowrap> </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">&#151;</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">&#151;</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;"><font size=2 face="serif">&nbsp; </font><sup><font size=2 face="serif">1</font></sup>

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">(0.01</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">)</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">(0.02</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">)</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">(0.04</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">)</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">(0.06</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">)</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap><FONT size=2 face="serif">Total dividends and distributions </FONT>&nbsp; </TD>
  <TD align=left nowrap> </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp; &nbsp; </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;"><FONT size=2 face="serif">(0.19</FONT></TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;"><FONT size=2 face="serif">)</FONT>&nbsp; </TD>
  <TD>&nbsp;</TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp; </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;"><FONT size=2 face="serif">&#151;</FONT> </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp; </TD>
  <TD>&nbsp;</TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp; </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;"><FONT size=2 face="serif">(0.51</FONT> </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;"><FONT size=2 face="serif">)</FONT>&nbsp; </TD>
  <TD>&nbsp;</TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;"></TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;"><FONT size=2 face="serif">(0.59</FONT></TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;"><FONT size=2 face="serif">)</FONT>&nbsp; </TD>
  <TD>&nbsp;</TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp; </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;"><FONT size=2 face="serif">(0.64</FONT></TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;"><FONT size=2 face="serif">)</FONT>&nbsp; </TD>
  <TD>&nbsp;</TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp; </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;"><FONT size=2 face="serif">(0.64</FONT> </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;"><FONT size=2 face="serif">)</FONT>&nbsp; </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
<FONT size=2 face="serif">Net asset value, end of period </FONT>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:3px double #000000;">

        </TD>
        <TD align=left nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">&#36;</FONT>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">10.11</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:3px double #000000;">&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">10.16</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:3px double #000000;">&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">10.55</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:3px double #000000;">&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:3px double #000000;"> <FONT size=2 face="serif">&#36;</FONT>&nbsp; </TD>
        <TD align=right nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">10.97</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:3px double #000000;">&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">&#36;</FONT>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">11.16</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:3px double #000000;">&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">10.57</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:3px double #000000;">&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
<FONT size=2 face="serif">Market price, end of period</FONT>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:3px double #000000;">

        </TD>
        <TD align=left nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">&#36;</FONT>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">9.93</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:3px double #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">9.91</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:3px double #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">10.49</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:3px double #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:3px double #000000;"> <FONT size=2 face="serif">&#36;</FONT>&nbsp; </TD>
        <TD align=right nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">10.95</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:3px double #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">&#36;</FONT>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">11.01</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:3px double #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">10.40</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:3px double #000000;">&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
<B><FONT size=2 face="serif">TOTAL INVESTMENT RETURN</FONT></B><B><SUP><FONT size=2 face="serif">2</FONT></SUP></B>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:3px double #000000;">

        </TD>
        <TD align=left nowrap style="border-bottom:3px double #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">2.09</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">%</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:3px double #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">(1.49</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">)%</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:3px double #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">0.39</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">%</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:3px double #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">4.99</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">%</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:3px double #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">12.28</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">%</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:3px double #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">11.16</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">%</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
<B><FONT size=2 face="serif">RATIOS TO AVERAGE NET ASSETS</FONT></B>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
 &nbsp; &nbsp;<B><FONT size=2 face="serif">OF COMMON SHAREHOLDERS:</FONT></B><B><SUP><FONT size=2 face="serif">3</FONT></SUP></B>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
<FONT size=2 face="serif">Expenses after fees waived and paid indirectly </FONT>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">0.59</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">%</FONT><SUP><FONT size=2 face="serif">4</FONT></SUP>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">0.89</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">%</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">0.96</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">%</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">0.96</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">%</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">0.97</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">%</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">0.96</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">%</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
<FONT size=2 face="serif">Expenses after fees waived and before fees</FONT>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=2 face="serif">paid indirectly</FONT>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">0.62</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">%</FONT><SUP><FONT size=2 face="serif">4</FONT></SUP>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">0.90</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">%</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">0.97</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">%</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">0.96</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">%</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">0.97</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">%</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">0.98</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">%</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
<FONT size=2 face="serif">Expenses before fees waived and paid indirectly</FONT>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">0.62</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">%</FONT><SUP><FONT size=2 face="serif">4</FONT></SUP>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">0.90</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">%</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">0.97</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">%</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">0.96</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">%</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">0.97</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">%</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">0.98</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">%</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
<FONT size=2 face="serif">Net investment income after fees waived and</FONT>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=2 face="serif">paid indirectly and before preferred share</FONT>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=2 face="serif">dividends</FONT>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">3.85</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">%</FONT><SUP><FONT size=2 face="serif">4</FONT></SUP>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">5.26</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">%</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">5.29</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">%</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">5.60</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">%</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">6.44</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">%</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">7.73</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">%</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
<FONT size=2 face="serif">Preferred share dividends</FONT>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">0.16</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">%</FONT><SUP><FONT size=2 face="serif">4</FONT></SUP>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">1.03</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">%</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">0.66</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">%</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">0.54</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">%</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">0.75</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">%</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">1.57</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">%</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
<FONT size=2 face="serif">Net investment income available to</FONT>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=2 face="serif">common shareholders</FONT>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">3.69</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">%</FONT><SUP><FONT size=2 face="serif">4</FONT></SUP>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">4.23</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">%</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">4.63</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">%</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">5.06</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">%</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">5.69</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">%</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">6.16</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">%</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
<B><FONT size=2 face="serif">SUPPLEMENTAL DATA:</FONT></B>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
<FONT size=2 face="serif">Average net assets of common</FONT>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=2 face="serif">shareholders (000)</FONT>&nbsp;
        </TD>
        <TD align=right nowrap>&nbsp;
</TD>
        <TD align=right nowrap><div align="left"><FONT size=2 face="serif">&#36;</FONT>&nbsp; </div></TD>
        <TD align=right nowrap><font size=2 face="serif">459,659</font></TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">467,934</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">488,873</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">504,660</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap><font size=2 face="serif">&#36;</font>
</TD>
        <TD align=right nowrap><font size=2 face="serif">494,694</font> </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">489,251</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
<FONT size=2 face="serif">Portfolio turnover</FONT>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">&#151;</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">4</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">%</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">2</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">%</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">4</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">%</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">18</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">%</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">42</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">%</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
<FONT size=2 face="serif">Net assets of common shareholders,</FONT>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=2 face="serif">end of period (000)</FONT>&nbsp;
        </TD>
        <TD align=right nowrap>&nbsp;
        </TD>
        <TD align=right nowrap><div align="left"><font size=2 face="serif">&#36;</font>
    </div></TD>
        <TD align=right nowrap><font size=2 face="serif">458,876</font> </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">461,328</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">479,042</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">498,283</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap><font size=2 face="serif">&#36;</font>
        </TD>
        <TD align=right nowrap><font size=2 face="serif">506,952</font></TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">480,172</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
<FONT size=2 face="serif">Preferred shares outstanding (000)</FONT>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">&#151;</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">149,100</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">299,100</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">299,100</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap><font size=2 face="serif">&#36;</font>
</TD>
        <TD align=right nowrap><font size=2 face="serif">299,100</font> </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">299,100</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
<FONT size=2 face="serif">Asset coverage per preferred share,</FONT>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=2 face="serif">end of period</FONT>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">&#151;</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">102,359</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">65,048</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">66,654</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap><font size=2 face="serif">&#36;</font>
        </TD>
        <TD align=right nowrap><font size=2 face="serif">67,379</font></TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">65,141</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
</TABLE>
<BR>
<P align="justify"><hr align="left" noshade width="100" size="1">
<SUP><FONT size=1 face="serif">1 </FONT></SUP><FONT size=1 face="serif">Amounted to less than &#36;0.01 per common share outstanding.</FONT><p></P>
<P align="justify">
<SUP><FONT size=1 face="serif">2 </FONT></SUP><FONT size=1 face="serif">Total investment return is calculated assuming a purchase of a common share at the current market price on the first day and a sale at the current market price on the last day
of each period reported. Dividends and distributions, if any, are assumed for purposes of this calculation to be reinvested at prices obtained under the Trust&#146;s dividend reinvestment plan. Total investment returns do not reflect brokerage
commissions. Total investment returns for less than a full year are not annualized. </FONT></P>
<P align="justify">
<FONT size=1 face="serif">Past performance is not a guarantee of future results.</FONT></P>
<P align="justify">
<SUP><FONT size=1 face="serif">3 </FONT></SUP><FONT size=1 face="serif">Ratios calculated on the basis of income and expenses applicable to both the common and preferred shares relative to the average net assets of the common shareholders.
</FONT></P>
<P align="justify"><SUP><FONT size=1 face="serif">4 </FONT></SUP><FONT size=1 face="serif">Annualized.</FONT></P>
<P align="justify">
<FONT size=1 face="serif">The information in the above Financial Highlights represents the operating performance for a common share outstanding, total investment returns, ratios to average net assets and other supplemental data, for each period
indicated. This information has been determined based upon financial information provided in the financial statements and market price data for the Trust&#146;s common shares.</FONT></P>
<P align="center">
<FONT size=2 face="serif">See Notes to Financial Statements.</FONT></P>
<P align="center">
<FONT size=2 face="serif">76</FONT></P>

<HR noshade align="center" width="100%" size=4>




<P STYLE="page-break-before:always"></P><PAGE>
<A name="page_79"></A>

<P align="justify">
<B><FONT face="serif">FINANCIAL HIGHLIGHTS</FONT></B></P>
<P align="justify">
<B><FONT size=2 face="serif">BlackRock Strategic Municipal Trust (BSD)</FONT></B></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD align=center nowrap>&nbsp;
</TD>
        <TD colspan="4" align=center nowrap><b><font size=2 face="serif">Six Months Ended</font></b>    </TD>
        <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD colspan="4" align=left nowrap>
      <center>
        <B><FONT size=2 face="serif">June 30, 2006</FONT></B>
    </center>

          <center>
      </center></TD>
        <TD>
          <center>
    </center></TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">

          <center>
    </center></TD>
        <TD colspan="18" align=left nowrap style="border-bottom:1px solid #000000;">
      <center>
        <B><FONT size=2 face="serif">Year Ended December 31,</FONT></B>&nbsp;
      </center></TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD colspan="4" align=left nowrap style="border-bottom:1px solid #000000;">
      <center>
        <B><FONT size=2 face="serif">(unaudited)</FONT></B>
    </center>

          <center>
      </center></TD>
        <TD>
          <center>
    </center></TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">

          <center>
&nbsp;
    </center></TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
      <center>
        <B><FONT size=2 face="serif">2005</FONT></B>
      </center></TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">

          <center>
&nbsp;
    </center></TD>
        <TD>
          <center>
    </center></TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">

          <center>
&nbsp;
    </center></TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
      <center>
        <B><FONT size=2 face="serif">2004</FONT></B>
      </center></TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">

          <center>
&nbsp;
    </center></TD>
        <TD>
          <center>
    </center></TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
      <center>
&nbsp;
      </center></TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;"> <center>
    <B><FONT size=2 face="serif">2003</FONT></B>          </center></TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">

          <center>
&nbsp;
    </center></TD>
        <TD>
          <center>
    </center></TD>
        <TD align=left nowrap>

          <center>
    </center></TD>
        <TD align=left nowrap>

          <center>
            <div style="border-bottom:1px solid #000000"> &nbsp; </div>
          </center></TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
      <center>
        <B><FONT size=2 face="serif">2002</FONT></B>
      </center></TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">

          <center>
&nbsp;
    </center></TD>
        <TD>
          <center>
    </center></TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">

          <center>
&nbsp;
    </center></TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
      <center>
        <B><FONT size=2 face="serif">2001</FONT></B>
      </center></TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
<B><FONT size=2 face="serif">PER COMMON SHARE</FONT></B>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
 &nbsp; &nbsp;<B><FONT size=2 face="serif">OPERATING PERFORMANCE:</FONT></B>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR>
        <TD colspan=26>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
<FONT size=2 face="serif">Net asset value, beginning of period</FONT>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">

        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;"> <FONT size=2 face="serif">&#36;</FONT>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">15.68</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">15.70</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">15.91</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">&#36;</FONT>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">15.01</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">

        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">&#36;</FONT>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">14.33</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">14.75</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
<FONT size=2 face="serif">Investment operations:</FONT>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=2 face="serif">Net investment income</FONT>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">0.54</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">1.14</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">1.26</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">1.23</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">1.26</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">1.25</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=2 face="serif">Net realized and unrealized gain (loss)</FONT>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">(0.24</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">)</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">0.07</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">(0.41</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">)</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">0.68</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">0.42</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">(0.58</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">)</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=2 face="serif">Dividends to preferred shareholders from</FONT>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=right nowrap>
      <div align="left"><FONT size=2 face="serif">&nbsp; &nbsp;&nbsp; &nbsp;&nbsp; &nbsp;net investment income</FONT>&nbsp;
      </div></TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">

        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">(0.14</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">)</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">(0.20</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">)</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">(0.10</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">)</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">(0.08</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">)</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">

        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">(0.12</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">)</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">(0.23</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">)</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
<FONT size=2 face="serif">Net increase from investment operations</FONT>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">

        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">0.16</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">1.01</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">0.75</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">1.83</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">

        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">1.56</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">0.44</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
<FONT size=2 face="serif">Dividends to common shareholders from</FONT>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap><FONT size=2 face="serif">&nbsp; &nbsp;&nbsp; &nbsp;&nbsp; &nbsp;net investment income</FONT> </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;"></TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;"><FONT size=2 face="serif">(0.55</FONT> </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;"><FONT size=2 face="serif">)</FONT>&nbsp; </TD>
  <TD>&nbsp;</TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp; </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;"><FONT size=2 face="serif">(1.03</FONT> </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;"><FONT size=2 face="serif">)</FONT>&nbsp; </TD>
  <TD>&nbsp;</TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp; </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;"><FONT size=2 face="serif">(0.96</FONT> </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;"><FONT size=2 face="serif">)</FONT>&nbsp; </TD>
  <TD>&nbsp;</TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;"><FONT size=2 face="serif">(0.93</FONT> </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;"><FONT size=2 face="serif">)</FONT>&nbsp; </TD>
  <TD>&nbsp;</TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;"></TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;"><FONT size=2 face="serif">(0.88</FONT> </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;"><FONT size=2 face="serif">)</FONT>&nbsp; </TD>
  <TD>&nbsp;</TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp; </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;"><FONT size=2 face="serif">(0.86</FONT> </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;"><FONT size=2 face="serif">)</FONT>&nbsp; </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
<FONT size=2 face="serif">Net asset value, end of period </FONT>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:3px double #000000;">

        </TD>
        <TD align=left nowrap style="border-bottom:3px double #000000;"> <FONT size=2 face="serif">&#36;</FONT>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">15.29</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:3px double #000000;">&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">15.68</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:3px double #000000;">&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">15.70</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:3px double #000000;">&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">&#36;</FONT>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">15.91</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:3px double #000000;">&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:3px double #000000;">

        </TD>
        <TD align=left nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">&#36;</FONT>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">15.01</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:3px double #000000;">&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">14.33</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:3px double #000000;">&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
<FONT size=2 face="serif">Market price, end of period</FONT>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:3px double #000000;">

        </TD>
        <TD align=left nowrap style="border-bottom:3px double #000000;"> <FONT size=2 face="serif">&#36;</FONT>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">17.09</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:3px double #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">17.14</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:3px double #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">14.52</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:3px double #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">&#36;</FONT>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">14.69</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:3px double #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:3px double #000000;">

        </TD>
        <TD align=left nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">&#36;</FONT>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">13.78</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:3px double #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">13.58</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:3px double #000000;">&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
<B><FONT size=2 face="serif">TOTAL INVESTMENT RETURN</FONT></B><B><SUP><FONT size=2 face="serif">1</FONT></SUP></B>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:3px double #000000;">

        </TD>
        <TD align=left nowrap style="border-bottom:3px double #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">3.07</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">%</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:3px double #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">26.08</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">%</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:3px double #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">5.59</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">%</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:3px double #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">13.75</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">%</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:3px double #000000;">

        </TD>
        <TD align=left nowrap style="border-bottom:3px double #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">8.03</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">%</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:3px double #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">5.32</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">%</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
<B><FONT size=2 face="serif">RATIOS TO AVERAGE NET ASSETS</FONT></B>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
 &nbsp; &nbsp;<B><FONT size=2 face="serif">OF COMMON SHAREHOLDERS:</FONT></B><B><SUP><FONT size=2 face="serif">2</FONT></SUP></B>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
<FONT size=2 face="serif">Expenses after fees waived and paid indirectly </FONT>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">1.03</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">%</FONT><SUP><FONT size=2 face="serif">3</FONT></SUP>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">0.97</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">%</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">0.89</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">%</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">0.91</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">%</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">0.98</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">%</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">0.91</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">%</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
<FONT size=2 face="serif">Expenses after fees waived and before fees</FONT>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=2 face="serif">paid indirectly</FONT>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">1.07</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">%</FONT><SUP><FONT size=2 face="serif">3</FONT></SUP>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">0.98</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">%</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">0.90</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">%</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">0.91</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">%</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">0.99</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">%</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">0.92</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">%</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
<FONT size=2 face="serif">Expenses before fees waived and paid indirectly</FONT>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">1.31</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">%</FONT><SUP><FONT size=2 face="serif">3</FONT></SUP>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">1.29</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">%</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">1.28</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">%</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">1.30</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">%</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">1.39</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">%</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">1.31</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">%</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
<FONT size=2 face="serif">Net investment income after fees waived and</FONT>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=2 face="serif">paid indirectly and before preferred share</FONT>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=2 face="serif">dividends</FONT>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">6.93</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">%</FONT><SUP><FONT size=2 face="serif">3</FONT></SUP>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">7.23</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">%</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">8.04</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">%</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">8.09</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">%</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">8.54</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">%</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">8.40</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">%</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
<FONT size=2 face="serif">Preferred share dividends</FONT>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">1.76</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">%</FONT><SUP><FONT size=2 face="serif">3</FONT></SUP>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">1.26</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">%</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">0.62</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">%</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">0.54</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">%</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">0.78</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">%</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">1.58</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">%</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
<FONT size=2 face="serif">Net investment income available to common</FONT>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=2 face="serif">shareholders</FONT>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">5.17</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">%</FONT><SUP><FONT size=2 face="serif">3</FONT></SUP>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">5.97</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">%</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">7.42</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">%</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">7.55</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">%</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">7.76</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">%</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">6.82</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">%</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
<B><FONT size=2 face="serif">SUPPLEMENTAL DATA:</FONT></B>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
<FONT size=2 face="serif">Average net assets of common</FONT>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=2 face="serif">shareholders (000)</FONT>&nbsp;
        </TD>
        <TD align=right nowrap>&nbsp;
        </TD>
        <TD align=right nowrap><div align="left"><font size=2 face="serif">&#36;</font>
    </div></TD>
        <TD align=right nowrap><font size=2 face="serif">113,264</font> </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">113,860</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">112,298</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap><font size=2 face="serif">&#36;</font>
        </TD>
        <TD align=right nowrap><font size=2 face="serif">110,385</font></TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>&nbsp;
</TD>
        <TD align=right nowrap><font size=2 face="serif">&#36;</font>
        </TD>
        <TD align=right nowrap><font size=2 face="serif">106,807</font></TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">107,381</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
<FONT size=2 face="serif">Portfolio turnover</FONT>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">41</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">%</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">96</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">%</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">23</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">%</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">8</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">%</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">13</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">%</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">4</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">%</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
<FONT size=2 face="serif">Net assets of common shareholders,</FONT>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=2 face="serif">end of period (000)</FONT>&nbsp;
        </TD>
        <TD align=right nowrap>&nbsp;
        </TD>
        <TD align=right nowrap><div align="left"><font size=2 face="serif">&#36;</font>
    </div></TD>
        <TD align=right nowrap><font size=2 face="serif">111,033</font></TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">113,684</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">113,686</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap><font size=2 face="serif">&#36;</font>
        </TD>
        <TD align=right nowrap><font size=2 face="serif">115,246</font></TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>&nbsp;
        </TD>
        <TD align=right nowrap><font size=2 face="serif">&#36;</font>
        </TD>
        <TD align=right nowrap><font size=2 face="serif">108,721</font></TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">103,783</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
<FONT size=2 face="serif">Preferred shares outstanding (000)</FONT>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp; </TD>
        <TD align=left nowrap><font size=2 face="serif">&#36;</font></TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">62,000</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">62,000</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">62,000</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap><font size=2 face="serif">&#36;</font>
        </TD>
        <TD align=right nowrap><font size=2 face="serif">62,000</font></TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap></TD>
        <TD align=left nowrap>
    <div align="right"><font size=2 face="serif">&#36;</font>       </div></TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">62,000</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">62,000</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
<FONT size=2 face="serif">Asset coverage per preferred share,</FONT>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=2 face="serif">end of period</FONT>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>
 <font size=2 face="serif">&#36;</font>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">69,777</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">70,847</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">70,844</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap><font size=2 face="serif">&#36;</font>
        </TD>
        <TD align=right nowrap><font size=2 face="serif">71,476</font></TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>&nbsp;
        </TD>
        <TD align=right nowrap><font size=2 face="serif">&#36;</font>
</TD>
        <TD align=right nowrap><font size=2 face="serif">68,844</font> </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">66,855</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
</TABLE>
<BR>
<P align="justify"><hr align="left" noshade width="100" size="1">
<SUP><FONT size=1 face="serif">1 </FONT></SUP><FONT size=1 face="serif">Total investment return is calculated assuming a purchase of a common share at the current market price on the first day and a sale at the current market price on the last day
of each period reported. Dividends and distributions, if any, are assumed for purposes of this calculation to be reinvested at prices obtained under the Trust&#146;s dividend reinvestment plan. Total investment returns do not reflect brokerage
commissions. Total investment returns for less than a full year are not annualized. Past performance is not a guarantee of future results.</FONT>
<P align="justify">
<SUP><FONT size=1 face="serif">2 </FONT></SUP><FONT size=1 face="serif">Ratios are calculated on the basis of income and expenses applicable to both the common and preferred shares relative to the average net assets of the common shareholders.
</FONT></P>
<P align="justify"><SUP><FONT size=1 face="serif">3 </FONT></SUP><FONT size=1 face="serif">Annualized.</FONT></P>
<P align="justify">
<FONT size=1 face="serif">The information in the above Financial Highlights represents the operating performance for a common share outstanding, total investment returns, ratios to average net assets and other supplemental data for each period
indicated. This information has been determined based upon financial information provided in the financial statements and market price data for the Trust&#146;s common shares.</FONT></P>
<P align="center">
<FONT size=2 face="serif">See Notes to Financial Statements.</FONT></P>
<P align="center">
<FONT size=2 face="serif">77</FONT></P>

<HR noshade align="center" width="100%" size=4>




<P STYLE="page-break-before:always"></P><PAGE>
<A name="page_80"></A>

<P align="justify">
<B><FONT face="serif">FINANCIAL HIGHLIGHTS</FONT></B></P>
<P align="justify">
<B><FONT size=2 face="serif">BlackRock California Insured Municipal 2008 Term Trust (BFC)</FONT></B></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD align=center nowrap>&nbsp;
</TD>
        <TD colspan="4" align=center nowrap><b><font size=2 face="serif">Six Months Ended</font></b>    </TD>
        <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD colspan="4">
      <center>
        <B><FONT size=2 face="serif">June 30, 2006</FONT></B>
      </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD colspan="17" align=left nowrap style="border-bottom:1px solid #000000;">
      <center>
        <B><FONT size=2 face="serif">Year Ended December 31,</FONT></B>&nbsp;
      </center></TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD colspan="4">
      <center>
        <div style="border-bottom:1px solid #000000"> <b><font size=2 face="serif">(unaudited)</font></b> </div>
      </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
      <center>
        <B><FONT size=2 face="serif">2005</FONT></B>
      </center></TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">

          <center>
&nbsp;
    </center></TD>
        <TD>
          <center>
    </center></TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">

          <center>
&nbsp;
    </center></TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
      <center>
        <B><FONT size=2 face="serif">2004</FONT></B>
      </center></TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">

          <center>
&nbsp;
    </center></TD>
        <TD>
          <center>
    </center></TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
      <center>
&nbsp;
      </center></TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;"> <center>
    <B><FONT size=2 face="serif">2003</FONT></B>          </center></TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">

          <center>
&nbsp;
    </center></TD>
        <TD>
          <center>
    </center></TD>
        <TD align=left nowrap>

          <center>
            <div style="border-bottom:1px solid #000000">&nbsp;</div>
      </center></TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
      <center>
        <B><FONT size=2 face="serif">2002</FONT></B>
      </center></TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">

          <center>
&nbsp;
    </center></TD>
        <TD>
          <center>
    </center></TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">

          <center>
&nbsp;
    </center></TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
      <center>
        <B><FONT size=2 face="serif">2001</FONT></B>
      </center></TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
<B><FONT size=2 face="serif">PER COMMON SHARE OPERATING</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

          <center>
    </center></TD>
        <TD align=left nowrap>

          <center>
    </center></TD>
        <TD>
          <center>
    </center></TD>
        <TD align=left nowrap>

          <center>
    </center></TD>
        <TD align=left nowrap>

          <center>
    </center></TD>
        <TD align=left nowrap>

          <center>
    </center></TD>
        <TD>
          <center>
    </center></TD>
        <TD align=left nowrap>

          <center>
    </center></TD>
        <TD align=left nowrap>

          <center>
    </center></TD>
        <TD align=left nowrap>

          <center>
    </center></TD>
        <TD>
          <center>
    </center></TD>
        <TD align=left nowrap>

          <center>
    </center></TD>
        <TD align=left nowrap>

          <center>
    </center></TD>
        <TD align=left nowrap>

          <center>
    </center></TD>
        <TD>
          <center>
    </center></TD>
        <TD align=left nowrap>

          <center>
    </center></TD>
        <TD align=left nowrap>

          <center>
    </center></TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
 &nbsp; &nbsp;<B><FONT size=2 face="serif">PERFORMANCE:</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
<FONT size=2 face="serif">Net asset value, beginning of period</FONT>&nbsp;
        </TD>
        <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;"><font size=2 face="serif">&#36;</font>&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">15.86</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">16.76</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">17.19</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">&#36;</FONT>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">17.34</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">&#36;</FONT>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">16.77</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">16.72</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
<FONT size=2 face="serif">Investment operations:</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=2 face="serif">Net investment income</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">0.46</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">0.90</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">0.91</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">0.96</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">1.18</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">1.27</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=2 face="serif">Net realized and unrealized gain (loss)</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">(0.41</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">)</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">(0.82</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">)</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">(0.44</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">)</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">0.06</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">0.48</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">(0.19</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">)</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=2 face="serif">Dividends and distributions to preferred</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
      <div align="left"><FONT size=2 face="serif"> &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;shareholders from:</FONT>&nbsp;
      </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>

 <div align="left"><FONT size=2 face="serif">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp;Net investment income</FONT>&nbsp;
    </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">(0.15</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">)</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">(0.20</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">)</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">(0.10</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">)</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">(0.07</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">)</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">(0.11</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">)</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">(0.24</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">)</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
      <div align="left"><FONT size=2 face="serif">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp;Net realized gain</FONT>&nbsp;
      </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">&#151;</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">&#151;</FONT></TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;"><font size=2 face="serif">&nbsp; </font><sup><font size=2 face="serif">1</font></sup>

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">&#151; </FONT><SUP></SUP>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;"><sup><font size=2 face="serif">1</font></sup>

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">(0.01</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">)</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">(0.03</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">)</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">(0.01</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">)</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
<FONT size=2 face="serif">Net increase (decrease) from investment</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=2 face="serif">operations</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">(0.10</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">)</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">(0.12</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">)</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">0.37</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">0.94</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">1.52</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">0.83</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
<FONT size=2 face="serif">Dividends and distributions to common</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=2 face="serif">shareholders from:</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=2 face="serif">Net investment income</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">(0.39</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">)</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">(0.77</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">)</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">(0.77</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">)</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">(1.00</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">)</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">(0.81</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">)</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">(0.77</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">)</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=2 face="serif">Net realized gain</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">&#151;</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">(0.01</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">)</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">(0.03</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">)</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">(0.09</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">)</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">(0.14</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">)</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">(0.02</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">)</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
<FONT size=2 face="serif">Total dividends and distributions</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">(0.39</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">)</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">(0.78</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">)</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">(0.80</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">)</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">(1.09</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">)</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">(0.95</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">)</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">(0.79</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">)</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
<FONT size=2 face="serif">Capital changes with respect to issuance of</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=2 face="serif">preferred shares</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">&#151;</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">&#151;</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">&#151;</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">&#151;</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">&#151;</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">0.01</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap><FONT size=2 face="serif">Net asset value, end of period</FONT>&nbsp; </TD>
  <TD>&nbsp;</TD>
  <TD align=left nowrap style="border-bottom:3px double #000000;"><font size=2 face="serif">&#36; </font> </TD>
  <TD align=right nowrap style="border-bottom:3px double #000000;"><FONT size=2 face="serif">15.37</FONT> </TD>
  <TD align=left nowrap style="border-bottom:3px double #000000;">&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right nowrap style="border-bottom:3px double #000000;"><FONT size=2 face="serif">&#36; </FONT> </TD>
  <TD align=right nowrap style="border-bottom:3px double #000000;"><FONT size=2 face="serif">15.86</FONT> </TD>
  <TD align=left nowrap style="border-bottom:3px double #000000;">&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right nowrap style="border-bottom:3px double #000000;"><FONT size=2 face="serif">&#36;</FONT> </TD>
  <TD align=right nowrap style="border-bottom:3px double #000000;"><FONT size=2 face="serif">16.76</FONT> </TD>
  <TD align=left nowrap style="border-bottom:3px double #000000;">&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left style="border-bottom:3px double #000000;"><FONT size=2 face="serif"> &#36;</FONT>&nbsp; </TD>
  <TD align=right style="border-bottom:3px double #000000;"><FONT size=2 face="serif"> 17.19</FONT> </TD>
  <TD align=left nowrap style="border-bottom:3px double #000000;">&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left style="border-bottom:3px double #000000;"><FONT size=2 face="serif">&#36;</FONT>&nbsp; </TD>
  <TD align=right nowrap style="border-bottom:3px double #000000;"><FONT size=2 face="serif">17.34</FONT> </TD>
  <TD align=left nowrap style="border-bottom:3px double #000000;">&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right nowrap style="border-bottom:3px double #000000;"><FONT size=2 face="serif">&#36;</FONT> </TD>
  <TD align=right nowrap style="border-bottom:3px double #000000;"><FONT size=2 face="serif"> 16.77</FONT> </TD>
  <TD align=left nowrap style="border-bottom:3px double #000000;">&nbsp;</TD>
</TR>
<TR>
        <TD colspan=25>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
<FONT size=2 face="serif">Market price, end of period</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:3px double #000000;"><font size=2 face="serif">&#36; </font>

        </TD>
        <TD align=right nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">15.24</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:3px double #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">&#36; </FONT>
        </TD>
        <TD align=right nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">15.31</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:3px double #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">16.25</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:3px double #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">&#36;</FONT>&nbsp;
        </TD>
        <TD align=right style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">17.19</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:3px double #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">&#36;</FONT>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">17.34</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:3px double #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">15.90</FONT></TD>
        <TD align=left nowrap style="border-bottom:3px double #000000;">&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
<B><FONT size=2 face="serif">TOTAL INVESTMENT RETURN</FONT></B><B><SUP><FONT size=2 face="serif">2</FONT></SUP></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:3px double #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">2.06</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">%</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:3px double #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">(1.08</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">)%</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:3px double #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">(0.20</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">)%</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:3px double #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">10.90</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">%</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:3px double #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">9.56</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">%</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:3px double #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">7.06</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">%</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
<B><FONT size=2 face="serif">RATIOS TO AVERAGE NET ASSETS</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
 &nbsp; &nbsp;<B><FONT size=2 face="serif">OF COMMON SHAREHOLDERS:</FONT></B><B><SUP><FONT size=2 face="serif">3</FONT></SUP></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
<FONT size=2 face="serif">Expenses after fees waived and paid indirectly </FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">1.08</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">%</FONT><SUP><FONT size=2 face="serif">4</FONT></SUP>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">1.07</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">%</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">1.05</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">%</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">1.04</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">%</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">1.05</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">%</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">1.08</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">%</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
<FONT size=2 face="serif">Expenses after fees waived and before fees</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=2 face="serif">paid indirectly</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">1.09</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">%</FONT><SUP><FONT size=2 face="serif">4</FONT></SUP>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">1.08</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">%</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">1.05</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">%</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">1.04</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">%</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">1.06</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">%</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">1.09</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">%</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
<FONT size=2 face="serif">Expenses before fees waived and paid indirectly</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">1.09</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">%</FONT><SUP><FONT size=2 face="serif">4</FONT></SUP>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">1.08</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">%</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">1.05</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">%</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">1.04</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">%</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">1.06</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">%</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">1.09</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">%</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
<FONT size=2 face="serif">Net investment income after fees waived and</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=2 face="serif">paid indirectly and before preferred share</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=2 face="serif">dividends</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">5.92</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">%</FONT><SUP><FONT size=2 face="serif">4</FONT></SUP>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">5.55</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">%</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">5.37</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">%</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">5.51</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">%</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">6.91</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">%</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">7.57</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">%</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
<FONT size=2 face="serif">Preferred share dividends</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">1.88</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">%</FONT><SUP><FONT size=2 face="serif">4</FONT></SUP>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">1.23</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">%</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">0.58</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">%</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">0.38</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">%</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">0.64</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">%</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">1.45</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">%</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
<FONT size=2 face="serif">Net investment income available to</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=2 face="serif">common shareholders</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">4.04</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">%</FONT><SUP><FONT size=2 face="serif">4</FONT></SUP>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">4.32</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">%</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">4.79</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">%</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">5.13</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">%</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">6.27</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">%</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">6.12</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">%</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
<B><FONT size=2 face="serif">SUPPLEMENTAL DATA:</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
<FONT size=2 face="serif">Average net assets of common</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=2 face="serif">shareholders (000)</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">162,978</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">169,564</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">175,711</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap><font size=2 face="serif">&#36;</font>
        </TD>
        <TD align=right nowrap><font size=2 face="serif">180,408</font></TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap><font size=2 face="serif">&#36;</font>
        </TD>
        <TD align=right nowrap><font size=2 face="serif">177,861</font></TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">176,424</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
<FONT size=2 face="serif">Portfolio turnover</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">&#151;</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">&#151;</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">&#151;</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">15</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">%</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">33</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">%</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">5</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">%</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
<FONT size=2 face="serif">Net assets of common shareholders,</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=2 face="serif">end of period (000)</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">159,947</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">165,097</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">174,408</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap><font size=2 face="serif">&#36;</font>
        </TD>
        <TD align=right nowrap><font size=2 face="serif">178,854</font></TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap><font size=2 face="serif">&#36;</font>
        </TD>
        <TD align=right nowrap><font size=2 face="serif">180,498</font></TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">174,487</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
<FONT size=2 face="serif">Preferred shares outstanding (000)</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">104,550</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">104,550</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">104,550</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right nowrap><font size=2 face="serif">104,550</font></TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap><font size=2 face="serif">&#36;</font>
        </TD>
        <TD align=right nowrap><font size=2 face="serif">104,550</font></TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">104,550</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
<FONT size=2 face="serif">Asset coverage per preferred share,</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=2 face="serif">end of period</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">63,257</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">64,497</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">66,714</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right nowrap><font size=2 face="serif">67,776</font></TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap><font size=2 face="serif">&#36;</font>
        </TD>
        <TD align=right nowrap><font size=2 face="serif">68,161</font></TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">66,735</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
</TABLE>
<BR>
<P align="justify"><hr align="left" noshade width="100" size="1">
<SUP><FONT size=1 face="serif">1 </FONT></SUP><FONT size=1 face="serif">Amounted to less than &#36;0.01 per common share outstanding.</FONT><p></P>
<P align="justify">
<SUP><FONT size=1 face="serif">2 </FONT></SUP><FONT size=1 face="serif">Total investment return is calculated assuming a purchase of a common share at the current market price on the first day and a sale at the current market price on the last day
of each period reported. Dividends and distributions, if any, are assumed for purposes of this calculation to be reinvested at prices obtained under the Trust&#146;s dividend reinvestment plan. Total investment returns do not reflect brokerage
commissions. Total investment returns for less than a full year are not annualized. Past performance is not a guarantee of future results.</FONT></P>
<P align="justify">
<SUP><FONT size=1 face="serif">3 </FONT></SUP><FONT size=1 face="serif">Ratios are calculated on the basis of income and expenses applicable to both the common and preferred shares relative to the average net assets of common shareholders.</FONT></P>
<P align="justify">
<SUP><FONT size=1 face="serif">4 </FONT></SUP><FONT size=1 face="serif">Annualized.</FONT></P>
<P align="justify">
<FONT size=1 face="serif">The information in the above Financial Highlights represents the operating performance for a common share outstanding, total investment returns, ratios to average net assets and other supplemental data for each period
indicated. This information has been determined based upon financial information provided in the financial statements and market price data for the Trust&#146;s common shares.</FONT></P>
<P align="center">
<FONT size=2 face="serif">See Notes to Financial Statements.</FONT></P>
<P align="center">
<FONT size=2 face="serif">78</FONT></P>

<HR noshade align="center" width="100%" size=4>




<P STYLE="page-break-before:always"></P><PAGE>
<A name="page_81"></A>

<P align="justify">
<B><FONT face="serif">FINANCIAL HIGHLIGHTS</FONT></B></P>
<P align="justify">
<B><FONT size=2 face="serif">BlackRock California Municipal 2018 Term Trust (BJZ)</FONT></B></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD colspan="4">
      <center>
    <B><FONT size=2 face="serif">For the period</FONT></B>      </center></TD>
  </TR>
<TR valign="bottom">
        <TD align=center nowrap>&nbsp;
</TD>
        <TD colspan="4" align=center nowrap><center>
      <b><font size=2 face="serif">Six Months Ended</font></b>
    </center>

          <center>
      </center></TD>
        <TD>
          <center>
    </center></TD>
        <TD align=left nowrap>

          <center>
    </center></TD>
        <TD align=left nowrap>

          <center>
    </center></TD>
        <TD align=left nowrap>

          <center>
    </center></TD>
        <TD>
          <center>
    </center></TD>
        <TD align=left nowrap>

          <center>
    </center></TD>
        <TD align=left nowrap>

          <center>
    </center></TD>
        <TD align=left nowrap>

          <center>
    </center></TD>
        <TD>
          <center>
    </center></TD>
        <TD align=left nowrap>

          <center>
    </center></TD>
        <TD align=left nowrap>

          <center>
    </center></TD>
        <TD align=left nowrap>

          <center>
    </center></TD>
        <TD>
          <center>
    </center></TD>
        <TD align=left nowrap>

          <center>
    </center></TD>
        <TD align=center nowrap>
      <center>
    </center></TD>
        <TD align=center nowrap><center>
    </center></TD>
        <TD align=center nowrap>&nbsp;</TD>
        <TD colspan="4" align=center nowrap><center>
    <b><font size=2 face="serif">October 30, 2001</font></b><b><sup><font size=2 face="serif">1</font></sup></b>          </center></TD>
  </TR>
<TR valign="bottom">
        <TD align=center nowrap>&nbsp;
</TD>
        <TD colspan="4" align=center nowrap><center>
      <b><font size=2 face="serif">June 30, 2006</font></b>
    </center>

          <center>
      </center></TD>
        <TD>
          <center>
    </center></TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">

          <center>
    </center></TD>
        <TD colspan="13" align=left nowrap style="border-bottom:1px solid #000000;">
      <center>
        <B><FONT size=2 face="serif">Year Ended December 31,</FONT></B>
      </center></TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD colspan="4">
      <center>
    <B><FONT size=2 face="serif">through</FONT></B>      </center></TD>
  </TR>
<TR valign="bottom">
        <TD align=right >

        </TD>
        <TD colspan="4" align=right nowrap style="border-bottom:1px solid #000000;"><center>
            <b><font size=2 face="serif">(unaudited)</font></b>
    </center>

          <center>
      </center></TD>
        <TD>
          <center>
    </center></TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">

          <center>
&nbsp;
    </center></TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
      <center>
        <B><FONT size=2 face="serif">2005</FONT></B>
      </center></TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">

          <center>
&nbsp;
    </center></TD>
        <TD>
          <center>
    </center></TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">

          <center>
&nbsp;
    </center></TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
      <center>
        <B><FONT size=2 face="serif">2004</FONT></B>
      </center></TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">

          <center>
&nbsp;
    </center></TD>
        <TD>
          <center>
    </center></TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">

          <center>
&nbsp;
    </center></TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
      <center>
        <B><FONT size=2 face="serif">2003</FONT></B>
      </center></TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">

          <center>
&nbsp;
    </center></TD>
        <TD>
          <center>
    </center></TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">

          <center>
&nbsp;
    </center></TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
      <center>
        <B><FONT size=2 face="serif">2002</FONT></B>
      </center></TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;"><center>
&nbsp;
        </center></TD>
        <TD align=center nowrap>&nbsp;</TD>
        <TD colspan="4" align=right nowrap style="border-bottom:1px solid #000000;"><center>
    <b><font size=2 face="serif"> December 31, 2001</font></b><b><sup><font size=2 face="serif">2</font></sup></b>        </center></TD>
  </TR>
<TR valign="bottom">
        <TD align=left nowrap>
<B><FONT size=2 face="serif">PER COMMON SHARE OPERATING</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp; </TD>
        <TD>&nbsp;</TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
 &nbsp; &nbsp;<B><FONT size=2 face="serif">PERFORMANCE:</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
<FONT size=2 face="serif">Net asset value, beginning of period</FONT>&nbsp;
        </TD>
        <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">15.21</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">15.17</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">14.77</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">14.59</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">13.63</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">14.33</FONT><SUP></SUP>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;"><SUP><FONT size=2 face="serif">3</FONT></SUP>

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
<FONT size=2 face="serif">Investment operations:</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=2 face="serif">Net investment income</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">0.51</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">0.97</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">1.00</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">1.04</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">1.03</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">0.09</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=2 face="serif">Net realized and unrealized gain (loss) </FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">(0.25</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">)</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">(0.01</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">)</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">0.21</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">(0.06</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">)</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">0.78</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">(0.57</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">)</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=2 face="serif">Dividends to preferred shareholders from</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=right nowrap>
      <div align="left"><FONT size=2 face="serif">&nbsp; &nbsp;<FONT size=2 face="serif"></FONT>&nbsp; &nbsp;<FONT size=2 face="serif"></FONT>net investment income</FONT>&nbsp;
      </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">(0.13</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">)</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">(0.18</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">)</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">(0.08</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">)</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">(0.07</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">)</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">(0.11</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">)</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">(0.01</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">)</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
<FONT size=2 face="serif">Net increase (decrease) from investment</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=2 face="serif">operations</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">0.13</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">0.78</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">1.13</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">0.91</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">1.70</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">(0.49</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">)</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
<FONT size=2 face="serif">Dividends to common shareholders from</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=2 face="serif">net investment income</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">(0.37</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">)</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">(0.74</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">)</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">(0.73</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">)</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">(0.73</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">)</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">(0.74</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">)</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">(0.06</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">)</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
<FONT size=2 face="serif">Capital changes with respect to issuance of:</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=2 face="serif">Common shares</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">&#151;</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">&#151;</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">&#151;</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">&#151;</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">&#151;</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">(0.03</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">)</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=2 face="serif">Preferred shares</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">&#151;</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">&#151;</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">&#151;</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">&#151;</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">&#151;</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">(0.12</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">)</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
<FONT size=2 face="serif">Total capital charges</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">&#151;</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">&#151;</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">&#151;</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">&#151;</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">&#151;</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">(0.15</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">)</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
<FONT size=2 face="serif">Net asset value, end of period</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">14.97</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:3px double #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">15.21</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:3px double #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">15.17</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:3px double #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">14.77</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:3px double #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">14.59</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:3px double #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD align=right nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">13.63</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:3px double #000000;">&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
<FONT size=2 face="serif">Market price, end of period</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">15.20</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:3px double #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">15.19</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:3px double #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">13.89</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:3px double #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">13.42</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:3px double #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">13.40</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:3px double #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD align=right nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">12.85</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:3px double #000000;">&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
<B><FONT size=2 face="serif">TOTAL INVESTMENT RETURN</FONT></B><B><SUP><FONT size=2 face="serif">4</FONT></SUP></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:3px double #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">2.50</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">%</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:3px double #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">14.85</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">%</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:3px double #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">9.04</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">%</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:3px double #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">5.67</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">%</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:3px double #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">10.04</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">%</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD align=left nowrap style="border-bottom:3px double #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">(13.94</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">)%</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
<B><FONT size=2 face="serif">RATIOS TO AVERAGE NET ASSETS</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
 &nbsp; &nbsp;<B><FONT size=2 face="serif">OF COMMON SHAREHOLDERS:</FONT></B><B><SUP><FONT size=2 face="serif">5</FONT></SUP></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
<FONT size=2 face="serif">Expenses after fees waived and paid indirectly</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">0.97</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">%</FONT><SUP><FONT size=2 face="serif">6</FONT></SUP>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">0.99</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">%</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">1.01</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">%</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">1.03</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">%</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">0.99</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">%</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">1.07</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">%</FONT><SUP><FONT size=2 face="serif">6</FONT></SUP>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
<FONT size=2 face="serif">Expenses after fees waived and before fees</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=2 face="serif">paid indirectly</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">0.99</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">%</FONT><SUP><FONT size=2 face="serif">6</FONT></SUP>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">1.01</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">%</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">1.02</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">%</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">1.03</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">%</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">1.03</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">%</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">1.07</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">%</FONT><SUP><FONT size=2 face="serif">6</FONT></SUP>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
<FONT size=2 face="serif">Expenses before fees waived and</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
 &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">paid indirectly</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">0.99</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">%</FONT><SUP><FONT size=2 face="serif">6</FONT></SUP>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">1.01</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">%</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">1.02</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">%</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">1.03</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">%</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">1.03</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">%</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">1.07</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">%</FONT><SUP><FONT size=2 face="serif">6</FONT></SUP>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
<FONT size=2 face="serif">Net investment income after fees waived and</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=2 face="serif">paid indirectly before preferred share</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=2 face="serif">dividends</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">6.74</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">%</FONT><SUP><FONT size=2 face="serif">6</FONT></SUP>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">6.39</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">%</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">6.77</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">%</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">7.29</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">%</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">7.33</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">%</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">3.78</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">%</FONT><SUP><FONT size=2 face="serif">6</FONT></SUP>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
<FONT size=2 face="serif">Preferred share dividends</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">1.69</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">%</FONT><SUP><FONT size=2 face="serif">6</FONT></SUP>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">1.17</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">%</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">0.56</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">%</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">0.51</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">%</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">0.81</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">%</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">0.27</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">%</FONT><SUP><FONT size=2 face="serif">6</FONT></SUP>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
<FONT size=2 face="serif">Net investment income available to</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=2 face="serif">common shareholders</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">5.05</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">%</FONT><SUP><FONT size=2 face="serif">6</FONT></SUP>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">5.22</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">%</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">6.21</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">%</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">6.78</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">%</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">6.52</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">%</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">3.51</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">%</FONT><SUP><FONT size=2 face="serif">6</FONT></SUP>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
<B><FONT size=2 face="serif">SUPPLEMENTAL DATA:</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
<FONT size=2 face="serif">Average net assets of common</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=2 face="serif">shareholders (000)</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">97,608</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">97,869</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">95,091</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">92,324</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">90,721</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">82,906</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
<FONT size=2 face="serif">Portfolio turnover</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">&#151;</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">9</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">%</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">9</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">%</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">9</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">%</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">42</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">%</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">&#151;</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
<FONT size=2 face="serif">Net assets of common shareholders,</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=2 face="serif">end of period (000)</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">96,317</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">97,824</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">97,590</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">95,047</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">93,844</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">87,664</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
<FONT size=2 face="serif">Preferred shares outstanding (000)</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">55,525</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">55,525</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">55,525</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">55,528</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">55,525</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">55,525</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
<FONT size=2 face="serif">Asset coverage per preferred share,</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=2 face="serif">end of period</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">68,376</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">69,056</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">68,945</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">67,796</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">67,254</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">64,488</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
</TABLE>
<BR>
<P align="justify"><hr align="left" noshade width="100" size="1">
<SUP><FONT size=1 face="serif">1 </FONT></SUP><FONT size=1 face="serif">Commencement of investment operations. This information includes the initial investment by BlackRock Funding, Inc. </FONT>
<p><SUP><FONT size=1 face="serif">2 </FONT></SUP><FONT size=1 face="serif">Calculated using the average shares outstanding method.</FONT></p>
<P align="justify">
<SUP><FONT size=1 face="serif">3 </FONT></SUP><FONT size=1 face="serif">Net asset value, beginning of period, reflects a deduction of &#36;0.675 per share sales charge from the initial offering price of &#36;15.00 per share.</FONT></P>
<P align="justify">
<SUP><FONT size=1 face="serif">4 </FONT></SUP><FONT size=1 face="serif">Total investment return is calculated assuming a purchase of a common share at the current market price on the first day and a sale at the current market price on the last day
of each period reported. Dividends and distributions, if any, are assumed for purposes of this calculation to be reinvested at prices obtained under the Trust&#146;s dividend reinvestment plan. Total investment returns do not reflect brokerage
commissions. Total investment returns for less than a full year are not annualized. Past performance is not a guarantee of future results.</FONT></P>
<P align="justify">
<SUP><FONT size=1 face="serif">5 </FONT></SUP><FONT size=1 face="serif">Ratios are calculated on the basis of income and expenses applicable to both the common and preferred shares relative to the average net assets of the common
shareholders.</FONT></P>
<P align="justify">
<SUP><FONT size=1 face="serif">6 </FONT></SUP><FONT size=1 face="serif">Annualized.</FONT></P>
<P align="justify">
<FONT size=1 face="serif">The information in the above Financial Highlights represents the operating performance for a common share outstanding, total investment returns, ratios to average net assets and other supplemental data for each period
indicated. This information has been determined based upon financial information provided in the financial statements and market price data for the Trust&#146;s common shares.</FONT></P>
<P align="center">
<FONT size=2 face="serif">See Notes to Financial Statements.</FONT></P>
<P align="center">
<FONT size=2 face="serif">79</FONT></P>

<HR noshade align="center" width="100%" size=4>




<P STYLE="page-break-before:always"></P><PAGE>
<A name="page_82"></A>

<P align="justify">
<B><FONT face="serif">FINANCIAL HIGHLIGHTS</FONT></B></P>
<P align="justify">
<B><FONT size=2 face="serif">BlackRock Florida Insured Municipal 2008 Term Trust (BRF)</FONT></B></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD align=center nowrap>&nbsp;
</TD>
        <TD colspan="4" align=center nowrap><center>
    <b><font size=2 face="serif">Six Months Ended</font></b>      </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD colspan="4" align=left nowrap>
      <center>
        <B><FONT size=2 face="serif">June 30, 2006</FONT></B>
      </center></TD>
        <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        </TD>
        <TD colspan="19" align=left nowrap style="border-bottom:1px solid #000000;">
      <center>
        <B><FONT size=2 face="serif">Year Ended December 31,</FONT></B>&nbsp;
    </center>   </TD>
  </TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD colspan="4" align=left nowrap style="border-bottom:1px solid #000000;">
      <center>
        <B><FONT size=2 face="serif">(unaudited)</FONT></B>
      </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">

          <center>
&nbsp;
    </center></TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
      <center>
        <B><FONT size=2 face="serif">2005</FONT></B>
      </center></TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">

          <center>
&nbsp;
    </center></TD>
        <TD>
          <center>
    </center></TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">

          <center>
&nbsp;
    </center></TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
      <center>
        <B><FONT size=2 face="serif">2004</FONT></B>
      </center></TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">

          <center>
&nbsp;
    </center></TD>
        <TD align=left nowrap> </TD>
        <TD align=right nowrap colspan=2 style="border-bottom:1px solid #000000;">
      <center>
        <B><FONT size=2 face="serif">2003</FONT></B>
      </center></TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">

          <center>
&nbsp;
    </center></TD>
        <TD>
          <center>
    </center></TD>
        <TD align=left nowrap>

          <center>
            <div style="border-bottom:1px solid #000000"> &nbsp;</div>
          </center></TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
      <center>
        <B><FONT size=2 face="serif">2002</FONT></B>
      </center></TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">

          <center>
&nbsp;
    </center></TD>
        <TD>
          <center>
    </center></TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">

          <center>
&nbsp;
    </center></TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
      <center>
        <B><FONT size=2 face="serif">2001</FONT></B>
      </center></TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
<B><FONT size=2 face="serif">PER COMMON SHARE OPERATING</FONT></B>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap> </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
 &nbsp; &nbsp;<B><FONT size=2 face="serif">PERFORMANCE:</FONT></B>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
<FONT size=2 face="serif">Net asset value, beginning of period</FONT>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;"> <FONT size=2 face="serif">&#36;</FONT>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">15.04</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">15.91</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">16.43</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">

        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">&#36;</FONT>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">16.41</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">&#36;</FONT>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">16.01</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">15.84</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
<FONT size=2 face="serif">Investment operations:</FONT>&nbsp;
        </TD>
        <TD align=left nowrap> </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=2 face="serif">Net investment income</FONT>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">0.40</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">0.78</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">0.81</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">0.88</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">1.12</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">1.25</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=2 face="serif">Net realized and unrealized gain (loss)</FONT>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">(0.32</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">)</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">(0.67</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">)</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">(0.41</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">)</FONT>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">0.13</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">0.36</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">(0.04</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">)</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=2 face="serif">Dividends and distributions to preferred</FONT>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
      <div align="left"><FONT size=2 face="serif">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp;shareholders from:</FONT>&nbsp;
      </div></TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>

 <div align="left"><FONT size=2 face="serif">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp;Net investment income</FONT>&nbsp;
    </div></TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">(0.15</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">)</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">(0.22</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">)</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">(0.09</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">)</FONT>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">(0.06</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">)</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">(0.11</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">)</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">(0.25</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">)</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
      <div align="left"><FONT size=2 face="serif">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp;Net realized gain</FONT>&nbsp;
      </div></TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">

        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">&#151;</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">&#151;</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;"><font size=2 face="serif">&nbsp; </font><sup><font size=2 face="serif">1</font></sup>

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">(0.01</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">)</FONT>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">

        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">(0.02</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">)</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">(0.04</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">)</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">(0.01</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">)</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
<FONT size=2 face="serif">Net increase (decrease) from investment</FONT>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=2 face="serif">operations</FONT>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">

        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">(0.07</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">)</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">(0.11</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">)</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">0.30</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">

        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">0.93</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">1.33</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">0.95</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
<FONT size=2 face="serif">Dividends and distributions to common</FONT>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=2 face="serif">shareholders from:</FONT>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=2 face="serif">Net investment income</FONT>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">(0.28</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">)</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">(0.75</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">)</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">(0.75</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">)</FONT>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">(0.81</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">)</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">(0.75</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">)</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">(0.75</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">)</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=2 face="serif">Net realized gain</FONT>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">

        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">&#151;</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">(0.01</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">)</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">(0.07</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">)</FONT>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">

        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">(0.10</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">)</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">(0.18</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">)</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">(0.04</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">)</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
<FONT size=2 face="serif">Total dividends and distributions</FONT>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">

        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">(0.28</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">)</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">(0.76</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">)</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">(0.82</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">)</FONT>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">

        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">(0.91</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">)</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">(0.93</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">)</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">(0.79</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">)</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
<FONT size=2 face="serif">Capital changes with respect to issuance of</FONT>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=2 face="serif">preferred shares</FONT>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">

        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">&#151;</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">&#151;</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">&#151;</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">

        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">&#151;</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">&#151;</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">0.01</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
<FONT size=2 face="serif">Net asset value, end of period</FONT>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:3px double #000000;">

        </TD>
        <TD align=left nowrap style="border-bottom:3px double #000000;">
  <FONT size=2 face="serif">&#36;</FONT>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">14.69</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:3px double #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">15.04</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:3px double #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">15.91</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:3px double #000000;">&nbsp;

        </TD>
        <TD align=left nowrap style="border-bottom:3px double #000000;">

        </TD>
        <TD align=left nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">&#36;</FONT>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">16.43</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:3px double #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">&#36;</FONT>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">16.41</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:3px double #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">16.01</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:3px double #000000;">&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
<FONT size=2 face="serif">Market price, end of period</FONT>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:3px double #000000;">

        </TD>
        <TD align=left nowrap style="border-bottom:3px double #000000;">
  <FONT size=2 face="serif">&#36;</FONT>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">13.96</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:3px double #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">15.11</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:3px double #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">15.85</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:3px double #000000;">&nbsp;

        </TD>
        <TD align=left nowrap style="border-bottom:3px double #000000;">

        </TD>
        <TD align=left nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">&#36;</FONT>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">16.19</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:3px double #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">&#36;</FONT>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">15.91</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:3px double #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">15.40</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:3px double #000000;">&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
<B><FONT size=2 face="serif">TOTAL INVESTMENT RETURN</FONT></B><B><SUP><FONT size=2 face="serif">2</FONT></SUP></B>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:3px double #000000;">

        </TD>
        <TD align=left nowrap style="border-bottom:3px double #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">(5.87</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">)%</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:3px double #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">0.10</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">%</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:3px double #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">3.05</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">%</FONT>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:3px double #000000;">

        </TD>
        <TD align=left nowrap style="border-bottom:3px double #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">7.64</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">%</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:3px double #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">9.61</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">%</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:3px double #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">15.90</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">%</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
<B><FONT size=2 face="serif">RATIOS TO AVERAGE NET ASSETS</FONT></B>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
 &nbsp; &nbsp;<B><FONT size=2 face="serif">OF COMMON SHAREHOLDERS:</FONT></B><B><SUP><FONT size=2 face="serif">3</FONT></SUP></B>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
<FONT size=2 face="serif">Expenses after fees waived and paid indirectly </FONT>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">1.10</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">%</FONT><SUP><FONT size=2 face="serif">4</FONT></SUP>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">1.09</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">%</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">1.07</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">%</FONT>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">1.05</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">%</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">1.05</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">%</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">1.10</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">%</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
<FONT size=2 face="serif">Expenses after fees waived and before fees</FONT>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=2 face="serif">paid indirectly</FONT>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">1.11</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">%</FONT><SUP><FONT size=2 face="serif">4</FONT></SUP>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">1.10</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">%</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">1.07</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">%</FONT>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">1.05</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">%</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">1.05</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">%</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">1.10</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">%</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
<FONT size=2 face="serif">Expenses before fees waived and paid indirectly</FONT>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">1.11</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">%</FONT><SUP><FONT size=2 face="serif">4</FONT></SUP>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">1.10</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">%</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">1.07</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">%</FONT>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">1.05</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">%</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">1.06</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">%</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">1.12</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">%</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
<FONT size=2 face="serif">Net investment income after fees waived and</FONT>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=2 face="serif">paid indirectly and before preferred share</FONT>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=2 face="serif">dividends</FONT>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">5.41</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">%</FONT><SUP><FONT size=2 face="serif">4</FONT></SUP>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">5.08</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">%</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">5.03</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">%</FONT>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">5.34</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">%</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">6.90</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">%</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">7.75</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">%</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
<FONT size=2 face="serif">Preferred share dividends</FONT>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">1.98</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">%</FONT><SUP><FONT size=2 face="serif">4</FONT></SUP>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">1.42</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">%</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">0.56</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">%</FONT>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">0.39</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">%</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">0.70</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">%</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">1.55</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">%</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
<FONT size=2 face="serif">Net investment income available to</FONT>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=2 face="serif">common shareholders</FONT>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">3.43</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">%</FONT><SUP><FONT size=2 face="serif">4</FONT></SUP>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">3.66</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">%</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">4.47</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">%</FONT>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">4.95</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">%</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">6.20</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">%</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">6.20</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">%</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
<B><FONT size=2 face="serif">SUPPLEMENTAL DATA:</FONT></B>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
<FONT size=2 face="serif">Average net assets of common</FONT>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=2 face="serif">shareholders (000)</FONT>&nbsp;
        </TD>
        <TD align=right nowrap>&nbsp;
</TD>
        <TD align=right nowrap><div align="left"><font size=2 face="serif"><FONT size=2 face="serif"></FONT>&#36;</font>          </div></TD>
        <TD align=right nowrap><font size=2 face="serif">129,422</font></TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">134,104</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">140,140</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=right nowrap>&nbsp;
        </TD>
        <TD align=right nowrap><div align="left"><FONT size=2 face="serif">&#36;</FONT>
    </div></TD>
        <TD align=right nowrap><font size=2 face="serif">144,071</font></TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap><div align="left"><FONT size=2 face="serif">&#36;</FONT>
    </div></TD>
        <TD align=right nowrap><font size=2 face="serif">141,064</font></TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">140,004</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
<FONT size=2 face="serif">Portfolio turnover</FONT>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

          <div align="left"></div></TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">&#151;</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">&#151;</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">&#151;</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

          <div align="left"></div></TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">6</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">%</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">52</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">%</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">7</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">%</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
<FONT size=2 face="serif">Net assets of common shareholders,</FONT>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

          <div align="left"></div></TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

          <div align="left"></div></TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=2 face="serif">end of period (000)</FONT>&nbsp;
        </TD>
        <TD align=right nowrap>&nbsp;
        </TD>
        <TD align=right nowrap><div align="left"><font size=2 face="serif">&#36;</font>
    </div></TD>
        <TD align=right nowrap><font size=2 face="serif">127,922</font></TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">130,974</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">138,542</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=right nowrap>&nbsp;
        </TD>
        <TD align=right nowrap><div align="left"><FONT size=2 face="serif">&#36;</FONT>
    </div></TD>
        <TD align=right nowrap><font size=2 face="serif">143,082</font></TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap><div align="left"><FONT size=2 face="serif">&#36;</FONT>
    </div></TD>
        <TD align=right nowrap><font size=2 face="serif">142,920</font></TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">139,367</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
<FONT size=2 face="serif">Preferred shares outstanding (000)</FONT>&nbsp;
        </TD>
        <TD align=right nowrap>&nbsp;
        </TD>
        <TD align=right nowrap><div align="left"><font size=2 face="serif">&#36;</font>
    </div></TD>
        <TD align=right nowrap><font size=2 face="serif">84,150</font> </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">84,150</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">84,150</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=right nowrap>&nbsp;
        </TD>
        <TD align=right nowrap><div align="left"><FONT size=2 face="serif">&#36;</FONT>
    </div></TD>
        <TD align=right nowrap><font size=2 face="serif">84,169</font></TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap><FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">84,150</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">84,150</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
<FONT size=2 face="serif">Asset coverage per preferred share,</FONT>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

          <div align="left"></div></TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

          <div align="left"></div></TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=2 face="serif">end of period</FONT>&nbsp;
        </TD>
        <TD align=right nowrap>&nbsp;
        </TD>
        <TD align=right nowrap><div align="left"><font size=2 face="serif"> &#36;</font>
    </div></TD>
        <TD align=right nowrap><font size=2 face="serif">63,007</font></TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">63,912</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">66,159</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=right nowrap>&nbsp;
        </TD>
        <TD align=right nowrap><div align="left"><FONT size=2 face="serif">&#36;</FONT>
    </div></TD>
        <TD align=right nowrap><font size=2 face="serif">67,514</font></TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap><div align="left"><FONT size=2 face="serif">&#36;</FONT>
    </div></TD>
        <TD align=right nowrap><font size=2 face="serif">67,460</font></TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">66,406</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
</TABLE>
<BR>
<P align="justify"><hr align="left" noshade width="100" size="1">
<SUP><FONT size=1 face="serif">1 </FONT></SUP><FONT size=1 face="serif">Amounted to less than &#36;0.01 per common share outstanding.</FONT><p></P>
<P align="justify">
<SUP><FONT size=1 face="serif">2 </FONT></SUP><FONT size=1 face="serif">Total investment return is calculated assuming a purchase of a common share at the current market price on the first day and a sale at the current market price on the last day
of each period reported. Dividends and distributions, if any, are assumed for purposes of this calculation to be reinvested at prices obtained under the Trust&#146;s dividend reinvestment plan. Total investment returns do not reflect brokerage
commissions. Total investment returns for less than a full year are not annualized. Past performance is not a guarantee of future results.</FONT></P>
<P align="justify">
<SUP><FONT size=1 face="serif">3 </FONT></SUP><FONT size=1 face="serif">Ratios are calculated on the basis of income and expenses applicable to both the common and preferred shares relative to the average net assets of common shareholders.</FONT></P>
<P align="justify">
<SUP><FONT size=1 face="serif">4 </FONT></SUP><FONT size=1 face="serif">Annualized.</FONT></P>
<P align="justify">
<FONT size=1 face="serif">The information in the above Financial Highlights represents the operating performance for a common share outstanding, total investment returns, ratios to average net assets and other supplemental data for each period
indicated. This information has been determined based upon financial information provided in the financial statements and market price data for the Trust&#146;s common shares.</FONT></P>
<P align="center">
<FONT size=2 face="serif">See Notes to Financial Statements.</FONT></P>
<P align="center">
<FONT size=2 face="serif">80</FONT></P>

<HR noshade align="center" width="100%" size=4>




<P STYLE="page-break-before:always"></P><PAGE>
<A name="page_83"></A>

<P align="justify">
<B><FONT face="serif">FINANCIAL HIGHLIGHTS</FONT></B></P>
<P align="justify">
<B><FONT size=2 face="serif">BlackRock Florida Municipal 2020 Term Trust (BFO)</FONT></B></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD colspan="4">
      <center>
    <B><FONT size=1 face="serif">For the period</FONT></B>      </center></TD>
  </TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD colspan="4">
      <center>
        <B><FONT size=1 face="serif">Six Months Ended</FONT></B>
      </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        </TD>
        <TD colspan="4">
      <center>
    <B><FONT size=1 face="serif">September 30, 2003</FONT></B><B><SUP><FONT size=1 face="serif">1</FONT></SUP></B>      </center></TD>
  </TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD colspan="4">
      <center>
        <B><FONT size=1 face="serif">June 30, 2006</FONT></B>
      </center></TD>
        <TD>&nbsp;
        </TD>
        <TD colspan="7" align=left nowrap style="border-bottom:1px solid #000000;"><b></b>
      <center>
        <B><FONT size=1 face="serif">Year Ended December 31,</FONT></B>
    </center>   </TD>
        <TD>&nbsp;
        </TD>
        <TD colspan="4">
      <center>
    <B><FONT size=1 face="serif">through</FONT></B>      </center></TD>
  </TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD colspan="4">          <center>
          <div style="border-bottom:1px solid #000000"> <b></b> <b><font size=1 face="serif">(unaudited)</font></b> </div>
        </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;"><b>&nbsp;</b>

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
      <center>
        <B><FONT size=1 face="serif">2005</FONT></B>
      </center></TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">

          <center>
&nbsp;
    </center></TD>
        <TD>
          <center>
    </center></TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">

          <center>
&nbsp;
    </center></TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
      <center>
        <B><FONT size=1 face="serif">2004</FONT></B>
      </center></TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">

          <center>
&nbsp;
    </center></TD>
        <TD>&nbsp;
        </TD>
        <TD colspan="4">
      <center>
        <div style="border-bottom:1px solid #000000"> <b><font size=1 face="serif">December
              31, 2003</font></b> </div>
      </center></TD>
  </TR>
<TR valign="bottom">
        <TD align=left nowrap>
<B><FONT size=2 face="serif">PER COMMON SHARE OPERATING PERFORMANCE:</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
<FONT size=2 face="serif">Net asset value, beginning of period</FONT>&nbsp;
        </TD>
        <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">14.90</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">14.63</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">14.50</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">14.33</FONT></TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;"><sup><font size=2 face="serif">2</font></sup>

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
<FONT size=2 face="serif">Investment operations:</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=2 face="serif">Net investment income</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">0.49</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">0.98</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">0.99</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">0.12</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=2 face="serif">Net realized and unrealized gain (loss)</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">(0.19</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">)</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">0.31</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">0.14</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">0.26</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=2 face="serif">Dividends to preferred shareholders from:</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
      <div align="left"><FONT size=2 face="serif">&nbsp; &nbsp;&nbsp; &nbsp;Net investment income</FONT>&nbsp;
      </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">(0.14</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">)</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">(0.20</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">)</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">(0.10</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">)</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">(0.01</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">)</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
      <div align="left"><FONT size=2 face="serif">&nbsp; &nbsp;&nbsp; &nbsp;Net realized gains</FONT>&nbsp;
      </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">&#151;</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">(0.01</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">)</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">&#151;</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">&#151;</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
<FONT size=2 face="serif">Net increase from investment operations</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">0.16</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">1.08</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">1.03</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">0.37</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
<FONT size=2 face="serif">Dividends to common shareholders from:</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=2 face="serif">Net investment income</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">(0.33</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">)</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">(0.75</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">)</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">(0.90</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">)</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">(0.15</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">)</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=2 face="serif">Net realized gains</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">&#151;</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">(0.06</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">)</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
      <FONT size=2 face="serif">&#151;</FONT></TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">&#151;</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
<FONT size=2 face="serif">Total dividends and distributions</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">(0.33</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">)</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">(0.81</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">)</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">(0.90</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">)</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">(0.15</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">)</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
<FONT size=2 face="serif">Capital changes with respect to issuance of:</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=2 face="serif">Common shares</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">&#151;</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">&#151;</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">&#151;</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">(0.03</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">)</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=2 face="serif">Preferred shares</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">&#151;</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">&#151;</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">&#151;</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">(0.02</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">)</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
<FONT size=2 face="serif">Total capital charges</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">&#151;</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">&#151;</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">&#151;</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">(0.05</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">)</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
<FONT size=2 face="serif">Net asset value, end of period</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">14.73</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:3px double #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">14.90</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:3px double #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">14.63</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:3px double #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD align=right nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">14.50</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:3px double #000000;">&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
<FONT size=2 face="serif">Market price, end of period</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">13.09</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:3px double #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">13.35</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:3px double #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">15.08</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:3px double #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD align=right nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">15.39</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:3px double #000000;">&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
<B><FONT size=2 face="serif">TOTAL INVESTMENT RETURN</FONT></B><B><SUP><FONT size=2 face="serif">3</FONT></SUP></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:3px double #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">0.48</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">%</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:3px double #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">(6.76</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">)%</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:3px double #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">4.10</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">%</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD align=left nowrap style="border-bottom:3px double #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">3.60</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">%</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
<B><FONT size=2 face="serif">RATIOS TO AVERAGE NET ASSETS</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
 &nbsp; &nbsp;<B><FONT size=2 face="serif">OF COMMON SHAREHOLDERS:</FONT></B><B><SUP><FONT size=2 face="serif">4</FONT></SUP></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
<FONT size=2 face="serif">Expenses after fees waived and paid indirectly</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">1.19</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">%</FONT><SUP><FONT size=2 face="serif">5</FONT></SUP>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">1.24</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">%</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">1.21</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">%</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">1.02</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">%</FONT><SUP><FONT size=2 face="serif">5</FONT></SUP>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
<FONT size=2 face="serif">Expenses after fees waived and before fees paid indirectly </FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">1.21</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">%</FONT><SUP><FONT size=2 face="serif">5</FONT></SUP>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">1.26</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">%</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">1.21</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">%</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">1.02</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">%</FONT><SUP><FONT size=2 face="serif">5</FONT></SUP>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
<FONT size=2 face="serif">Expenses before fees waived and paid indirectly</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">1.21</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">%</FONT><SUP><FONT size=2 face="serif">5</FONT></SUP>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">1.26</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">%</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">1.25</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">%</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">1.05</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">%</FONT><SUP><FONT size=2 face="serif">5</FONT></SUP>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
<FONT size=2 face="serif">Net investment income after fees waived and paid indirectly</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=2 face="serif">and before preferred share dividends</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">6.62</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">%</FONT><SUP><FONT size=2 face="serif">5</FONT></SUP>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">6.57</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">%</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">6.93</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">%</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">3.45</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">%</FONT><SUP><FONT size=2 face="serif">5</FONT></SUP>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
<FONT size=2 face="serif">Preferred share dividends</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">1.87</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">%</FONT><SUP><FONT size=2 face="serif">5</FONT></SUP>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">1.32</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">%</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">0.68</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">%</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">0.30</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">%</FONT><SUP><FONT size=2 face="serif">5</FONT></SUP>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
<FONT size=2 face="serif">Net investment income available to common shareholders</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">4.75</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">%</FONT><SUP><FONT size=2 face="serif">5</FONT></SUP>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">5.25</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">%</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">6.25</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">%</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">3.15</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">%</FONT><SUP><FONT size=2 face="serif">5</FONT></SUP>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
<B><FONT size=2 face="serif">SUPPLEMENTAL DATA:</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
<FONT size=2 face="serif">Average net assets of common shareholders (000)</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">82,912</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">82,799</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">79,810</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">76,698</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
<FONT size=2 face="serif">Portfolio turnover</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">&#151;</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">&#151;</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">9</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">%</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">&#151;</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
<FONT size=2 face="serif">Net assets of common shareholders, end of period (000)</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">81,933</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">82,875</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">81,391</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">80,655</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
<FONT size=2 face="serif">Preferred shares outstanding (000)</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">48,900</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">48,900</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">48,900</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">48,900</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
<FONT size=2 face="serif">Asset coverage per preferred share, end of period</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">66,901</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">67,379</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">66,617</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">66,237</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
</TABLE>
<BR>
<P align="justify"><hr align="left" noshade width="100" size="1">
<SUP><FONT size=1 face="serif">1 </FONT></SUP><FONT size=1 face="serif">Commencement of investment operations. This information includes the initial investment by BlackRock Funding, Inc.</FONT>
<p><SUP><FONT size=1 face="serif">2 </FONT></SUP><FONT size=1 face="serif">Net
      asset value, beginning of period, reflects a deduction of &#36;0.675 per share sales charge from the initial offering price of &#36;15.00
      per share.</FONT>
</p>
<P align="justify">
<SUP><FONT size=1 face="serif">3 </FONT></SUP><FONT size=1 face="serif">Total investment return is calculated assuming a purchase of a common share at the current market price on the first day and a sale at the current market price on the last day
of each period reported. Dividends and distributions, if any, are assumed for purposes of this calculation to be reinvested at prices obtained under the Trust&#146;s dividend reinvestment plan. Total investment returns do not reflect brokerage
commissions. Total investment returns for less than a full year are not annualized. Past performance is not a guarantee of future results.</FONT></P>
<P align="justify">
<SUP><FONT size=1 face="serif">4 </FONT></SUP><FONT size=1 face="serif">Ratios are calculated on the basis of income and expenses applicable to both the common and preferred shares relative to the average net assets of the common
shareholders.</FONT></P>
<P align="justify">
<SUP><FONT size=1 face="serif">5 </FONT></SUP><FONT size=1 face="serif">Annualized.</FONT></P>
<P align="justify">
<FONT size=1 face="serif">The information in the above Financial Highlights represents the operating performance for a common share outstanding, total investment returns, ratios to average net assets and other supplemental data for each period
indicated. This information has been determined based upon financial information provided in the financial statements and market price data for the Trust&#146;s common shares.</FONT></P>
<P align="center">
<FONT size=2 face="serif">See Notes to Financial Statements.</FONT></P>
<P align="center">
<FONT size=2 face="serif">81</FONT></P>

<HR noshade align="center" width="100%" size=4>




<P STYLE="page-break-before:always"></P><PAGE>
<A name="page_84"></A>

<P align="justify">
<B><FONT face="serif">FINANCIAL HIGHLIGHTS</FONT></B></P>
<P align="justify">
<B><FONT size=2 face="serif">BlackRock New York Insured Municipal 2008 Term Trust (BLN)</FONT></B></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD align=center nowrap>
<B></B>
        </TD>
        <TD colspan="4" align=center nowrap><b><font size=2 face="serif">Six Months</font></b>  </TD>
        <TD align=left nowrap>&nbsp;</TD>
        <TD align=left nowrap></TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD colspan="4" align=left nowrap><center>
    <b><font size=2 face="serif"> Ended</font></b>
  </center></TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;"></TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;"></TD>
  <TD colspan="18">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD colspan="4" align=left nowrap>
      <center>
        <B><FONT size=2 face="serif">June 30, 2006</FONT></B>
      </center></TD>
        <TD align=left nowrap>&nbsp;</TD>
        <TD>
      <center>
    </center></TD>
    <TD colspan="19" align=left nowrap style="border-bottom:1px solid #000000;"> <center>
      <B><FONT size=2 face="serif">Year
      Ended December 31,</FONT></B>&nbsp;
    </center></TD>
  </TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD colspan="4" align=left nowrap style="border-bottom:1px solid #000000;">
      <center>
        <B><FONT size=2 face="serif">(unaudited)</FONT></B>
      </center></TD>
        <TD align=left nowrap>&nbsp;</TD>
        <TD align=left nowrap></TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
      <center>
        <B><FONT size=2 face="serif">2005</FONT></B>
      </center></TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">

          <center>
&nbsp;
    </center></TD>
        <TD>
          <center>
    </center></TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">

          <center>
&nbsp;
    </center></TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
      <center>
        <B><FONT size=2 face="serif">2004</FONT></B>
      </center></TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">

          <center>
&nbsp;
    </center></TD>
        <TD>
          <center>
    </center></TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
      <center>
&nbsp;
      </center></TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;"> <center>
    <B><FONT size=2 face="serif">2003</FONT></B>          </center></TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">

          <center>
&nbsp;
    </center></TD>
        <TD>
          <center>
    </center></TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
      <center>
        <B><FONT size=2 face="serif">2002</FONT></B>
      </center></TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">

          <center>
&nbsp;
          </center></TD>
        <TD align=left nowrap></TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">

          <center>
&nbsp;
    </center></TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
      <center>
        <B><FONT size=2 face="serif">2001</FONT></B>
      </center></TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
<B><FONT size=2 face="serif">PER COMMON SHARE OPERATING</FONT></B>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>&nbsp;</TD>
        <TD align=left nowrap></TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap></TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap></TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
 &nbsp; &nbsp;<B><FONT size=2 face="serif">PERFORMANCE:</FONT></B>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>&nbsp;</TD>
        <TD align=left nowrap>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap></TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
<FONT size=2 face="serif">Net asset value, beginning of period</FONT>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">&#36;</FONT>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">15.73</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=left nowrap>&nbsp;</TD>
        <TD align=left nowrap></TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">16.56</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">17.13</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">&#36;</FONT>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">17.09</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">&#36;</FONT>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">16.22</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">16.17</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
<FONT size=2 face="serif">Investment operations:</FONT>&nbsp;
        </TD>
        <TD align=left nowrap> </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>&nbsp;</TD>
        <TD align=left nowrap></TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap></TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=2 face="serif">Net investment income</FONT>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">0.47</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>&nbsp;</TD>
        <TD align=left nowrap></TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">0.90</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">0.93</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">1.01</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">1.13</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap></TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">1.25</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=2 face="serif">Net realized and unrealized gain (loss)</FONT>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">(0.37</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">)</FONT>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;</TD>
        <TD align=left nowrap></TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">(0.77</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">)</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">(0.53</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">)</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">(0.05</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">)</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">0.75</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap></TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">(0.17</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">)</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=2 face="serif">Dividends and distributions to preferred</FONT>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>&nbsp;</TD>
        <TD align=left nowrap></TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap></TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
      <div align="left"><FONT size=2 face="serif">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif"></FONT>shareholders from:</FONT>&nbsp;
      </div></TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>&nbsp;</TD>
        <TD align=left nowrap></TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap></TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
 <div align="left"><FONT size=2 face="serif">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif"></FONT>Net investment income</FONT>&nbsp;
    </div></TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">(0.14</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">)</FONT>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;</TD>
        <TD align=left nowrap></TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">(0.20</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">)</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">(0.10</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">)</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">(0.08</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">)</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">(0.11</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">)</FONT>&nbsp;
        </TD>
        <TD align=left nowrap></TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">(0.26</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">)</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
      <div align="left"><FONT size=2 face="serif">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif"></FONT>Net realized gain</FONT>&nbsp;
      </div></TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">

        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">&#151;</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;"></TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">&#151;</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;"><font size=2 face="serif">&nbsp; </font><sup><font size=2 face="serif">1</font></sup>

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">(0.01</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">)</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">(0.01</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">)</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">(0.03</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">)</FONT>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;"></TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">(0.01</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">)</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
<FONT size=2 face="serif">Net increase (decrease) from investment</FONT>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>&nbsp;</TD>
        <TD align=left nowrap></TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap></TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=2 face="serif">operations</FONT>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">

        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">(0.04</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">)</FONT>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;"></TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">(0.07</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">)</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">0.29</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">0.87</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">1.74</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;"></TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">0.81</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
<FONT size=2 face="serif">Dividends and distributions to common</FONT>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>&nbsp;</TD>
        <TD align=left nowrap></TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap></TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=2 face="serif">shareholders from:</FONT>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>&nbsp;</TD>
        <TD align=left nowrap></TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap></TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=2 face="serif">Net investment income</FONT>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">(0.36</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">)</FONT>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;</TD>
        <TD align=left nowrap></TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">(0.75</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">)</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">(0.81</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">)</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">(0.79</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">)</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">(0.75</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">)</FONT>&nbsp;
        </TD>
        <TD align=left nowrap></TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">(0.75</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">)</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=2 face="serif">Net realized gain</FONT>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">

        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">&#151;</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;"></TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">(0.01</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">)</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">(0.05</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">)</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">(0.04</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">)</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">(0.12</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">)</FONT>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;"></TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">(0.02</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">)</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
<FONT size=2 face="serif">Total dividends and distributions</FONT>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">

        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">(0.36</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">)</FONT>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;"></TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">(0.76</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">)</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">(0.86</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">)</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">(0.83</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">)</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">(0.87</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">)</FONT>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;"></TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">(0.77</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">)</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
<FONT size=2 face="serif">Capital changes with respect to issuance of</FONT>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>&nbsp;</TD>
        <TD align=left nowrap></TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap></TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=2 face="serif">preferred shares</FONT>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">

        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">&#151;</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=left>&nbsp;</TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;"></TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">&#151;</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">&#151;</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">&#151;</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">&#151;</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;"></TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">0.01</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
<FONT size=2 face="serif">Net asset value, end of period</FONT>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:3px double #000000;">

        </TD>
        <TD align=left nowrap style="border-bottom:3px double #000000;"> <FONT size=2 face="serif">&#36;</FONT>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">15.33</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:3px double #000000;">&nbsp;

        </TD>
        <TD align=left>&nbsp;</TD>
        <TD align=left nowrap></TD>
        <TD align=right nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">15.73</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:3px double #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">16.56</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:3px double #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">&#36;</FONT>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">17.13</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:3px double #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:3px double #000000;"><font size=2 face="serif">&#36;</font>
        </TD>
        <TD align=right nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">17.09</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:3px double #000000;">&nbsp;

        </TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">16.22</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:3px double #000000;">&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
<FONT size=2 face="serif">Market price, end of period</FONT>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:3px double #000000;">

        </TD>
        <TD align=left nowrap style="border-bottom:3px double #000000;"> <FONT size=2 face="serif">&#36;</FONT>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">14.76</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:3px double #000000;">&nbsp;

        </TD>
        <TD align=left>&nbsp;</TD>
        <TD align=left nowrap></TD>
        <TD align=right nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">15.30</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:3px double #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">16.09</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:3px double #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">&#36;</FONT>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">16.96</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:3px double #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">&#36;</FONT>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">16.22</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:3px double #000000;">&nbsp;

        </TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">15.50</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:3px double #000000;">&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
<B><FONT size=2 face="serif">TOTAL INVESTMENT RETURN</FONT></B><B><SUP><FONT size=2 face="serif">2</FONT></SUP></B>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:3px double #000000;">

        </TD>
        <TD align=left nowrap style="border-bottom:3px double #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">(1.24</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">)%</FONT>&nbsp;
        </TD>
        <TD align=left>&nbsp;</TD>
        <TD align=left nowrap></TD>
        <TD align=left nowrap style="border-bottom:3px double #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">(0.23</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">)%</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:3px double #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">0.03</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">%</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:3px double #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">9.88</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">%</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:3px double #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">10.47</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">%</FONT>&nbsp;
        </TD>
        <TD align=left>&nbsp;</TD>
        <TD align=left nowrap style="border-bottom:3px double #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">10.48</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">%</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
<B><FONT size=2 face="serif">RATIOS TO AVERAGE NET ASSETS</FONT></B>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>&nbsp;</TD>
        <TD align=left nowrap></TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap></TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
 &nbsp; &nbsp;<B><FONT size=2 face="serif">OF COMMON SHAREHOLDERS:</FONT></B><B><SUP><FONT size=2 face="serif">3</FONT></SUP></B>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>&nbsp;</TD>
        <TD align=left nowrap></TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap></TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
<FONT size=2 face="serif">Expenses after fees waived and paid indirectly </FONT>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">1.07</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">%</FONT><SUP><FONT size=2 face="serif">4</FONT></SUP>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;</TD>
        <TD align=left nowrap></TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">1.05</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">%</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">1.03</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">%</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">1.03</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">%</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">1.04</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">%</FONT>&nbsp;
        </TD>
        <TD align=left nowrap></TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">1.10</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">%</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
<FONT size=2 face="serif">Expenses after fees waived and before fees</FONT>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>&nbsp;</TD>
        <TD align=left nowrap></TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap></TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=2 face="serif">paid indirectly</FONT>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">1.08</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">%</FONT><SUP><FONT size=2 face="serif">4</FONT></SUP>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;</TD>
        <TD align=left nowrap></TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">1.06</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">%</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">1.03</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">%</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">1.03</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">%</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">1.05</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">%</FONT>&nbsp;
        </TD>
        <TD align=left nowrap></TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">1.10</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">%</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
<FONT size=2 face="serif">Expenses before fees waived and paid indirectly</FONT>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">1.08</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">%</FONT><SUP><FONT size=2 face="serif">4</FONT></SUP>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;</TD>
        <TD align=left nowrap></TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">1.06</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">%</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">1.03</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">%</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">1.03</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">%</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">1.05</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">%</FONT>&nbsp;
        </TD>
        <TD align=left nowrap></TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">1.10</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">%</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
<FONT size=2 face="serif">Net investment income after fees waived and</FONT>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>&nbsp;</TD>
        <TD align=left nowrap></TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap></TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=2 face="serif">paid indirectly and before preferred share</FONT>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>&nbsp;</TD>
        <TD align=left nowrap></TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap></TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=2 face="serif">dividends</FONT>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">6.04</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">%</FONT><SUP><FONT size=2 face="serif">4</FONT></SUP>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;</TD>
        <TD align=left nowrap></TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">5.62</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">%</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">5.51</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">%</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">5.85</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">%</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">6.75</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">%</FONT>&nbsp;
        </TD>
        <TD align=left nowrap></TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">7.59</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">%</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
<FONT size=2 face="serif">Preferred share dividends</FONT>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">1.88</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">%</FONT><SUP><FONT size=2 face="serif">4</FONT></SUP>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;</TD>
        <TD align=left nowrap></TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">1.25</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">%</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">0.58</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">%</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">0.48</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">%</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">0.68</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">%</FONT>&nbsp;
        </TD>
        <TD align=left nowrap></TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">1.56</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">%</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
<FONT size=2 face="serif">Net investment income available to</FONT>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>&nbsp;</TD>
        <TD align=left nowrap></TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap></TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=2 face="serif">common shareholders</FONT>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">4.16</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">%</FONT><SUP><FONT size=2 face="serif">4</FONT></SUP>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;</TD>
        <TD align=left nowrap></TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">4.37</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">%</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">4.93</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">%</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">5.37</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">%</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">6.07</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">%</FONT>&nbsp;
        </TD>
        <TD align=left nowrap></TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">6.03</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">%</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
<B><FONT size=2 face="serif">SUPPLEMENTAL DATA:</FONT></B>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>&nbsp;</TD>
        <TD align=left nowrap></TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap></TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
<FONT size=2 face="serif">Average net assets of common</FONT>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>&nbsp;</TD>
        <TD align=left nowrap></TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap></TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=2 face="serif">shareholders (000)</FONT>&nbsp;
        </TD>
        <TD align=right nowrap>&nbsp;
        </TD>
        <TD align=right nowrap><div align="left"><font size=2 face="serif"><FONT size=2 face="serif"></FONT>&#36;</font>
    </div></TD>
        <TD align=right nowrap><font size=2 face="serif">174,855</font></TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>&nbsp;</TD>
        <TD align=right nowrap>&nbsp;</TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">180,876</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">189,322</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap colspan=2>
<FONT size=2 face="serif">&#36;192,958</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap><div align="left"><font size=2 face="serif">&#36;</font>
    </div></TD>
        <TD align=right nowrap><font size=2 face="serif">187,970</font></TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=right nowrap>&nbsp;</TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">184,600</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
<FONT size=2 face="serif">Portfolio turnover</FONT>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

          <div align="left"></div></TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">3</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">%</FONT>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;</TD>
        <TD align=left nowrap></TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">7</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">%</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">&#151;</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">7</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">%</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

          <div align="left"></div></TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">31</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">%</FONT>&nbsp;
        </TD>
        <TD align=left nowrap></TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">9</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">%</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
<FONT size=2 face="serif">Net assets of common shareholders,</FONT>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

          <div align="left"></div></TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>&nbsp;</TD>
        <TD align=left nowrap></TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

          <div align="left"></div></TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap></TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=2 face="serif">end of period (000)</FONT>&nbsp;
        </TD>
        <TD align=right nowrap>&nbsp;
        </TD>
        <TD align=right nowrap><div align="left"><font size=2 face="serif"><FONT size=2 face="serif"></FONT>&#36;</font>
    </div></TD>
        <TD align=right nowrap><font size=2 face="serif">172,520</font></TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>&nbsp;</TD>
        <TD align=right nowrap>&nbsp;</TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">177,132</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">186,424</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap><div align="left"><font size=2 face="serif">&#36;</font>
    </div></TD>
        <TD align=right nowrap><font size=2 face="serif">192,801</font></TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap><div align="left"><font size=2 face="serif">&#36;</font>
    </div></TD>
        <TD align=right nowrap><font size=2 face="serif">192,337</font></TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=right nowrap>&nbsp;</TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">182,611</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
<FONT size=2 face="serif">Preferred shares outstanding (000)</FONT>&nbsp;
        </TD>
        <TD align=right nowrap>&nbsp;
        </TD>
        <TD align=right nowrap><div align="left"><font size=2 face="serif">&#36;</font>
    </div></TD>
        <TD align=right nowrap><font size=2 face="serif">109,550</font></TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>&nbsp;</TD>
        <TD align=right nowrap>&nbsp;</TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">109,550</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">109,550</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap><div align="left"><font size=2 face="serif">&#36;</font>
    </div></TD>
        <TD align=right nowrap><font size=2 face="serif">109,550</font></TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap><div align="left"><font size=2 face="serif">&#36;</font>
    </div></TD>
        <TD align=right nowrap><font size=2 face="serif">109,550</font></TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=right nowrap>&nbsp;</TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">109,550</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
<FONT size=2 face="serif">Asset coverage per preferred share,</FONT>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

          <div align="left"></div></TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>&nbsp;</TD>
        <TD align=left nowrap></TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

          <div align="left"></div></TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

          <div align="left"></div></TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap></TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=2 face="serif">end of period</FONT>&nbsp;
        </TD>
        <TD align=right nowrap>&nbsp;
</TD>
        <TD align=right nowrap><div align="left"><font size=2 face="serif">&#36;</font>
    </div></TD>
        <TD align=right nowrap><font size=2 face="serif">64,393</font></TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>&nbsp;</TD>
        <TD align=right nowrap>&nbsp;</TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">65,433</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">67,549</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap><div align="left"><font size=2 face="serif">&#36;</font>
    </div></TD>
        <TD align=right nowrap><font size=2 face="serif">69,000</font></TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap><div align="left"><font size=2 face="serif">&#36;</font>
    </div></TD>
        <TD align=right nowrap><font size=2 face="serif">68,893</font></TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=right nowrap>&nbsp;</TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">66,674</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
</TABLE>
<BR>
<P align="justify"><hr align="left" noshade width="100" size="1">
<SUP><FONT size=1 face="serif">1 </FONT></SUP><FONT size=1 face="serif">Amounted
to less than &#36;0.01 per common share outstanding.</FONT>
<p><SUP><FONT size=1 face="serif">2 </FONT></SUP><FONT size=1 face="serif">Total
    investment return is calculated assuming a purchase of a common share at
    the current market price on the first day and a sale at the current market
    price on the last day of each period reported. Dividends and distributions,
    if any, are assumed for purposes of this calculation to be reinvested at
    prices obtained under the Trust&#146;s dividend reinvestment plan. Total
    investment returns do not reflect brokerage commissions. Total investment
    returns for less than a full year are not annualized. Past performance is
    not a guarantee of future results.</FONT></p>
<P align="justify">
<SUP><FONT size=1 face="serif">3 </FONT></SUP><FONT size=1 face="serif">Ratios are calculated on the basis of income and expenses applicable to both the common and preferred shares relative to the average net assets of common shareholders.</FONT></P>
<P align="justify">
<SUP><FONT size=1 face="serif">4 </FONT></SUP><FONT size=1 face="serif">Annualized.</FONT></P>
<P align="justify">
<FONT size=1 face="serif">The information in the above Financial Highlights represents the operating performance for a common share outstanding, total investment returns, ratios to average net assets and other supplemental data for each period
indicated. This information has been determined based upon financial information provided in the financial statements and market price data for the Trust&#146;s common shares.</FONT></P>
<P align="center">
<FONT size=2 face="serif">See Notes to Financial Statements.</FONT></P>
<P align="center">
<FONT size=2 face="serif">82</FONT></P>

<HR noshade align="center" width="100%" size=4>




<P STYLE="page-break-before:always"></P><PAGE>
<A name="page_85"></A>

<P align="justify">
<B><FONT face="serif">FINANCIAL HIGHLIGHTS</FONT></B></P>
<P align="justify">
<B><FONT size=2 face="serif">BlackRock New York Municipal 2018 Term Trust (BLH)</FONT></B></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap><center>
          <b></b>

        </center></TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD colspan="4">
      <center>
        <B><FONT size=2 face="serif">For the period</FONT></B>
    </center>   </TD>
  </TR>
<TR valign="bottom">
        <TD align=center nowrap>
<B></B>
        </TD>
        <TD colspan="4" align=center nowrap><center>
            <b><font size=2 face="serif">Six Months </font></b>
    </center>

          <center>
      </center></TD>
        <TD>
          <center>
    </center></TD>
        <TD align=left nowrap>

          <center>
    </center></TD>
        <TD align=left nowrap>

          <center>
    </center></TD>
        <TD align=left nowrap>

          <center>
    </center></TD>
        <TD>
          <center>
    </center></TD>
        <TD align=left nowrap>

          <center>
    </center></TD>
        <TD align=left nowrap>

          <center>
    </center></TD>
        <TD align=left nowrap>

          <center>
    </center></TD>
        <TD>
          <center>
    </center></TD>
        <TD align=left nowrap>

          <center>
    </center></TD>
        <TD align=left nowrap>

          <center>
    </center></TD>
        <TD align=left nowrap>

          <center>
    </center></TD>
        <TD>
          <center>
    </center></TD>
        <TD align=left nowrap>

          <center>
    </center></TD>
        <TD align=center nowrap>
          <center>
    </center></TD>
        <TD align=center nowrap><center>
    </center></TD>
        <TD align=center nowrap>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
        <TD colspan="4" align=center nowrap><b><font size=2 face="serif">October 30, 2001</font></b><b><sup><font size=2 face="serif">1</font></sup></b>        </TD>
  </TR>
<TR valign="bottom">
        <TD align=center nowrap>&nbsp;
</TD>
        <TD colspan="4" align=center nowrap><center>
      <b><font size=2 face="serif">Ended</font></b>
          </center>
          <center>
      </center></TD>
        <TD>
          <center>
    &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    </center></TD>
        <TD align=left>

          <center>
    </center></TD>
        <TD colspan="14">      <center>
    </center></TD>
        <TD>&nbsp;
        </TD>
        <TD colspan="4">
      <center>
        <B><FONT size=2 face="serif">through</FONT></B>
    </center>   </TD>
  </TR>
<TR valign="bottom">
  <TD align=right></TD>
  <TD colspan="4" align=right nowrap style="border-bottom:0px solid #000000;"><center>
      <b><font size=2 face="serif">June 30, 2006</font></b>
  </center></TD>
  <TD>&nbsp;</TD>
  <TD colspan="15" align=left nowrap style="border-bottom:1px solid #000000;"><center>
    <b><font size=2 face="serif">Year Ended December 31,</font></b>  </center></TD>
  <TD align=right nowrap style="border-bottom:0px solid #000000;">&nbsp;</TD>
  <TD colspan="4" align=right nowrap style="border-bottom:0px solid #000000;"><center>
      <b><font size=2 face="serif">December 31,</font></b>

</center></TD>
  </TR>
<TR valign="bottom">
        <TD align=right>

        </TD>
        <TD colspan="4" align=right nowrap style="border-bottom:1px solid #000000;"><center>
            <b><font size=2 face="serif">(unaudited)</font></b>
    </center>

          <center>
      </center></TD>
        <TD>
          <center>
    </center></TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">

          <center>
&nbsp;
    </center></TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
      <center>
        <B><FONT size=2 face="serif">2005</FONT></B>
      </center></TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">

          <center>
&nbsp;
    </center></TD>
        <TD>
          <center>
&nbsp;&nbsp;
    </center></TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">

          <center>
&nbsp;
    </center></TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
      <center>
        <B><FONT size=2 face="serif">2004</FONT></B>
      </center></TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">

          <center>
&nbsp;
    </center></TD>
        <TD>
          <center>
&nbsp;&nbsp;
    </center></TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">

          <center>
&nbsp;
    </center></TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">      <center>
          <B><FONT size=2 face="serif">2003</FONT></B>
    </center></TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">

          <center>
&nbsp;
    </center></TD>
        <TD>
          <center>
&nbsp;&nbsp;
    </center></TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">

          <center>
&nbsp;
    </center></TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
      <center>
        <B><FONT size=2 face="serif">2002 </FONT></B>
    </center></TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;"><center>
&nbsp;
        </center></TD>
        <TD>&nbsp; </TD>
        <TD colspan="4"><center>
          <div style="border-bottom:1px solid #000000"> <b><font size=2 face="serif">2001</font></b><b><sup><font size=2 face="serif">2</font></sup></b> </div>
        </center>       </TD>
  </TR>
<TR valign="bottom">
        <TD align=left nowrap>
<B><FONT size=2 face="serif">PER COMMON SHARE OPERATING</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
 &nbsp; &nbsp;<B><FONT size=2 face="serif">PERFORMANCE:</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
<FONT size=2 face="serif">Net asset value, beginning of period</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">16.11</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">15.77</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">15.53</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">15.11</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">13.58</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">14.33</FONT><SUP></SUP>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;"><sup><font size=2 face="serif">3</font></sup>

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
<FONT size=2 face="serif">Investment operations:</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=2 face="serif">Net investment income</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">0.55</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">1.08</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">1.07</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">1.06</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">1.01</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">0.09</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=2 face="serif">Net realized and unrealized gain (loss) </FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">(0.16</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">)</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">0.17</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">&#151;</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">0.18</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">1.37</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">(0.61</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">)</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=2 face="serif">Dividends to preferred shareholders from</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=right nowrap>
      <div align="left"><FONT size=2 face="serif">&nbsp; &nbsp;&nbsp; &nbsp;&nbsp; &nbsp;net investment income</FONT>&nbsp;
      </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">(0.12</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">)</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp; </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">(0.17</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">)</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp; </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">(0.09</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">)</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp; </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">(0.08</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">)</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp; </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">(0.11</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">)</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp; </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">(0.01</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">)</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
<FONT size=2 face="serif">Net increase (decrease) from investment</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap> </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap> </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap> </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap> </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD align=left nowrap> </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=2 face="serif">operations</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">0.27</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp; </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">1.08</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp; </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">0.98</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp; </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">1.16</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp; </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">2.27</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp; </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">(0.53</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">)</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
<FONT size=2 face="serif">Dividends to common shareholders from</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap> </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap> </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap> </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap> </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD align=left nowrap> </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=2 face="serif">net investment income</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">(0.37</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">)</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp; </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">(0.74</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">)</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp; </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">(0.74</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">)</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp; </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">(0.74</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">)</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp; </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">(0.74</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">)</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp; </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">(0.06</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">)</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
<FONT size=2 face="serif">Capital charges with respect to issuance of:</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=2 face="serif">Common shares</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">&#151;</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">&#151;</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">&#151;</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">&#151;</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">&#151;</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">(0.03</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">)</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=2 face="serif">Preferred shares</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">&#151;</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">&#151;</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">&#151;</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">&#151;</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">&#151;</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">(0.13</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">)</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
<FONT size=2 face="serif">Total capital charges</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">&#151;</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">&#151;</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">&#151;</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">&#151;</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">&#151;</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">(0.16</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">)</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
<FONT size=2 face="serif">Net asset value, end of period</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">16.01</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:3px double #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">16.11</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:3px double #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">15.77</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:3px double #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">15.53</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:3px double #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">15.11</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:3px double #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD align=right nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">13.58</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:3px double #000000;">&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
<FONT size=2 face="serif">Market price, end of period</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">15.27</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:3px double #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">15.15</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:3px double #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">14.82</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:3px double #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">14.70</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:3px double #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">13.46</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:3px double #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD align=right nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">13.15</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:3px double #000000;">&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
<B><FONT size=2 face="serif">TOTAL INVESTMENT RETURN</FONT></B><B><SUP><FONT size=2 face="serif">4</FONT></SUP></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:3px double #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">3.21</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">%</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:3px double #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">7.28</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">%</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:3px double #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">5.94</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">%</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:3px double #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">14.94</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">%</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:3px double #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">7.96</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">%</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD align=left nowrap style="border-bottom:3px double #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">(11.94</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">)%</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
<B><FONT size=2 face="serif">RATIOS TO AVERAGE NET ASSETS</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
 &nbsp; &nbsp;<B><FONT size=2 face="serif">OF COMMON SHAREHOLDERS:</FONT></B><B><SUP><FONT size=2 face="serif">5</FONT></SUP></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
<FONT size=2 face="serif">Expenses after fees waived and paid indirectly</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">1.03</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">%</FONT><SUP><FONT size=2 face="serif">6</FONT></SUP>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">1.06</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">%</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">1.11</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">%</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">1.12</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">%</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">1.13</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">%</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">1.15</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">%</FONT><SUP><FONT size=2 face="serif">6</FONT></SUP>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
<FONT size=2 face="serif">Expenses after fees waived and before fees</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
 &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">paid indirectly</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">1.06</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">%</FONT><SUP><FONT size=2 face="serif">6</FONT></SUP>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">1.08</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">%</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">1.12</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">%</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">1.14</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">%</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">1.17</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">%</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">1.15</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">%</FONT><SUP><FONT size=2 face="serif">6</FONT></SUP>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
<FONT size=2 face="serif">Expenses before fees waived and</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=2 face="serif">paid indirectly</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">1.06</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">%</FONT><SUP><FONT size=2 face="serif">6</FONT></SUP>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">1.08</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">%</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">1.12</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">%</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">1.14</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">%</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">1.17</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">%</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">1.15</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">%</FONT><SUP><FONT size=2 face="serif">6</FONT></SUP>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
<FONT size=2 face="serif">Net investment income after fees waived and</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=2 face="serif">paid indirectly and before preferred share</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=2 face="serif">dividends</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">6.92</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">%</FONT><SUP><FONT size=2 face="serif">6</FONT></SUP>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">6.73</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">%</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">6.91</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">%</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">7.03</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">%</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">7.03</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">%</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">3.73</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">%</FONT><SUP><FONT size=2 face="serif">6</FONT></SUP>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
<FONT size=2 face="serif">Preferred share dividends</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">1.54</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">%</FONT><SUP><FONT size=2 face="serif">6</FONT></SUP>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">1.06</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">%</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">0.57</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">%</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">0.53</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">%</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">0.80</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">%</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">0.26</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">%</FONT><SUP><FONT size=2 face="serif">6</FONT></SUP>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
<FONT size=2 face="serif">Net investment income available to</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=2 face="serif">common shareholders</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">5.38</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">%</FONT><SUP><FONT size=2 face="serif">6</FONT></SUP>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">5.67</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">%</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">6.34</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">%</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">6.50</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">%</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">6.23</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">%</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">3.47</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">%</FONT><SUP><FONT size=2 face="serif">6</FONT></SUP>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
<B><FONT size=2 face="serif">SUPPLEMENTAL DATA:</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
<FONT size=2 face="serif">Average net assets of common</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=2 face="serif">shareholders (000)</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">58,721</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">58,434</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">56,270</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">54,510</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">52,265</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">47,959</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
<FONT size=2 face="serif">Portfolio turnover</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">&#151;</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">12</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">%</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">&#151;</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">11</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">%</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">41</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">%</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">1</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">%</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
<FONT size=2 face="serif">Net assets of common shareholders,</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=2 face="serif">end of period (000)</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">58,170</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">58,525</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">57,303</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">56,415</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">54,881</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">49,353</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
<FONT size=2 face="serif">Preferred shares outstanding (000)</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">31,400</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">31,400</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">31,400</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">31,400</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">31,400</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">31,400</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
<FONT size=2 face="serif">Asset coverage per preferred share,</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=2 face="serif">end of period</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">71,321</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">71,603</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">70,626</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">69,917</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">68,702</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">64,311</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
</TABLE>
<BR>
<P align="justify"><hr align="left" noshade width="100" size="1">
<SUP><FONT size=1 face="serif">1 </FONT></SUP><FONT size=1 face="serif">Commencement
  of investment operations. This information includes the initial investment by
BlackRock Funding, Inc. </FONT>
<p><SUP><FONT size=1 face="serif">2 </FONT></SUP><FONT size=1 face="serif">Calculated
    using the average shares outstanding method.</FONT>
</p>
<p><SUP><FONT size=1 face="serif">3 </FONT></SUP><FONT size=1 face="serif">Net
    asset value, beginning of period, reflects a deduction of &#36;0.675 per share sales charge from the initial offering price of &#36;15.00
    per share.</FONT>
</p>
<P align="justify">
<SUP><FONT size=1 face="serif">4 </FONT></SUP><FONT size=1 face="serif">Total investment return is calculated assuming a purchase of a common share at the current market price on the first day and a sale at the current market price on the last day
of each period reported. Dividends and distributions, if any, are assumed for purposes of this calculation to be reinvested at prices obtained under the Trust&#146;s dividend reinvestment plan. Total investment returns do not reflect brokerage
commissions. Total investment returns for less than a full year are not annualized. Past performance is not a guarantee of future results.</FONT></P>
<P align="justify">
<SUP><FONT size=1 face="serif">5 </FONT></SUP><FONT size=1 face="serif">Ratios are calculated on the basis of income and expenses applicable to both the common and preferred shares relative to the average net assets of the common shareholders.</FONT></P>
<P align="justify"><SUP><FONT size=1 face="serif">6 </FONT></SUP><FONT size=1 face="serif">Annualized.</FONT></P>
<P align="justify">
<FONT size=1 face="serif">The information in the above Financial Highlights represents the operating performance for a common share outstanding, total investment returns, ratios to average net assets and other supplemental data for each period
indicated. This information has been determined based upon financial information provided in the financial statements and market price data for the Trust&#146;s common shares.</FONT></P>
<P align="center">
<FONT size=2 face="serif">See Notes to Financial Statements.</FONT></P>
<P align="center">
<FONT size=2 face="serif">83</FONT></P>

<HR noshade align="center" width="100%" size=4>




<P STYLE="page-break-before:always"></P><PAGE>
<A name="page_86"></A>

<P align="justify">
<B><FONT face="serif">FINANCIAL HIGHLIGHTS</FONT></B></P>
<P align="justify">
<B><FONT size=2 face="serif">BlackRock Pennsylvania Strategic Municipal Trust (BPS)</FONT></B></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD align=center nowrap>&nbsp;
</TD>
        <TD colspan="4" align=center nowrap><b><font size=2 face="serif">Six Months </font></b> </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD colspan="4"><center>
    <b><font size=2 face="serif">Ended</font></b>  </center></TD>
  <TD>&nbsp;</TD>
  <TD colspan="19">&nbsp;</TD>
  <TD align=left nowrap style="border-bottom:0px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD colspan="4">
      <center>
        <B><FONT size=2 face="serif">June 30, 2006</FONT></B>
      </center></TD>
        <TD>&nbsp;
        </TD>
        <TD colspan="20" align=left nowrap style="border-bottom:1px solid #000000;">
      <center>
        <B><FONT size=2 face="serif">Year Ended December 31,</FONT></B>
      </center> </TD>
  </TR>
<TR valign="bottom">
        <TD align=left nowrap style="border-bottom:0px solid #000000;">&nbsp;

        </TD>
        <TD colspan="4">
      <center>
        <div style="border-bottom:1px solid #000000"> <b><font size=2 face="serif">(unaudited)</font></b> </div>
      </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
      <center>
        <B><FONT size=2 face="serif">2005</FONT></B>
      </center></TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">

          <center>
&nbsp;
    </center></TD>
        <TD>
          <center>
    </center></TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">

          <center>
&nbsp;
    </center></TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
      <center>
        <B><FONT size=2 face="serif">2004</FONT></B>
      </center></TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">

          <center>
&nbsp;
    </center></TD>
        <TD>
          <center>
    </center></TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">

          <center>
&nbsp;
    </center></TD>
        <TD align=right nowrap colspan=2 style="border-bottom:1px solid #000000;">
      <center>
        <B><FONT size=2 face="serif">2003</FONT></B>
      </center></TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">

          <center>
&nbsp;
    </center></TD>
        <TD>
          <center>
    </center></TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">

          <center>
&nbsp;
    </center></TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
      <center>
        <B><FONT size=2 face="serif">2002</FONT></B>
      </center></TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">

          <center>
&nbsp;
    </center></TD>
        <TD>
          <center>
    </center></TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">

          <center>
&nbsp;
    </center></TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
      <center>
        <B><FONT size=2 face="serif">2001</FONT></B>
      </center></TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
<B><FONT size=2 face="serif">PER COMMON SHARE</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
 &nbsp; &nbsp;<B><FONT size=2 face="serif">OPERATING PERFORMANCE:</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
<FONT size=2 face="serif">Net asset value, beginning of period</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">&#36;</FONT>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">15.27</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">15.81</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">16.09</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">

        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">&#36;</FONT>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">15.61</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">14.65</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">14.62</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
<FONT size=2 face="serif">Investment operations:</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=2 face="serif">Net investment income</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">0.50</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">0.97</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">1.07</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">1.12</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">1.17</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">1.17</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=2 face="serif">Net realized and unrealized gain (loss)</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">(0.18</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">)</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">(0.42</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">)</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">(0.37</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">)</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">0.30</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">0.73</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">(0.08</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">)</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=2 face="serif">Dividends to preferred shareholders from</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=right nowrap>
      <div align="left"><FONT size=2 face="serif">&nbsp; &nbsp;<FONT size=2 face="serif"></FONT>&nbsp; &nbsp;<FONT size=2 face="serif"></FONT>&nbsp; &nbsp;<FONT size=2 face="serif"></FONT>net investment income</FONT>&nbsp;
      </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">(0.14</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">)</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">(0.19</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">)</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">(0.09</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">)</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">

        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">(0.07</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">)</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">(0.11</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">)</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">(0.24</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">)</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
<FONT size=2 face="serif">Net increase from investment operations</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">0.18</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">0.36</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">0.61</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">

        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">1.35</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">1.79</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">0.85</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
<FONT size=2 face="serif">Dividends to common shareholders from</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=2 face="serif">net investment income</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">(0.45</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">)</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">(0.90</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">)</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">(0.89</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">)</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">

        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">(0.87</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">)</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">(0.83</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">)</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">(0.82</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">)</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
<FONT size=2 face="serif">Net asset value, end of period</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:3px double #000000;">
 <FONT size=2 face="serif">&#36;</FONT>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">15.00</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:3px double #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">15.27</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:3px double #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">15.81</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:3px double #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:3px double #000000;">

        </TD>
        <TD align=left nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">&#36;</FONT>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">16.09</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:3px double #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">15.61</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:3px double #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">14.65</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:3px double #000000;">&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
<FONT size=2 face="serif">Market price, end of period</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">&#36;</FONT>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">16.95</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:3px double #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">15.85</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:3px double #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">15.70</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:3px double #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:3px double #000000;">

        </TD>
        <TD align=left nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">&#36;</FONT>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">15.12</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:3px double #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">14.33</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:3px double #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">14.03</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:3px double #000000;">&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
<B><FONT size=2 face="serif">TOTAL INVESTMENT RETURN</FONT></B><B><SUP><FONT size=2 face="serif">1</FONT></SUP></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:3px double #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">10.10</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">%</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:3px double #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">7.02</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">%</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:3px double #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">10.12</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">%</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:3px double #000000;">

        </TD>
        <TD align=left nowrap style="border-bottom:3px double #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">11.91</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">%</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:3px double #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">8.19</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">%</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:3px double #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">13.12</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">%</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
<B><FONT size=2 face="serif">RATIOS TO AVERAGE NET ASSETS OF</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
 &nbsp; &nbsp;<B><FONT size=2 face="serif">COMMON SHAREHOLDERS:</FONT></B><B><SUP><FONT size=2 face="serif">2</FONT></SUP></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
<FONT size=2 face="serif">Expenses after fees waived and paid indirectly </FONT></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">1.24</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">%</FONT><SUP><FONT size=2 face="serif">3</FONT></SUP>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">1.13</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">%</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">1.03</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">%</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">1.12</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">%</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">1.34</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">%</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">1.11</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">%</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
<FONT size=2 face="serif">Expenses after fees waived and before fees</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=2 face="serif">paid indirectly</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">1.30</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">%</FONT><SUP><FONT size=2 face="serif">3</FONT></SUP>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">1.21</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">%</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">1.08</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">%</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">1.15</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">%</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">1.36</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">%</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">1.16</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">%</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
<FONT size=2 face="serif">Expenses before fees waived and paid indirectly</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">1.54</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">%</FONT><SUP><FONT size=2 face="serif">3</FONT></SUP>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">1.52</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">%</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">1.47</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">%</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">1.54</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">%</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">1.75</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">%</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">1.55</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">%</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
<FONT size=2 face="serif">Net investment income after fees waived and</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=2 face="serif">paid indirectly and before preferred share</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=2 face="serif">dividends</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">6.60</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">%</FONT><SUP><FONT size=2 face="serif">3</FONT></SUP>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">6.28</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">%</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">6.74</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">%</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">7.09</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">%</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">7.69</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">%</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">7.86</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">%</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
<FONT size=2 face="serif">Preferred share dividends</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">1.80</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">%</FONT><SUP><FONT size=2 face="serif">3</FONT></SUP>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">1.22</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">%</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">0.59</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">%</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">0.46</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">%</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">0.71</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">%</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">1.63</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">%</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
<FONT size=2 face="serif">Net investment income available to</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=2 face="serif">common shareholders</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">4.80</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">%</FONT><SUP><FONT size=2 face="serif">3</FONT></SUP>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">5.06</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">%</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">6.15</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">%</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">6.63</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">%</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">6.98</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">%</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">6.23</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">%</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
<B><FONT size=2 face="serif">SUPPLEMENTAL DATA:</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
<FONT size=2 face="serif">Average net assets of common</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=2 face="serif">shareholders (000)</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap> <div align="left"><FONT size=2 face="serif">&#36;</FONT> </div></TD>
        <TD align=right nowrap> <FONT size=2 face="serif">30,631</FONT> </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">31,283</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">31,989</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right nowrap><font size=2 face="serif">31,892</font></TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">30,545</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">30,122</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
<FONT size=2 face="serif">Portfolio turnover</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap> <div align="left"></div></TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">5</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">%</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">8</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">%</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">5</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">%</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">&#151;</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">7</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">%</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">16</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">%</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
<FONT size=2 face="serif">Net assets of common shareholders,</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap> <div align="left"></div></TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=2 face="serif">end of period (000)</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap> <div align="left"><FONT size=2 face="serif">&#36;</FONT> </div></TD>
        <TD align=right nowrap> <FONT size=2 face="serif">30,272</FONT> </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">30,801</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">31,857</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right nowrap><font size=2 face="serif">32,435</font></TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">31,454</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">29,531</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
<FONT size=2 face="serif">Preferred shares outstanding (000)</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap> <div align="left"><FONT size=2 face="serif">&#36;</FONT> </div></TD>
        <TD align=right nowrap> <FONT size=2 face="serif">17,500</FONT> </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">17,500</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">17,500</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right nowrap><font size=2 face="serif">17,500</font></TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">17,500</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">17,500</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
<FONT size=2 face="serif">Asset coverage per preferred share,</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap> <div align="left"></div></TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=2 face="serif">end of period</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap> <div align="left"><FONT size=2 face="serif">&#36;</FONT> </div></TD>
        <TD align=right nowrap> <FONT size=2 face="serif">68,250</FONT> </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">69,008</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">70,513</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right nowrap><font size=2 face="serif">71,341</font></TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">69,939</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">67,194</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
</TABLE>
<BR>
<P align="justify"><hr align="left" noshade width="100" size="1">
<div align="justify"><SUP><FONT size=1 face="serif">1 </FONT></SUP><FONT size=1 face="serif">Total
    investment return is calculated assuming a purchase of a common share at
    the current market price on the first day and a sale at the current market
    price on the last day of each period reported. Dividends and distributions,
    if any, are assumed for purposes of this calculation to be reinvested at
    prices obtained under the Trust&#146;s dividend reinvestment plan. Total
    investment returns do not reflect brokerage commissions. Total investment
    returns for less than a full year are not annualized. Past performance is
    not a guarantee of future results.</FONT></div>
<P align="justify">
<SUP><FONT size=1 face="serif">2 </FONT></SUP><FONT size=1 face="serif">Ratios are calculated on the basis of income and expenses applicable to both the common and preferred shares relative to the average net assets of the common shareholders.
</FONT></P>
<P align="justify"><SUP><FONT size=1 face="serif">3 </FONT></SUP><FONT size=1 face="serif">Annualized.</FONT></P>
<P align="justify">
<FONT size=1 face="serif">The information in the above Financial Highlights represents the operating performance for a common share outstanding, total investment returns, ratios to average net assets and other supplemental data for each period
indicated. This information has been determined based upon financial information provided in the financial statements and market price data for the Trust&#146;s common shares.</FONT></P>
<P align="center">
<FONT size=2 face="serif">See Notes to Financial Statements.</FONT></P>
<P align="center">
<FONT size=2 face="serif">84</FONT></P>

<HR noshade align="center" width="100%" size=4>




<P STYLE="page-break-before:always"></P><PAGE>
<A name="page_87"></A>

<P align="justify">
<B><FONT face="serif">FINANCIAL HIGHLIGHTS</FONT></B></P>
<P align="justify">
<B><FONT size=2 face="serif">BlackRock Long-Term Municipal Advantage Trust (BTA)</FONT></B></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD width=80% align=left nowrap>&nbsp;

        </TD>
        <TD colspan="5">
      <center>
        <B><FONT size=2 face="serif">For the period</FONT></B>
      </center></TD>
  </TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD colspan="5">
      <center>
        <B><FONT size=2 face="serif">February 28, 2006</FONT></B><B><SUP><FONT size=2 face="serif">1</FONT></SUP></B>
      </center></TD>
  </TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD colspan="5">      <center>
          <B><FONT size=2 face="serif">through</FONT></B>
          </center></TD>
  </TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD colspan="5">      <center>
          <B><FONT size=2 face="serif">June 30, 2006</FONT></B>
          </center></TD>
  </TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD colspan="5">
      <center>
        <div style="border-bottom:1px solid #000000"> <b><font size=2 face="serif">(unaudited)</font></b> </div>
      </center></TD>
  </TR>
<TR valign="bottom">
        <TD align=left nowrap>
<B><FONT size=2 face="serif">PER COMMON SHARE OPERATING PERFORMANCE:</FONT></B>&nbsp;
        </TD>
        <TD width="8%">&nbsp;
        </TD>
        <TD width=1% align=left nowrap>&nbsp;

        </TD>
        <TD width=4% align=left nowrap>

        </TD>
        <TD width="2%" align=left nowrap>&nbsp;

        </TD>
    <TD width="5%" align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
<FONT size=2 face="serif">Net asset value, beginning of period</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">&#36;</FONT>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">14.33</FONT><SUP></SUP>
        </TD>
        <TD align=left nowrap style="border-bottom:0px solid #000000;"><SUP><FONT size=2 face="serif">2</FONT></SUP>

        </TD>
    <TD align=left nowrap style="border-bottom:0px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
<FONT size=2 face="serif">Investment operations:</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
    <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
      <div align="left">&nbsp; &nbsp;<FONT size=2 face="serif">Net investment income</FONT>&nbsp;
      </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">0.22</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
    <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>

 <div align="left">&nbsp; &nbsp;<FONT size=2 face="serif">Net realized and unrealized loss</FONT>&nbsp;
    </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">(0.73</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:0px solid #000000;">
<FONT size=2 face="serif">)</FONT>&nbsp;
        </TD>
    <TD align=left nowrap style="border-bottom:0px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
<FONT size=2 face="serif">&nbsp;<FONT size=2 face="serif"></FONT>Net decrease
from investment operations</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">(0.51</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:0px solid #000000;">
<FONT size=2 face="serif">)</FONT>&nbsp;
        </TD>
    <TD align=left nowrap style="border-bottom:0px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
<FONT size=2 face="serif">Dividends to common shareholders from</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
    <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=2 face="serif">net investment income</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">(0.21</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:0px solid #000000;">
<FONT size=2 face="serif">)</FONT>&nbsp;
        </TD>
    <TD align=left nowrap style="border-bottom:0px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
<FONT size=2 face="serif">Capital charges with respect to issuance of shares</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">(0.03</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:0px solid #000000;">
<FONT size=2 face="serif">)</FONT>&nbsp;
        </TD>
    <TD align=left nowrap style="border-bottom:0px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
<FONT size=2 face="serif">Net asset value, end of period</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:3px double #000000;"> <FONT size=2 face="serif">&#36;</FONT>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">13.58</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:0px double #000000;">&nbsp;

        </TD>
    <TD align=left nowrap style="border-bottom:0px double #000000;">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
<FONT size=2 face="serif">Market price, end of period</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:3px double #000000;"> <FONT size=2 face="serif">&#36;</FONT>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">12.96</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:0px double #000000;">&nbsp;

        </TD>
    <TD align=left nowrap style="border-bottom:0px double #000000;">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
<B><FONT size=2 face="serif">TOTAL INVESTMENT RETURN</FONT></B><B><SUP><FONT size=2 face="serif">3</FONT></SUP></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:3px double #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">(12.28</FONT>
        </TD>
        <TD align=left valign="middle" nowrap style="border-bottom:0px double #000000;">
<FONT size=2 face="serif">)%</FONT>&nbsp;
        </TD>
    <TD align=left nowrap style="border-bottom:0px double #000000;">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
<B><FONT size=2 face="serif">RATIOS TO AVERAGE NET ASSETS</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
    <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
<FONT size=2 face="serif">Expenses after fees waived and paid indirectly</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">1.19</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">%</FONT><SUP><FONT size=2 face="serif">4</FONT></SUP>&nbsp;
        </TD>
    <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
<FONT size=2 face="serif">Expenses after fees waived and before fees paid indirectly</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">1.25</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">%</FONT><SUP><FONT size=2 face="serif">4</FONT></SUP>&nbsp;
        </TD>
    <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
<FONT size=2 face="serif">Expenses before fees waived and paid indirectly</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">1.84</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">%</FONT><SUP><FONT size=2 face="serif">4</FONT></SUP>&nbsp;
        </TD>
    <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
<FONT size=2 face="serif">Net investment income after fees waived and paid indirectly</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">6.90</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">%</FONT><SUP><FONT size=2 face="serif">4</FONT></SUP>&nbsp;
        </TD>
    <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
<B><FONT size=2 face="serif">SUPPLEMENTAL DATA:</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
    <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
<FONT size=2 face="serif">Average net assets of common shareholders (000)</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap> <FONT size=2 face="serif">&#36;</FONT>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">125,388</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
    <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
<FONT size=2 face="serif">Portfolio turnover</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">178</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">%</FONT>&nbsp;
        </TD>
    <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
<FONT size=2 face="serif">Net assets of common shareholders, end of period (000)</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap> <FONT size=2 face="serif">&#36;</FONT>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">180,358</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
    <TD align=left nowrap>&nbsp;</TD>
</TR>
</TABLE>
<BR>
<P align="justify"><hr align="left" noshade width="100" size="1">
<SUP><FONT size=1 face="serif">1 </FONT></SUP><FONT size=1 face="serif">Commencement of investment operations. This information includes the initial investment by BlackRock Funding, Inc.</FONT><p></P>
<P align="justify">
<SUP><FONT size=1 face="serif">2 </FONT></SUP><FONT size=1 face="serif">Net asset value, beginning of period, reflects a deduction of &#36;0.675 per share sales charge from the initial offering price of &#36;15.00 per share.</FONT></P>
<P align="justify">
<SUP><FONT size=1 face="serif">3 </FONT></SUP><FONT size=1 face="serif">Total investment return is calculated assuming a purchase of a common share at the current market price on the first day and a sale at the current market price on the last day
of each period reported. Dividends and distributions, if any, are assumed for purposes of this calculation to be reinvested at prices obtained under the Trust&#146;s dividend reinvestment plan. Total investment returns do not reflect brokerage
commissions. Total investment returns for less than a full year are not annualized. Past performance is not a guarantee of future results.</FONT></P>
<P align="justify">
<SUP><FONT size=1 face="serif">4 </FONT></SUP><FONT size=1 face="serif">Annualized.</FONT></P>
<P align="justify">
<FONT size=1 face="serif">The information in the above Financial Highlights represents the operating performance for a common share outstanding, total investment returns, ratios to average net assets and other supplemental data for each period
indicated. This information has been determined based upon financial information provided in the financial statements and market price data for the Trust&#146;s common shares.</FONT></P>
<P align="center">
<FONT size=2 face="serif">See Notes to Financial Statements.</FONT></P>
<P align="center">
<FONT size=2 face="serif">85</FONT></P>

<HR noshade align="center" width="100%" size=4>

<P align="left" style="page-break-before:always"></P><PAGE>


<A name="page_88"></A>

<div style="border-bottom:1px solid #000000"> <b><font size=4 face="serif">NOTES
      TO FINANCIAL STATEMENTS</font></b><br>
</div>
<P align="justify"><B><FONT face="serif">Note 1. Organization </FONT></B><BR>
  <B><FONT face="serif">&amp; Accounting Policies</FONT></B></P>
<P align="justify">
<FONT size=2 face="serif">The BlackRock Insured Municipal 2008 Term Trust Inc. (&#147;Insured Municipal 2008&#148;), The BlackRock Insured Municipal Term Trust Inc. (&#147;Insured Municipal&#148;), The BlackRock Municipal Target Term Trust Inc.
(&#147;Municipal Target&#148;), The BlackRock California Insured Municipal 2008 Term Trust Inc. (&#147;California Insured 2008&#148;) and The BlackRock
New York Insured Municipal 2008 Term Trust Inc. (&#147;New York Insured 2008&#148;) were organized as Maryland corporations. BlackRock Municipal 2018 Term Trust (&#147;Municipal 2018&#148;), BlackRock Municipal
2020 Term Trust (&#147;Municipal 2020&#148;), The BlackRock Strategic Municipal Trust (&#147;Municipal Strategic&#148;), BlackRock California Municipal 2018 Term Trust (&#147;California 2018&#148;), BlackRock Florida Municipal 2020 Term Trust
(&#147;Florida 2020&#148;), BlackRock New York Municipal 2018 Term Trust (&#147;New York 2018&#148;), The BlackRock Pennsylvania Strategic Municipal Trust (&#147;Pennsylvania Strategic&#148;) and BlackRock Long-Term Municipal Advantage Trust
(&#147;Long-Term Municipal&#148;) were organized as Delaware statutory trusts. The BlackRock Florida Insured Municipal 2008 Term Trust (&#147;Florida Insured 2008&#148;) was organized as a Massachusetts business trust. Insured Municipal 2008,
Insured Municipal, Municipal 2018, Municipal 2020, Municipal Target and Municipal Strategic are registered as diversified closed-end management investment companies under the Investment Company Act of 1940, as amended (the &#147;1940 Act&#148;).
California Insured 2008, California 2018, Florida Insured 2008, Florida 2020,
New York Insured 2008, New York 2018, Pennsylvania Strategic and Long-Term Municipal
are registered as non-diversified closed-end management investment companies
under the 1940 Act. Insured Municipal 2008, California Insured 2008, Florida
Insured 2008 and New York Insured 2008 are herein referred to as the 2008 Trusts.
Municipal 2018, California 2018 and New York 2018 are herein referred to as the
2018 Trusts. Municipal 2020 and Florida 2020 are herein referred to as the 2020
Trusts. Municipal Strategic and Pennsylvania Strategic are herein referred to
as the Strategic Trusts.</FONT></P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Long-Term Municipal was organized on November 7, 2005 and had no transactions until January 4, 2006 when the Trust sold 9,704 common shares for &#36;139,010 to BlackRock Funding, Inc.
Investment operations for Long-Term Municipal commenced on February 28, 2006. Long-Term Municipal incurred organization costs which were deferred from the organization date until the commencement of operations.</FONT></P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Under the Trusts&#146; organizational documents, their officers and Trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trusts. In
addition, in the normal course of business, the Trusts enter into contracts with their vendors and others that provide for general indemnifications. The Trusts&#146; maximum exposure under these arrangements are unknown as this would involve future
claims that may be made against the Trusts. However, based on experience, the Trusts consider the risk of loss from such claims to be remote.</FONT></P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">The following is a summary of significant accounting policies followed by the Trusts.</FONT></P>
<P align="justify">
<B><FONT size=2 face="serif">Investments Valuation: </FONT></B><FONT size=2 face="serif">Municipal investments (including commitments to purchase such investments on a &#147;when-issued&#148; basis) are valued on the basis of prices provided by
dealers or pricing services selected under the supervision of each Trust&#146;s Board of Trustees or Board of Directors, as the case may be (each, a &#147;Board&#148;). In determining the value of a particular investment, pricing services may use
certain information with respect to transactions in such investments, quotations from 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 per share. Any investments or other assets for which such
current market quotations are not readily available are valued at fair value (&#147;Fair Value Assets&#148;) as determined in good faith under procedures established by, and under the general supervision and responsibility of, each Trust&#146;s
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 the Board. </FONT></P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">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 arm&#146;s-length transaction. Fair value determinations shall be based upon all available factors that the investment advisor and/or sub-advisor deems relevant.</FONT></P>
<P align="justify">
<B><FONT size=2 face="serif">Investment Transactions and Investment Income: </FONT></B><FONT size=2 face="serif">Investment transactions are recorded on trade date. The cost of investments sold and the related gain or loss is determined by use of
the specific identification method, generally first-in, first-out, for both financial reporting and Federal income tax purposes. Each Trust also records interest income on an accrual basis and amortizes premium and/or accretes discount on securities
purchased using the interest method.</FONT></P>
<P align="justify">
<B><FONT size=2 face="serif">Financial Futures Contracts: </FONT></B><FONT size=2 face="serif">A futures contract is an agreement between two parties to buy and sell a financial instrument for a set price on a future date. Initial margin deposits
are made upon entering into futures contracts and can be either cash or securities. During the period the futures contract is open, changes in the value of the contract are recognized as unrealized gains or losses by &#147;marking-to-market&#148; on
a daily basis to reflect the market value of the contract at the end of each day&#146;s trading. Variation margin payments are made or received, depending upon whether unrealized gains or losses are incurred. When the contract is closed, the Trust
records a realized gain or loss equal to the difference between the proceeds from (or cost of) the closing transaction and the Trust&#146;s basis in the contract.</FONT></P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Financial futures contracts, when used by the Trusts, help in maintaining a targeted duration. Futures contracts can be sold to effectively shorten an otherwise longer duration portfolio. In
the same sense, futures contracts can be purchased to lengthen a portfolio that is shorter than its duration target. Thus, by buying or selling futures contracts, the Trusts may attempt to manage the duration of positions so that changes in interest
rates do not change the duration of the portfolio unexpectedly.</FONT></P>
<P align="justify">
<B><FONT size=2 face="serif">Forward Starting Swaps: </FONT></B><FONT size=2 face="serif">Forward starting swaps are an agreement for an interest rate swap asset or liability to be created or sold in the future. Interest rate swaps are an agreement
in which one party pays a floating rate of interest on a notional principal amount and receives a fixed rate of interest on the same notional principal amount for a specified period of time. Alternatively, a party may pay a fixed rate and receive a
floating rate. The Trusts close each forward starting swap before the accrual date specified in the agreement and therefore never enter into the interest rate swap underlying each forward starting swap.</FONT></P>
<P align="center">
<FONT size=2 face="serif">86</FONT></P>

<HR noshade align="center" width="100%" size=4>




<P STYLE="page-break-before:always"></P><PAGE>
<A name="page_89"></A>

<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">During the term of the swap, changes in the value of the swap are recognized as unrealized gains or losses by &#147;marking-to-market&#148; to reflect the market value of the swap. When the
swap is terminated, a Trust will record a realized gain or loss equal to the difference between the proceeds from (or cost of) the closing transaction and the Trust&#146;s basis in the contract, if any.</FONT></P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">The Trusts are exposed to credit loss in the event of non-performance by the other party to the swap. However, the Advisor of the Trusts monitor swaps and do not anticipate non-performance by
any counterparty.</FONT></P>
<P align="justify">
<B><FONT size=2 face="serif">Residual Interest Tax Exempt Securities: </FONT></B><FONT size=2 face="serif">Long-Term Municipal Trust invests in highly leveraged residual interest tax exempt securities (&#147;RITES&#148;) that are issued from
municipal tender option bond trusts. RITES represent residual interests in a special purpose trust formed by a third party sponsor for the purpose of holding municipal bonds purchased from Long-Term Municipal Trust or from other third parties. The
special purpose trust typically sells two classes of interests: short-term floating rate interests, which are sold to third party investors, and residual interests, which Long-Term Municipal Trust would purchase. The short-term floating rate
interests have first priority on the cash flow from the municipal bonds. Long-Term Municipal Trust is paid the residual cash flow from the special purpose trust. If Long-Term Municipal Trust is the initial seller of the municipal bonds to the
special purpose trust, it receives the proceeds from the sale of the floating rate interests in the special purpose trust, less certain transaction costs. These proceeds generally would be used by Long-Term Municipal Trust to purchase additional
municipal bonds or other investments permitted by Long-Term Municipal Trust&#146;s investment policies. If Long-Term Municipal Trust ever purchases all or a portion of the short-term floating rate securities sold by the special purpose trust, it may
surrender those short-term floating rate securities together with a proportionate amount of residual interests to the trustee of the special purpose trust in exchange for a proportionate amount of the municipal bonds owned by the special purpose
trust. In addition, all voting rights and decisions to be made with respect to any other rights relating to the municipal bonds held in the special purpose trust are passed through to Long-Term Municipal Trust, as the holder of the residual
interests. Long-Term Municipal Trust will recognize taxable capital gains (or losses) upon any sale of municipal bonds to the special purpose trust.</FONT></P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">RITES generally will underperform the market for fixed rate municipal bonds in a rising interest rate environment, but tend to outperform the market for fixed rate bonds when interest rates
decline or remain relatively stable. Should short-term interest rates rise, Long-Term Municipal Trust&#146;s investment in RITES likely will adversely affect the Trust&#146;s net asset value per share and income and distributions to shareholders.
RITES generally are considered highly leveraged if the principal amount of the short-term floating rate interests issued by the related tender option bond trust exceed 50% of the principal amount of the municipal bonds owned by the tender option
bond trust. The Long-Term Municipal Trust may invest in highly leveraged RITES and consequently may lose money in excess of the amount of its investment, up to an amount equal to the value of the municipal bonds underlying the RITES. The Long-Term
Municipal Trust may invest in residual interests for the purpose of using economic leverage as a more flexible alternative to the issuance of preferred shares. With respect to highly leveraged RITES, the Long-Term Municipal Trust establishes and
maintains a segregated account to cover any potential obligation to the liquidity provider, the Trust&#146;s obligation to the liquidity provider pursuant to the agreement will not be considered a borrowing by the Trust; however, under circumstances
in which the Long-Term Municipal Trust does not establish and maintain such a segregated account, such obligation will be considered a borrowing for the purpose of the Trust&#146;s limitation on borrowings.</FONT></P>
<P align="justify">
<B><FONT size=2 face="serif">Segregation: </FONT></B><FONT size=2 face="serif">In cases in which the 1940 Act as amended, and the interpretive positions of the Securities and Exchange Commission (the &#147;Commission&#148;) require that each Trust
segregate assets in connection with certain investments (e.g., when-issued securities, reverse repurchase agreements or futures contracts), each Trust will, consistent with certain interpretive letters issued by the Commission, designate on its
books and records cash or other liquid securities having a market value at least equal to the amount that would otherwise be required to be physically segregated.</FONT></P>
<P align="justify">
<B><FONT size=2 face="serif">Federal Income Taxes: </FONT></B><FONT size=2 face="serif">It is each Trust&#146;s intention to continue to be treated as a regulated investment company under the Internal Revenue Code and to distribute sufficient net
income and net realized capital gains, if any, to shareholders. Therefore, no Federal income tax or excise tax provisions have been recorded.</FONT></P>
<P align="justify">
<B><FONT size=2 face="serif">Dividends and Distributions: </FONT></B><FONT size=2 face="serif">Each Trust declares and pays dividends and distributions to common shareholders monthly from net investment income, net realized short-term capital gains
and other sources, if necessary. Net long-term capital gains, if any, in excess of loss car-ryforwards may be distributed in accordance with the 1940 Act. Dividends and distributions are recorded on the ex-dividend date. Income distributions and
capital gain distributions are determined in accordance with income tax regulations which may differ from accounting principles generally accepted in the United States of America. Dividends and distributions to preferred shareholders are accrued and
determined as described in Note 5.</FONT></P>
<P align="justify">
<B><FONT size=2 face="serif">Estimates: </FONT></B><FONT size=2 face="serif">The preparation of 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 and such differences may be material.</FONT></P>
<P align="justify">
<B><FONT size=2 face="serif">Deferred Compensation and BlackRock Closed-End Share Equivalent Investment Plan: </FONT></B><FONT size=2 face="serif">Under the deferred compensation plan approved by each Trust&#146;s Board, non-interested
Trustees/Directors (&#147;Trustees&#148;) are required to defer a portion of their annual complex-wide compensation. Deferred amounts earn an approximate return as though equivalent dollar amounts had been invested in common shares of other
BlackRock closed-end trusts selected by the Trustees. These amounts are shown on the Statement of Assets and Liabilities as &#147;Investments in Affiliates&#148;. This has the same economic effect for the Trustees as if the Trustees had invested the
deferred amounts in such Trusts.</FONT></P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">The deferred compensation plan is not funded and obligations thereunder represent general unsecured claims against the general assets of the Trust. Each Trust may, however, elect to invest in
common shares of those Trusts selected by the Trustees in order to match its deferred compensation obligations.</FONT></P>
<P align="justify">
<B><FONT size=2 face="serif">Other: </FONT></B><FONT size=2 face="serif">Expenses that are directly related to one of the Trusts are charged directly to that Trust. Other operating expenses are generally prorated to the Trusts on the basis of
relative net assets of all the BlackRock Closed-End Funds.</FONT></P>
<P align="center">
<FONT size=2 face="serif">87</FONT></P>

<HR noshade align="center" width="100%" size=4>




<P STYLE="page-break-before:always"></P><PAGE>
<A name="page_90"></A>

<P align="justify">
<B><FONT face="serif">Note 2. Agreements </FONT></B><FONT size=2 face="serif"><br>
<br>
Each Trust has an Investment Management Agreement with BlackRock Advisors, Inc. (the &#147;Advisor&#148;), a wholly owned subsidiary of BlackRock, Inc. BlackRock Financial
Management, Inc. (&#147;BFM&#148;), a wholly owned subsidiary of BlackRock, Inc., serves as sub-advisor to the 2018 Trusts, 2020 Trusts, Strategic Trusts and Long-Term Municipal. BlackRock, Inc. is an indirect majority owned subsidiary of The PNC
Financial Services Group, Inc. The Investment Management Agreements for the 2018 Trusts, 2020 Trusts, Strategic Trusts and Long-Term Municipal cover both investment advisory and administration services. Each 2008 Trust, Insured Municipal Trust and
Municipal Target Trust has an Administration Agreement with the Advisor.</FONT></P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Each Trust&#146;s investment advisory fee paid to the Advisor is computed weekly and payable monthly based on an annual rate, 0.35% for the 2008 Trusts, Insured Municipal Trust and Municipal
Target Trust, 0.40% for the 2018 Trusts, 0.50% for the 2020 Trusts and 0.60% for the Strategic Trusts, of the Trust&#146;s average weekly managed assets. &#147;Managed assets&#148; means the total assets of a Trust (including any assets attributable
to any preferred shares that may be outstanding) minus the sum of accrued liabilities (other than debt representing financial leverage). The Advisor has voluntarily agreed to waive a portion of the investment advisory fee or other expenses on the
Strategic Trusts as a percentage of managed assets as follows: 0.25% for the first five years of each of the Trust&#146;s operations, 0.20% in year six, 0.15% in year seven, 0.10% in year eight and 0.05% in year nine.</FONT></P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Long-Term Municipal&#146;s investment advisory fee paid to the Advisor is computed weekly and payable monthly based on an annual rate equal to 1.00% of the average weekly value of the Long-Term
Municipal&#146;s Net Assets. &#145;&#145;Net Assets&#146;&#146; means the total assets of the Trust minus the sum of accrued liabilities. The Advisor has voluntarily agreed to waive a portion of the investment advisory or other expenses of Long-Term
Municipal in the amount of 0.40% of the average weekly value of the Long-Term Municipal&#146;s Net Assets for the first five years of the Trust&#146;s operations and for declining amounts for the following three years, 0.30% in year six, 0.20% in
year seven and 0.10% in year eight.</FONT></P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">The Advisor pays BFM fees for its sub-advisory services.</FONT>
</P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">The administration fee paid to the Advisor by the 2008 Trusts, Insured Municipal Trust and Municipal Target Trust is computed weekly and payable monthly based on an annual rate of 0.10% for
each 2008 Trust and Insured Municipal Trust and 0.07% for Municipal Target Trust, of the Trusts&#146; average weekly managed assets.</FONT></P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Pursuant to the agreements, the Advisor provides continuous supervision of the investment portfolio and pays the compensation of officers of each Trust who are affiliated persons of the
Advisor, as well as occupancy and certain clerical and accounting costs of each Trust. Each Trust bears all other costs and expenses, which include reimbursements to the Advisor for costs of employees that provide pricing, secondary market support
and compliance services to each Trust. For the six months ended June 30, 2006, the Trusts reimbursed the Advisor the following amounts, which are included in miscellaneous expenses in the Statement of Operations:</FONT></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD width="4%" align=left nowrap><div style="border-bottom:1px solid #000000"><b><font size=2 face="serif">Trust</font></b></div></TD>
  <TD width="21%" align=left nowrap>&nbsp;</TD>
  <TD width="20%">&nbsp;</TD>
  <TD width="4%" align=right nowrap><div style="border-bottom:1px solid #000000"><b><font size=2 face="serif">Amount</font></b></div></TD>
  <TD width="17%">&nbsp;</TD>
  <TD width="2%" align=left nowrap><div style="border-bottom:1px solid #000000"><b><font size=2 face="serif">Trust</font></b>&nbsp;</div></TD>
  <TD width="17%" align=left nowrap>&nbsp;</TD>
  <TD width="11%">&nbsp;</TD>
  <TD width="4%" align=right nowrap><div style="border-bottom:1px solid #000000"><b><font size=2 face="serif">Amount</font></b></div></TD>
</TR>
<TR valign="bottom">
        <TD colspan="2" align=left nowrap>
<FONT size=2 face="serif">Insured Municipal 2008</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">&#36;14,842</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD colspan="2" align=left nowrap>
<FONT size=2 face="serif">California 2018</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">&#36;3,470</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD colspan="2" align=left nowrap>
<FONT size=2 face="serif">Insured Municipal</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">9,450</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD colspan="2" align=left nowrap>
<FONT size=2 face="serif">Florida Insured 2008</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">4,644</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD colspan="2" align=left nowrap>
<FONT size=2 face="serif">Municipal 2018</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">7,497</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD colspan="2" align=left nowrap>
<FONT size=2 face="serif">Florida 2020</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">2,534</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD colspan="2" align=left nowrap>
<FONT size=2 face="serif">Municipal 2020</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">8,183</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD colspan="2" align=left nowrap>
<FONT size=2 face="serif">New York Insured 2008</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">6,230</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD colspan="2" align=left nowrap>
<FONT size=2 face="serif">Municipal Target</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">17,376</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD colspan="2" align=left nowrap>
<FONT size=2 face="serif">New York 2018</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">1,752</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD colspan="2" align=left nowrap>
<FONT size=2 face="serif">Municipal Strategic</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">3,461</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD colspan="2" align=left nowrap>
<FONT size=2 face="serif">Pennsylvania Strategic</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">1,177</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD colspan="2" align=left nowrap>
<FONT size=2 face="serif">California Insured 2008</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">5,808</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD colspan="2" align=left nowrap>
<FONT size=2 face="serif">Long-Term Municipal</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">2,528</FONT>&nbsp;
        </TD>
</TR>
</TABLE>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Pursuant to the terms of the custody agreement, each Trust received earning credits from its custodian for positive cash balances maintained, which are used to offset custody fees. These
credits are shown on the Statement of Operations as &#147;fees paid indirectly&#148;.</FONT></P>
<P align="justify">
<B><FONT face="serif">Note 3. Portfolio</FONT></B><BR>
<B><FONT face="serif">Investments</FONT></B>
</P>
<P align="justify">
<FONT size=2 face="serif">Purchases and sales of investment securities, other than short-term investments and U.S. government securities, for the six months ended June 30, 2006 were as follows:</FONT></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD width="4%" align=left nowrap><div style="border-bottom:1px solid #000000"><b><font size=2 face="serif">Trust</font></b>&nbsp;</div></TD>
  <TD width="13%" align=left nowrap>&nbsp;</TD>
  <TD width="6%">&nbsp;</TD>
  <TD colspan="2" align=right nowrap><center>
    <div style="border-bottom:1px solid #000000"> <b><font size=2 face="serif">Purchases</font></b> </div>
  </center></TD>
  <TD width="1%"><center>
  </center></TD>
  <TD width="5%" align=right nowrap><center>
  </center></TD>
  <TD colspan="2" align=right nowrap><center>
    <div style="border-bottom:1px solid #000000"> <b><font size=2 face="serif">Sales</font></b> </div>
  </center></TD>
  <TD width="7%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
  <TD width="3%" align=left nowrap><div style="border-bottom:1px solid #000000"><b><font size=2 face="serif">Trust</font></b>&nbsp;</div></TD>
  <TD width="17%" align=left nowrap>&nbsp;</TD>
  <TD width="8%" align=right nowrap>&nbsp;</TD>
  <TD colspan="2" align=right nowrap><center>
    <div style="border-bottom:1px solid #000000"> <b><font size=2 face="serif">Purchases</font></b>&nbsp; </div>
  </center></TD>
  <TD width="2%">&nbsp;</TD>
  <TD width="6%" align=left nowrap>&nbsp;</TD>
  <TD colspan="2" align=right nowrap><center>
    <div style="border-bottom:1px solid #000000"> <b><font size=2 face="serif">Sales</font></b> </div>
  </center></TD>
  </TR>
<TR valign="bottom">
        <TD colspan="2" align=left nowrap>
<FONT size=2 face="serif">Insured Municipal 2008</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD width="1%" align=right nowrap>
      <div align="left"><FONT size=2 face="serif">&#36;</FONT>&nbsp;
      </div></TD>
        <TD width="6%" align=right nowrap><font size=2 face="serif"> &#151;</font></TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>&nbsp;
        </TD>
        <TD width="1%" align=right nowrap><div align="left"><font size=2 face="serif">&#36;</font>&nbsp;
    </div></TD>
        <TD width="6%" align=right nowrap><font size=2 face="serif">21,686,213</font></TD>
        <TD>&nbsp;
        </TD>
        <TD colspan="2" align=left nowrap>
<FONT size=2 face="serif">California 2018</FONT>&nbsp;
        </TD>
        <TD align=right nowrap>&nbsp;
        </TD>
        <TD width="1%" align=right nowrap><div align="left"><font size=2 face="serif">&#36;</font>&nbsp;
    </div></TD>
        <TD width="6%" align=right nowrap><font size=2 face="serif">4,170,400</font></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;
        </TD>
        <TD width="1%" align=right nowrap><div align="left"><font size=2 face="serif">&#36;</font>
    </div></TD>
    <TD width="6%" align=right nowrap><font size=2 face="serif">&#151;</font>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD colspan="2" align=left nowrap>
<FONT size=2 face="serif">Insured Municipal</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD colspan="2" align=right nowrap>
<FONT size=2 face="serif">1,003,264</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD colspan="2" align=right nowrap>
<FONT size=2 face="serif">4,968,264</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD colspan="2" align=left nowrap>
<FONT size=2 face="serif">Florida 2020</FONT>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD colspan="2" align=right nowrap>
<FONT size=2 face="serif">&#151;</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD colspan="2" align=right nowrap>
<FONT size=2 face="serif">1,960,550</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD colspan="2" align=left nowrap>
<FONT size=2 face="serif">Municipal 2018</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD colspan="2" align=right nowrap>
<FONT size=2 face="serif">32,579,004</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD colspan="2" align=right nowrap>
<FONT size=2 face="serif">21,748,465</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD colspan="2" align=left nowrap>
<FONT size=2 face="serif">New York Insured 2008</FONT>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD colspan="2" align=right nowrap>
<FONT size=2 face="serif">7,936,886</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD colspan="2" align=right nowrap>
<FONT size=2 face="serif">9,617,070</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD colspan="2" align=left nowrap>
<FONT size=2 face="serif">Municipal 2020</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD colspan="2" align=right nowrap>
<FONT size=2 face="serif">34,239,622</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD colspan="2" align=right nowrap>
<FONT size=2 face="serif">51,461,383</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD colspan="2" align=left nowrap>
<FONT size=2 face="serif">Pennsylvania Strategic</FONT>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD colspan="2" align=right nowrap>
<FONT size=2 face="serif">7,383,830</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD colspan="2" align=right nowrap>
<FONT size=2 face="serif">1,733,953</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD colspan="2" align=left nowrap>
<FONT size=2 face="serif">Municipal Target</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD colspan="2" align=right nowrap>
<FONT size=2 face="serif">&#151;</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD colspan="2" align=right nowrap>
<FONT size=2 face="serif">355,071,716</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD colspan="2" align=left nowrap>
<FONT size=2 face="serif">Long-Term Municipal</FONT>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD colspan="2" align=right nowrap>
<FONT size=2 face="serif">436,379,954</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD colspan="2" align=right nowrap>
<FONT size=2 face="serif">250,422,031</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD colspan="2" align=left nowrap>
<FONT size=2 face="serif">Municipal Strategic</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD colspan="2" align=right nowrap>
<FONT size=2 face="serif">79,527,018</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD colspan="2" align=right nowrap>
<FONT size=2 face="serif">68,848,868</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD colspan="2" align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>

        </TD>
        <TD colspan="2" align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD colspan="2" align=left nowrap>&nbsp;

        </TD>
</TR>
</TABLE>
<P align="justify">
<FONT size=2 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif"></FONT>There were no purchases or sales of U.S. government securities for the six months ended June 30, 2006.</FONT></P>
<P align="justify">
<FONT size=2 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif"></FONT>Details of open swap agreements at June 30, 2006 were as follows:</FONT></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD colspan="2" align=left nowrap>&nbsp;

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=10% align=left nowrap>&nbsp;

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=9% align=left nowrap>

        </TD>
        <TD width=6% align=left nowrap>&nbsp;

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=27% align=left nowrap>&nbsp;

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=9% align=left nowrap>&nbsp;

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD colspan="2" align=left nowrap>      <center>
        <B><FONT size=2 face="serif">Unrealized</FONT></B>&nbsp;
        </center></TD>
  </TR>
<TR valign="bottom">
        <TD colspan="2" align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>      <B><FONT size=2 face="serif">Notional</FONT></B>
    </TD>
        <TD>&nbsp;&nbsp;&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;&nbsp;&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;&nbsp;&nbsp;
        </TD>
        <TD align=center nowrap>
<B><FONT size=2 face="serif">Termination</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;&nbsp;&nbsp;
        </TD>
        <TD colspan="2" align=left nowrap>
      <center>
        <B><FONT size=2 face="serif">Appreciation</FONT></B>&nbsp;
      </center></TD>
  </TR>
<TR valign="bottom">
  <TD width="4%" align=left nowrap><div style="border-bottom:1px solid #000000"><b><font size=2 face="serif">Trust</font></b></div></TD>
  <TD width="19%" align=left nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right nowrap><center>
    <div style="border-bottom:1px solid #000000"> <b><font size=2 face="serif">Amount
          (000)</font></b> </div>
  </center></TD>
  <TD>&nbsp;</TD>
  <TD colspan="2" align=right nowrap><center>
    <div style="border-bottom:1px solid #000000"> <b><font size=2 face="serif">Fixed
          Rate</font></b><b><sup><font size=2 face="serif">(a)</font></sup></b> </div>
  </center></TD>
  <TD>&nbsp;</TD>
  <TD align=center nowrap><div style="border-bottom:1px solid #000000"><b><font size=2 face="serif">Floating
    Rate</font></b></div></TD>
  <TD>&nbsp;</TD>
  <TD align=center nowrap><div style="border-bottom:1px solid #000000"><b><font size=2 face="serif">Date</font></b></div></TD>
  <TD>&nbsp;</TD>
  <TD colspan="2" align=right nowrap>      <center>
    <div style="border-bottom:1px solid #000000"> <b><font size=2 face="serif">(Depreciation)</font></b> </div>
  </center></TD>
  </TR>
<TR valign="bottom">
        <TD colspan="2" align=left nowrap>
<FONT size=2 face="serif">Municipal 2018 Term Trust</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">11,300,000</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">4.180</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">%</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=2 face="serif">1-week BMA Municipal Swap Index</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=2 face="serif">09/14/06</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD width="1%" align=right nowrap>
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD width="10%" align=right nowrap>
<FONT size=2 face="serif">295,011</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD colspan="2" align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">8,400,000</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">4.258</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=2 face="serif">1-week BMA Municipal Swap Index</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=2 face="serif">03/20/07</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">321,772</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD colspan="2" align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">11,250,000</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">4.263</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=2 face="serif">1-week BMA Municipal Swap Index</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=2 face="serif">12/27/06</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">326,167</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD colspan="2" align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">9,750,000</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">4.266</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=2 face="serif">1-week BMA Municipal Swap Index</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=2 face="serif">11/03/06</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">152,382</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD colspan="2" align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">1,095,332</FONT>&nbsp;
        </TD>
</TR>
</TABLE>
<BR>
<P align="center">
<FONT size=2 face="serif">88</FONT></P>

<HR noshade align="center" width="100%" size=4>




<P STYLE="page-break-before:always"></P><PAGE>
<A name="page_91"></A>

<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD colspan="2" align=left nowrap>&nbsp; </TD>
    <TD width=0%>&nbsp; </TD>
    <TD width=13% align=left nowrap>&nbsp; </TD>
    <TD width=6% align=left nowrap>&nbsp;</TD>
    <TD width=1%>&nbsp; </TD>
    <TD width=9% align=left nowrap> </TD>
    <TD width=7% align=left nowrap>&nbsp; </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=20% align=left nowrap>&nbsp; </TD>
    <TD width=5%>&nbsp; </TD>
    <TD width=7% align=left nowrap>&nbsp; </TD>
    <TD width=3%>&nbsp; </TD>
    <TD colspan="2" align=left nowrap>
      <center>
        <B><FONT size=2 face="serif">Unrealized</FONT></B>&nbsp;
    </center></TD>
  </TR>
  <TR valign="bottom">
    <TD colspan="2" align=left nowrap>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD colspan="2" align=center nowrap> <B><FONT size=2 face="serif">Notional</FONT></B> </TD>
    <TD>&nbsp;&nbsp;&nbsp; </TD>
    <TD align=left nowrap> </TD>
    <TD align=left nowrap>&nbsp; </TD>
    <TD>&nbsp;&nbsp;&nbsp; </TD>
    <TD align=left nowrap>&nbsp; </TD>
    <TD>&nbsp;&nbsp;&nbsp; </TD>
    <TD align=center nowrap> <B><FONT size=2 face="serif">Termination</FONT></B>&nbsp; </TD>
    <TD>&nbsp;&nbsp;&nbsp; </TD>
    <TD colspan="2" align=left nowrap>
      <center>
        <B><FONT size=2 face="serif">Appreciation</FONT></B>&nbsp;
    </center></TD>
  </TR>
  <TR valign="bottom">
    <TD width="3%" align=left nowrap><div style="border-bottom:1px solid #000000"><b><font size=2 face="serif">Trust</font></b></div></TD>
    <TD width="15%" align=left nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align=right nowrap><center>
        <div style="border-bottom:1px solid #000000"> <b><font size=2 face="serif">Amount
              (000)</font></b> </div>
    </center></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align=right nowrap><center>
        <div style="border-bottom:1px solid #000000"> <b><font size=2 face="serif">Fixed
              Rate</font></b><b><sup><font size=2 face="serif">(a)</font></sup></b> </div>
    </center></TD>
    <TD>&nbsp;</TD>
    <TD align=center nowrap><div style="border-bottom:1px solid #000000"><b><font size=2 face="serif">Floating
            Rate</font></b></div></TD>
    <TD>&nbsp;</TD>
    <TD align=center nowrap><div style="border-bottom:1px solid #000000"><b><font size=2 face="serif">Date</font></b></div></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align=right nowrap>
      <center>
        <div style="border-bottom:1px solid #000000"> <b><font size=2 face="serif">(Depreciation)</font></b> </div>
    </center></TD>
  </TR>
<TR valign="bottom">
        <TD colspan="2" align=left nowrap>
<FONT size=2 face="serif">Municipal 2020 Term Trust</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">14,000,000</FONT>&nbsp;
        </TD>
        <TD align=right nowrap>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">4.180</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">%</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">1-week BMA Municipal Swap Index</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=2 face="serif">09/14/06</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD width="2%" align=left nowrap> <FONT size=2 face="serif">&#36;</FONT>&nbsp;
        </TD>
        <TD width="7%" align=right nowrap>
<FONT size=2 face="serif">365,501</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD colspan="2" align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">11,000,000</FONT>&nbsp;
        </TD>
        <TD align=right nowrap>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">4.258</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">1-week BMA Municipal Swap Index</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=2 face="serif">03/20/07</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">421,368</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD colspan="2" align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">13,750,000</FONT>&nbsp;
        </TD>
        <TD align=right nowrap>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">4.263</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">1-week BMA Municipal Swap Index</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=2 face="serif">12/27/06</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">398,649</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD colspan="2" align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">12,000,000</FONT>&nbsp;
        </TD>
        <TD align=right nowrap>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">4.266</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">1-week BMA Municipal Swap Index</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=2 face="serif">11/03/06</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">187,547</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD colspan="2" align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:3px double #000000;"> <FONT size=2 face="serif">&#36;</FONT>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">1,373,064</FONT>&nbsp;
        </TD>
</TR>
<TR>
        <TD colspan=15>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD colspan="2" align=left nowrap>
<FONT size=2 face="serif">Strategic Municipal Trust</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">4,800,000</FONT>&nbsp;
        </TD>
        <TD align=right nowrap>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">4.180</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">%</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">1-week BMA Municipal Swap Index</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=2 face="serif">09/14/06</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap> <FONT size=2 face="serif">&#36;</FONT>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">125,315</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD colspan="2" align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">3,600,000</FONT>&nbsp;
        </TD>
        <TD align=right nowrap>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">4.258</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">1-week BMA Municipal Swap Index</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=2 face="serif">03/20/07</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">137,902</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD colspan="2" align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">4,750,000</FONT>&nbsp;
        </TD>
        <TD align=right nowrap>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">4.263</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">1-week BMA Municipal Swap Index</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=2 face="serif">12/27/06</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">137,715</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD colspan="2" align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">4,000,000</FONT>&nbsp;
        </TD>
        <TD align=right nowrap>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">4.266</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">1-week BMA Municipal Swap Index</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=2 face="serif">11/03/06</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">62,516</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD colspan="2" align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:3px double #000000;">
 <FONT size=2 face="serif">&#36;</FONT>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">463,447</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD colspan="2" align=left nowrap>
<FONT size=2 face="serif">California Municipal</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD colspan="2" align=left nowrap>
 &nbsp; &nbsp;<FONT size=2 face="serif">2018 Term Trust</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">4,000,000</FONT>&nbsp;
        </TD>
        <TD align=right nowrap>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">4.180</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">%</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">1-week BMA Municipal Swap Index</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=2 face="serif">09/14/06</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap> <FONT size=2 face="serif">&#36;</FONT>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">104,429</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD colspan="2" align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">3,000,000</FONT>&nbsp;
        </TD>
        <TD align=right nowrap>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">4.258</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">1-week BMA Municipal Swap Index</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=2 face="serif">03/20/07</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">114,919</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD colspan="2" align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">4,000,000</FONT>&nbsp;
        </TD>
        <TD align=right nowrap>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">4.263</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">1-week BMA Municipal Swap Index</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=2 face="serif">12/27/06</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">115,971</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD colspan="2" align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">3,500,000</FONT>&nbsp;
        </TD>
        <TD align=right nowrap>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">4.266</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">1-week BMA Municipal Swap Index</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=2 face="serif">11/03/06</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">54,701</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD colspan="2" align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:3px double #000000;"> <FONT size=2 face="serif">&#36;</FONT>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">390,019</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD colspan="2" align=left nowrap>
<FONT size=2 face="serif">Florida Municipal</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD colspan="2" align=left nowrap>
 &nbsp; &nbsp;<FONT size=2 face="serif">2020 Term Trust</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">3,800,000</FONT>&nbsp;
        </TD>
        <TD align=right nowrap>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">4.180</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">%</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">1-week BMA Municipal Swap Index</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=2 face="serif">09/14/06</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap> <FONT size=2 face="serif">&#36;</FONT>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">99,207</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD colspan="2" align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">2,800,000</FONT>&nbsp;
        </TD>
        <TD align=right nowrap>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">4.258</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">1-week BMA Municipal Swap Index</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=2 face="serif">03/20/07</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">107,257</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD colspan="2" align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">4,000,000</FONT>&nbsp;
        </TD>
        <TD align=right nowrap>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">4.263</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">1-week BMA Municipal Swap Index</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=2 face="serif">12/27/06</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">115,971</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD colspan="2" align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">3,500,000</FONT>&nbsp;
        </TD>
        <TD align=right nowrap>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">4.266</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">1-week BMA Municipal Swap Index</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=2 face="serif">11/03/06</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">54,701</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD colspan="2" align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:3px double #000000;"> <FONT size=2 face="serif">&#36;</FONT>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">377,136</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD colspan="2" align=left nowrap>
<FONT size=2 face="serif">New York Insured Municipal</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD colspan="2" align=right nowrap>
      <div align="left"><FONT size=2 face="serif">&nbsp; &nbsp;<FONT size=2 face="serif"></FONT>2018 Term Trust</FONT>&nbsp;
      </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">2,200,000</FONT>&nbsp;
        </TD>
        <TD align=right nowrap>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">4.180</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">%</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">1-week BMA Municipal Swap Index</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=2 face="serif">09/14/06</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">&#36;</FONT>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">57,436</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD colspan="2" align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">1,700,000</FONT>&nbsp;
        </TD>
        <TD align=right nowrap>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">4.258</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">1-week BMA Municipal Swap Index</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=2 face="serif">03/20/07</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">65,121</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD colspan="2" align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">2,250,000</FONT>&nbsp;
        </TD>
        <TD align=right nowrap>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">4.263</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">1-week BMA Municipal Swap Index</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=2 face="serif">12/27/06</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">65,233</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD colspan="2" align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">2,000,000</FONT>&nbsp;
        </TD>
        <TD align=right nowrap>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">4.266</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">1-week BMA Municipal Swap Index</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=2 face="serif">11/03/06</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">31,258</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD colspan="2" align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:3px double #000000;"> <FONT size=2 face="serif">&#36;</FONT>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">219,048</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD colspan="2" align=left nowrap>
<FONT size=2 face="serif">Pennsylvania Strategic</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD colspan="2" align=left nowrap>
 &nbsp; &nbsp;<FONT size=2 face="serif">Municipal Trust</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">1,100,000</FONT>&nbsp;
        </TD>
        <TD align=right nowrap>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">4.180</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">%</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">1-week BMA Municipal Swap Index</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=2 face="serif">09/14/06</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap> <FONT size=2 face="serif">&#36;</FONT>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">28,718</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD colspan="2" align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">1,000,000</FONT>&nbsp;
        </TD>
        <TD align=right nowrap>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">4.258</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">1-week BMA Municipal Swap Index</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=2 face="serif">03/20/07</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">38,306</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD colspan="2" align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">1,000,000</FONT>&nbsp;
        </TD>
        <TD align=right nowrap>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">4.263</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">1-week BMA Municipal Swap Index</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=2 face="serif">12/27/06</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">28,993</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD colspan="2" align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">1,000,000</FONT>&nbsp;
        </TD>
        <TD align=right nowrap>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">4.266</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">1-week BMA Municipal Swap Index</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=2 face="serif">11/03/06</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">15,629</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD colspan="2" align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:3px double #000000;"> <FONT size=2 face="serif">&#36;</FONT>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">111,646</FONT>&nbsp;
        </TD>
</TR>
</TABLE>
<BR>
<P align="justify">
<FONT size=1 face="serif">(a) Trust pays fixed interest rate and receives floating rate.</FONT></P>
<P align="justify">
<B><FONT face="serif">Note 4. Income Tax</FONT></B><BR>
<B><FONT face="serif">Information</FONT></B>
</P>
<P align="justify">
<FONT size=2 face="serif">The tax character of distributions paid during the year ended December 31, 2005 were as follows:</FONT></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD colspan="2" align=left nowrap>&nbsp;

        </TD>
        <TD width="8%" align=left nowrap>

        </TD>
        <TD width="10%" align=right nowrap>
      <center>
        <B><FONT size=2 face="serif">Tax-exempt</FONT></B>&nbsp;
      </center></TD>
        <TD width="4%">&nbsp;
        </TD>
        <TD width="9%" align=right nowrap>
      <center>
        <B><FONT size=2 face="serif">Ordinary</FONT></B>&nbsp;
      </center></TD>
        <TD width="5%">&nbsp;
        </TD>
        <TD colspan="2" align=center nowrap>
<B><FONT size=2 face="serif">Long-term</FONT></B>&nbsp;
        </TD>
        <TD width="5%" align=left nowrap>

        </TD>
        <TD colspan="2" align=center nowrap>
<B><FONT size=2 face="serif">Total</FONT></B>&nbsp;
        </TD>
  </TR>
<TR valign="bottom">
        <TD width="13%" align=left nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="serif">Distributions Paid From:</FONT></B>&nbsp;
        </TD>
        <TD width="11%" align=left nowrap style="border-bottom:0px solid #000000;">&nbsp;</TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">

        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
      <center>
        <B><FONT size=2 face="serif">Income</FONT></B>&nbsp;
      </center></TD>
        <TD style="border-bottom:0px solid #000000;">&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
      <center>
        <B><FONT size=2 face="serif">Income</FONT></B>&nbsp;
      </center></TD>
        <TD style="border-bottom:0px solid #000000;">&nbsp;
        </TD>
        <TD colspan="2" align=center nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="serif">Capital Gains</FONT></B>&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">

        </TD>
        <TD colspan="2" align=right nowrap style="border-bottom:1px solid #000000;">
      <center>
        <B><FONT size=2 face="serif">Distributions</FONT></B>&nbsp;
      </center></TD>
  </TR>
<TR valign="bottom">
        <TD colspan="2" align=left nowrap>
<FONT size=2 face="serif">Insured Municipal 2008</FONT>&nbsp;
        </TD>
        <TD align=right nowrap>&nbsp;
</TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">&#36;</FONT> <FONT size=2 face="serif">27,486,421</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">&#36; &#151;</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD width="10%" align=right nowrap>
<FONT size=2 face="serif">&#36; &#151;</FONT>&nbsp;
        </TD>
        <TD width="8%">&nbsp;
        </TD>
        <TD align=right nowrap>&nbsp;
        </TD>
        <TD width="13%" align=right nowrap>
<FONT size=2 face="serif">&#36;27,486,421</FONT>&nbsp;
        </TD>
    <TD width="4%" align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD colspan="2" align=left nowrap>
<FONT size=2 face="serif">Insured Municipal</FONT>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">18,654,095</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">&#151;</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">485,824</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">19,139,919</FONT>&nbsp;
        </TD>
    <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD colspan="2" align=left nowrap>
<FONT size=2 face="serif">Municipal 2018</FONT>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">16,607,588</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">&#151;</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">&#151;</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">16,607,588</FONT>&nbsp;
        </TD>
    <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD colspan="2" align=left nowrap>
<FONT size=2 face="serif">Municipal 2020</FONT>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">21,646,656</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">&#151;</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">&#151;</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">21,646,656</FONT>&nbsp;
        </TD>
    <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD colspan="2" align=left nowrap>
<FONT size=2 face="serif">Municipal Target</FONT>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">24,184,574</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">&#151;</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">54,095</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">24,238,669</FONT>&nbsp;
        </TD>
    <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD colspan="2" align=left nowrap>
<FONT size=2 face="serif">Municipal Strategic</FONT>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">8,877,744</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">&#151;</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">&#151;</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">8,877,744</FONT>&nbsp;
        </TD>
    <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD colspan="2" align=left nowrap>
<FONT size=2 face="serif">California Insured 2008</FONT>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">10,124,030</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">&#151;</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">67,337</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">10,191,367</FONT>&nbsp;
        </TD>
    <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD colspan="2" align=left nowrap>
<FONT size=2 face="serif">California 2018</FONT>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">5,870,955</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">&#151;</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">&#151;</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">5,870,955</FONT>&nbsp;
        </TD>
    <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD colspan="2" align=left nowrap>
<FONT size=2 face="serif">Florida Insured 2008</FONT>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">8,438,402</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">&#151;</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">74,234</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">8,512,636</FONT>&nbsp;
        </TD>
    <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD colspan="2" align=left nowrap>
<FONT size=2 face="serif">Florida 2020</FONT>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">5,282,477</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">183,445</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">172,541</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">5,638,463</FONT>&nbsp;
        </TD>
    <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD colspan="2" align=left nowrap>
<FONT size=2 face="serif">New York Insured 2008</FONT>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">10,705,322</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">&#151;</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">71,879</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">10,777,201</FONT>&nbsp;
        </TD>
    <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD colspan="2" align=left nowrap>
<FONT size=2 face="serif">New York 2018</FONT>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">3,289,900</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">&#151;</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">&#151;</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">3,289,900</FONT>&nbsp;
        </TD>
    <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD colspan="2" align=left nowrap>
<FONT size=2 face="serif">Pennsylvania Strategic</FONT>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">2,187,871</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">&#151;</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">&#151;</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">2,187,871</FONT>&nbsp;
        </TD>
    <TD align=right nowrap>&nbsp;</TD>
</TR>
</TABLE>
<BR>
<P align="center">
<FONT size=2 face="serif">89</FONT></P>

<HR noshade align="center" width="100%" size=4>




<P STYLE="page-break-before:always"></P><PAGE>
<A name="page_92"></A>

<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">For Federal income tax purposes, the following Trusts had capital loss carryforwards at December 31, 2005, the Trusts&#146; last tax year-end (other than the 2020 Trusts and Strategic Trusts,
each of which has a tax year-end of June 30th). These amounts may be used to offset future realized capital gains, if any:</FONT></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD colspan="2" align=left nowrap>&nbsp;

        </TD>
        <TD colspan="4" align=left nowrap>
      <center>
        <B><FONT size=2 face="serif">Capital Loss</FONT></B>&nbsp;
      </center></TD>
        <TD width=9%>&nbsp;
        </TD>
        <TD width=4% align=left nowrap>

          <center>
    </center></TD>
        <TD width=4%>&nbsp;
        </TD>
        <TD colspan="2" align=left nowrap>&nbsp;

        </TD>
        <TD width=6%>&nbsp;
        </TD>
        <TD colspan="4">
      <center>
        <B><FONT size=2 face="serif">Capital Loss</FONT></B>&nbsp;
    </center></TD>
        <TD width=2%>&nbsp;</TD>
        <TD width=9% align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD width=4% align=left nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="serif">Trust</FONT></B>&nbsp;
        </TD>
        <TD width=10% align=left nowrap style="border-bottom:0px solid #000000;">&nbsp;</TD>
        <TD colspan="4" align=left nowrap style="border-bottom:1px solid #000000;">
      <center>
        <B><FONT size=2 face="serif">Carryforward Amount</FONT></B>&nbsp;
    </center></TD>
        <TD align=left nowrap style="border-bottom:0px solid #000000;">&nbsp;</TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;"><center>
          <b><font size=2 face="serif"> Expires</font></b>
    </center></TD>
        <TD style="border-bottom:0px solid #000000;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        </TD>
        <TD width="4%" align=left nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="serif">Trust</FONT></B>&nbsp;
        </TD>
        <TD width="12%" align=left nowrap style="border-bottom:0px solid #000000;">&nbsp;</TD>
        <TD style="border-bottom:-px solid #000000;">&nbsp;
        </TD>
        <TD colspan="4" style="border-bottom:-px solid #000000;">
      <center>
        <div style="border-bottom:1px solid #000000"> <b><font size=2 face="serif">Carryforward
              Amount</font></b>&nbsp; </div>
      </center></TD>
        <TD align=left nowrap style="border-bottom:0px solid #000000;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD align=left nowrap style="border-bottom:1px solid #000000;"><center>
      <b><font size=2 face="serif"> Expires</font></b>
    </center></TD>
</TR>
<TR valign="bottom">
        <TD colspan="2" align=left nowrap>
<FONT size=2 face="serif">Municipal 2018</FONT>&nbsp;
        </TD>
        <TD width="10%" align=left nowrap></TD>
        <TD width="1%" align=right nowrap style="border-bottom:3px double #000000;">
      <div align="left"><FONT size=2 face="serif">&#36;</FONT>
    </div></TD>
        <TD width=4% align=right nowrap style="border-bottom:3px double #000000;"><font size=2 face="serif">6,633,095</font></TD>

        <TD width="7%">&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
      <center>
        <FONT size=2 face="serif">2012</FONT>&nbsp;
      </center></TD>
        <TD>&nbsp;
        </TD>
        <TD colspan="2" align=left nowrap>
<FONT size=2 face="serif">California 2018</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD width="0%">&nbsp;</TD>
        <TD width="2%" align=right nowrap>
      <div align="left"><FONT size=2 face="serif">&#36;</FONT>
    </div></TD>
        <TD width="5%" align=right nowrap>
<FONT size=2 face="serif">1,287,186</FONT>&nbsp;
        </TD>
        <TD width="7%">&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD align=left nowrap>
      <center>
        <FONT size=2 face="serif">2010</FONT>&nbsp;
      </center></TD>
</TR>
<TR valign="bottom">
        <TD colspan="2" align=left nowrap>
<FONT size=2 face="serif">Municipal 2020</FONT>&nbsp;
        </TD>
        <TD align=left nowrap></TD>
        <TD align=right nowrap>
      <div align="left"><FONT size=2 face="serif">&#36;</FONT>
      </div></TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">273,311</FONT>
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
      <center>
        <FONT size=2 face="serif">2012</FONT>&nbsp;
      </center></TD>
        <TD>&nbsp;
        </TD>
        <TD colspan="2" align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD align=left nowrap>

          <div align="left"></div></TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">1,444,501</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD align=left nowrap>
      <center>
        <FONT size=2 face="serif">2012</FONT>&nbsp;
      </center></TD>
</TR>
<TR valign="bottom">
        <TD colspan="2" align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;"></TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">

          <div align="left"></div></TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">4,327,082</FONT>
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
      <center>
        <FONT size=2 face="serif">2013</FONT>&nbsp;
      </center></TD>
        <TD>&nbsp;
        </TD>
        <TD colspan="2" align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">

          <div align="left"></div></TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">588,861</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD align=left nowrap>
      <center>
        <FONT size=2 face="serif">2013</FONT>&nbsp;
      </center></TD>
</TR>
<TR valign="bottom">
        <TD colspan="2" align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap></TD>
        <TD align=right nowrap style="border-bottom:3px double #000000;">
      <div align="left"><FONT size=2 face="serif">&#36;</FONT>
      </div></TD>
        <TD align=right nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">4,600,393</FONT>
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

          <center>
    </center></TD>
        <TD>&nbsp;
        </TD>
        <TD colspan="2" align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD align=right nowrap style="border-bottom:3px double #000000;">
      <div align="left"><FONT size=2 face="serif">&#36;</FONT>
      </div></TD>
        <TD align=right nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">3,320,548</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD align=left nowrap>

          <center>
    </center></TD>
</TR>
<TR valign="bottom">
        <TD colspan="2" align=left nowrap>
<FONT size=2 face="serif">Municipal Target</FONT>&nbsp;
        </TD>
        <TD align=left nowrap></TD>
        <TD align=right nowrap style="border-bottom:3px double #000000;">
      <div align="left"><FONT size=2 face="serif">&#36;</FONT>
      </div></TD>
        <TD align=right nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">15,179</FONT>
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
      <center>
        <FONT size=2 face="serif">2013</FONT>&nbsp;
      </center></TD>
        <TD>&nbsp;
        </TD>
        <TD colspan="2" align=left nowrap>
<FONT size=2 face="serif">Florida 2020</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD align=right nowrap style="border-bottom:3px double #000000;">
      <div align="left"><FONT size=2 face="serif">&#36;</FONT>
      </div></TD>
        <TD align=right nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">1,569,623</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD align=left nowrap>
      <center>
        <FONT size=2 face="serif">2013</FONT>&nbsp;
      </center></TD>
</TR>
<TR valign="bottom">
        <TD colspan="2" align=left nowrap>
<FONT size=2 face="serif">Municipal Strategic</FONT>&nbsp;
        </TD>
        <TD align=right nowrap>&nbsp;</TD>
        <TD align=right nowrap>
      <div align="left"><FONT size=2 face="serif">&#36;</FONT>
      </div></TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">78,019</FONT>
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
      <center>
        <FONT size=2 face="serif">2008</FONT>&nbsp;
      </center></TD>
        <TD>&nbsp;
        </TD>
        <TD colspan="2" align=left nowrap>
<FONT size=2 face="serif">New York 2018</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD align=right nowrap>
      <div align="left"><FONT size=2 face="serif">&#36;</FONT>
      </div></TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">333,794</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD align=left nowrap>
      <center>
        <FONT size=2 face="serif">2010</FONT>&nbsp;
      </center></TD>
</TR>
<TR valign="bottom">
        <TD colspan="2" align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap></TD>
        <TD align=left nowrap>

          <div align="left"></div></TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">1,802,842</FONT>
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
      <center>
        <FONT size=2 face="serif">2009</FONT>&nbsp;
      </center></TD>
        <TD>&nbsp;
        </TD>
        <TD colspan="2" align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD align=left nowrap>

          <div align="left"></div></TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">431,368</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD align=left nowrap>
      <center>
        <FONT size=2 face="serif">2011</FONT>&nbsp;
      </center></TD>
</TR>
<TR valign="bottom">
        <TD colspan="2" align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap></TD>
        <TD align=left nowrap>

          <div align="left"></div></TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">760,288</FONT>
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
      <center>
        <FONT size=2 face="serif">2010</FONT>&nbsp;
      </center></TD>
        <TD>&nbsp;
        </TD>
        <TD colspan="2" align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">

          <div align="left"></div></TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">590,480</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD align=left nowrap>
      <center>
        <FONT size=2 face="serif">2012</FONT>&nbsp;
      </center></TD>
</TR>
<TR valign="bottom">
        <TD colspan="2" align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap></TD>
        <TD align=left nowrap>

          <div align="left"></div></TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">2,477,786</FONT>
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
      <center>
        <FONT size=2 face="serif">2012</FONT>&nbsp;
      </center></TD>
        <TD>&nbsp;
        </TD>
        <TD colspan="2" align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD align=right nowrap style="border-bottom:3px double #000000;">
      <div align="left"><FONT size=2 face="serif">&#36;</FONT>
      </div></TD>
        <TD align=right nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">1,355,642</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD align=left nowrap>

          <center>
    </center></TD>
</TR>
<TR valign="bottom">
        <TD colspan="2" align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap></TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">

          <div align="left"></div></TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">1,056,584</FONT>
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
      <center>
        <FONT size=2 face="serif">2013</FONT>&nbsp;
      </center></TD>
        <TD>&nbsp;
        </TD>
        <TD colspan="2" align=left nowrap>
<FONT size=2 face="serif">Pennsylvania Strategic</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD align=right nowrap>
      <div align="left"><FONT size=2 face="serif">&#36;</FONT>
      </div></TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">87,565</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD align=left nowrap>
      <center>
        <FONT size=2 face="serif">2009</FONT>&nbsp;
      </center></TD>
</TR>
<TR valign="bottom">
        <TD colspan="2" align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap></TD>
        <TD align=right nowrap style="border-bottom:3px double #000000;">
      <div align="left"><FONT size=2 face="serif">&#36;</FONT>
      </div></TD>
        <TD align=right nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">6,175,519</FONT>
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

          <center>
    </center></TD>
        <TD>&nbsp;
        </TD>
        <TD colspan="2" align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD align=left nowrap>

          <div align="left"></div></TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">408,700</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD align=left nowrap>
      <center>
        <FONT size=2 face="serif">2010</FONT>&nbsp;
      </center></TD>
</TR>
<TR valign="bottom">
        <TD colspan="2" align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap></TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

          <center>
    </center></TD>
        <TD>&nbsp;
        </TD>
        <TD colspan="2" align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">

          <div align="left"></div></TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">747,259</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD align=left nowrap>
      <center>
        <FONT size=2 face="serif">2013</FONT>&nbsp;
      </center></TD>
</TR>
<TR valign="bottom">
        <TD colspan="2" align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap></TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

          <center>
    </center></TD>
        <TD>&nbsp;
        </TD>
        <TD colspan="2" align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD align=right nowrap style="border-bottom:3px double #000000;">
      <div align="left"><FONT size=2 face="serif">&#36;</FONT>
      </div></TD>
        <TD align=right nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">1,243,524</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD align=left nowrap>

          <center>
    </center></TD>
</TR>
</TABLE>
<BR>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">On July 13, 2006, the Financial Accounting Standards Board (FASB) released FASB Interpretation No. 48 (FIN 48) &#147;Accounting for Uncertainty in Income Taxes&#148;. FIN 48 provides guidance
for how uncertain tax positions should be recognized, measured, presented and disclosed in the financial statements. FIN 48 requires the evaluation of tax positions taken in the course of preparing the Trusts&#146; tax returns to determine whether
the tax positions are &#147;more-likely-than-not&#148; of being sustained by the applicable tax authority. Tax benefits of positions not deemed to meet the more-likely-than-not threshold would be booked as a tax expense in the current year and
recognized as: a liability for unrecognized tax benefits; a reduction of an income tax refund receivable; a reduction of deferred tax asset; an increase in deferred tax liability; or a combination thereof. Adoption of FIN 48 is required for fiscal
years beginning after December 15, 2006. At this time, management is evaluating the implications of FIN 48 and its impact in the financial statements has not yet been determined.</FONT></P>
<P align="justify">
<B><FONT face="serif">Note 5. Capital</FONT></B></P>
<P align="justify">
<FONT size=2 face="serif">There are 200 million of &#36;0.01 par value common
shares authorized for each of the 2008 Trusts, Insured Municipal and Municipal
Target. There are an unlimited number of &#36;0.001 par value common shares authorized
for  each of the 2018 Trusts, 2020 Trusts, Strategic Trusts and Long-Term Municipal.
Each Trust may classify or reclassify any unissued
common shares into one or more series of preferred shares. At June 30, 2006,
the common shares owned by affiliates of the Advisor of each Trust were as follows:</FONT></P>
<TABLE width="50%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD colspan="2" align=left nowrap>&nbsp;

        </TD>
        <TD width="5%">&nbsp;
        </TD>
        <TD width="30%" align=center nowrap>
<B><FONT size=2 face="serif">Common</FONT></B>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD colspan="2" align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<B><FONT size=2 face="serif">Shares</FONT></B>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width="7%" align=left nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="serif">Trust</FONT></B>&nbsp;
        </TD>
        <TD width="58%" align=left nowrap style="border-bottom:0px solid #000000;">&nbsp;</TD>
        <TD style="border-bottom:0px solid #000000;">&nbsp;
        </TD>
        <TD align=center nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="serif">Owned</FONT></B>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD colspan="2" align=left nowrap>
<FONT size=2 face="serif">Municipal 2020</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=2 face="serif">8,028</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD colspan="2" align=left nowrap>
<FONT size=2 face="serif">Florida 2020</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=2 face="serif">8,028</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD colspan="2" align=left nowrap>
<FONT size=2 face="serif">Long-Term Municipal</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=2 face="serif">9,704</FONT>&nbsp;
        </TD>
</TR>
</TABLE>
<BR>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">During the six months ended June 30, 2006 and the year ended December 31, 2005, the following Trusts issued additional shares under their respective dividend reinvestment plan:</FONT></P>
<TABLE width="75%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD colspan="2" align=left nowrap>&nbsp;

        </TD>
        <TD width=3%>&nbsp;
        </TD>
        <TD width=28% align=center nowrap>
<B><FONT size=2 face="serif">Six Months Ended</FONT></B>&nbsp;
        </TD>
        <TD width=3%>&nbsp;
        </TD>
        <TD width=31% align=center nowrap>
<B><FONT size=2 face="serif">Year Ended</FONT></B>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=5% align=left nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="serif">Trust</FONT></B>&nbsp;
        </TD>
        <TD width=30% align=left nowrap style="border-bottom:0px solid #000000;">&nbsp;</TD>
        <TD style="border-bottom:0px solid #000000;">&nbsp;
        </TD>
        <TD align=center nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="serif">June 30, 2006</FONT></B>&nbsp;
        </TD>
        <TD style="border-bottom:0px solid #000000;">&nbsp;
        </TD>
        <TD align=center nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="serif">December 31, 2005</FONT></B>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD colspan="2" align=left nowrap>
<FONT size=2 face="serif">Municipal Strategic</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=2 face="serif">8,838</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=2 face="serif">8,345</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD colspan="2" align=left nowrap>
<FONT size=2 face="serif">Pennsylvania Strategic</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=2 face="serif">1,434</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=2 face="serif">1,140</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD colspan="2" align=left nowrap>
<FONT size=2 face="serif">Long-Term Municipal</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=2 face="serif">4,674</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
      <center>
        <FONT size=2 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&#151;</FONT>&nbsp;
      </center></TD>
</TR>
</TABLE>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Long-Term Municipal, which commenced operation on February 28, 2006, issued 13,040,000 common shares under the initial public offering. An additional 225,000 shares were issued by the
underwriters&#146; exercising their over-allotment option. Offering costs incurred in connection with the offering of common shares have been charged against the proceeds from the initial common share offering in the amount of
&#36;381,825.</FONT></P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">As of June 30, 2006, each Trust had the following series of preferred shares outstanding as listed in the table below. The preferred shares have a liquidation value of &#36;25,000 per share
plus any accumulated unpaid dividends.</FONT></P>
<P align="center">
<FONT size=2 face="serif">90</FONT></P>

<HR noshade align="center" width="100%" size=4>




<P STYLE="page-break-before:always"></P><PAGE>
<A name="page_93"></A>

<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD width=4% align=left nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="serif">Trust</FONT></B>&nbsp;
        </TD>
        <TD width=23% align=left nowrap style="border-bottom:0px solid #000000;">&nbsp;</TD>
        <TD width="4%">&nbsp; </TD>
        <TD width=4% align=center nowrap style="border-bottom:1px solid #000000;">
      <center>
        <B><FONT size=2 face="serif">Series</FONT></B>&nbsp;
      </center></TD>
        <TD width=8% style="border-bottom:0px solid #000000;">
          <center>
    </center></TD>
        <TD width=4% align=left nowrap style="border-bottom:1px solid #000000;">
      <center>
        <B><FONT size=2 face="serif">Shares</FONT></B>&nbsp;
      </center></TD>
        <TD width=4% style="border-bottom:0px solid #000000;">&nbsp;
        </TD>
        <TD width=4% align=left nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="serif">Trust</FONT></B>&nbsp;
        </TD>
        <TD width=22% align=left nowrap style="border-bottom:0px solid #000000;">&nbsp;</TD>
        <TD width="7%">&nbsp; </TD>
        <TD width=4% align=right nowrap style="border-bottom:1px solid #000000;">
      <center>
        <B><FONT size=2 face="serif">Series</FONT></B>&nbsp;
      </center></TD>
        <TD width=8% style="border-bottom:0px solid #000000;">&nbsp;
        </TD>
        <TD width=4% align=left nowrap style="border-bottom:1px solid #000000;">
      <center>
        <B><FONT size=2 face="serif">Shares</FONT></B>&nbsp;
      </center></TD>
</TR>
<TR valign="bottom">
        <TD colspan="2" align=left nowrap>
<FONT size=2 face="serif">Insured Municipal 2008</FONT>&nbsp;
        </TD>
        <TD>&nbsp; </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">T7</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
      <center>
        <FONT size=2 face="serif">4,660</FONT>&nbsp;
      </center></TD>
        <TD>&nbsp;
        </TD>
        <TD colspan="2" align=left nowrap>
<FONT size=2 face="serif">Municipal Strategic</FONT>&nbsp;
        </TD>
        <TD>&nbsp; </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">W7</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">2,480</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD colspan="2" align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">R7</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
      <center>
        <FONT size=2 face="serif">2,060</FONT>&nbsp;
      </center></TD>
        <TD>&nbsp;
        </TD>
        <TD colspan="2" align=left nowrap>
<FONT size=2 face="serif">California Insured 2008</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">W7</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">2,622</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD colspan="2" align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">T28</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
      <center>
        <FONT size=2 face="serif">2,060</FONT>&nbsp;
      </center></TD>
        <TD>&nbsp;
        </TD>
        <TD colspan="2" align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">W28</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">1,560</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD colspan="2" align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">R28</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
      <center>
        <FONT size=2 face="serif">2,060</FONT>&nbsp;
      </center></TD>
        <TD>&nbsp;
        </TD>
        <TD colspan="2" align=left nowrap>
<FONT size=2 face="serif">California 2018</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">M7</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">2,221</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD colspan="2" align=left nowrap>
<FONT size=2 face="serif">Insured Municipal</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">M72</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
      <center>
        <FONT size=2 face="serif">4,216</FONT>&nbsp;
      </center></TD>
        <TD>&nbsp;
        </TD>
        <TD colspan="2" align=left nowrap>
<FONT size=2 face="serif">Florida Insured 2008</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">R7</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">3,366</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD colspan="2" align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">M28</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
      <center>
        <FONT size=2 face="serif">2,600</FONT>&nbsp;
      </center></TD>
        <TD>&nbsp;
        </TD>
        <TD colspan="2" align=left nowrap>
<FONT size=2 face="serif">Florida 2020</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">F7</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">1,956</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD colspan="2" align=left nowrap>
<FONT size=2 face="serif">Municipal 2018</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">W7</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
      <center>
        <FONT size=2 face="serif">2,752</FONT>&nbsp;
      </center></TD>
        <TD>&nbsp;
        </TD>
        <TD colspan="2" align=left nowrap>
<FONT size=2 face="serif">New York Insured 2008</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">F7</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">2,672</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD colspan="2" align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">R7</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
      <center>
        <FONT size=2 face="serif">2,752</FONT>&nbsp;
      </center></TD>
        <TD>&nbsp;
        </TD>
        <TD colspan="2" align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">F28</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">1,710</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD colspan="2" align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

          <center>
    </center></TD>
        <TD>&nbsp;
        </TD>
        <TD colspan="2" align=left nowrap>
<FONT size=2 face="serif">New York 2018</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">T7</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">1,256</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD colspan="2" align=left nowrap>
<FONT size=2 face="serif">Municipal 2020</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">M7</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
      <center>
        <FONT size=2 face="serif">2,368</FONT>&nbsp;
      </center></TD>
        <TD>&nbsp;
        </TD>
        <TD colspan="2" align=left nowrap>
<FONT size=2 face="serif">Pennsylvania Strategic</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">W7</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">700</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD colspan="2" align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">W7</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
      <center>
        <FONT size=2 face="serif">2,368</FONT>&nbsp;
      </center></TD>
        <TD>&nbsp;
        </TD>
        <TD colspan="2" align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD colspan="2" align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">F7</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
      <center>
        <FONT size=2 face="serif">2,368</FONT>&nbsp;
      </center></TD>
        <TD>&nbsp;
        </TD>
        <TD colspan="2" align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
</TABLE>
<BR>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Dividends on seven-day preferred shares are cumulative at a rate which is reset every seven days based on the results of an auction. Dividends on 28-day preferred shares are cumulative at a
rate which is reset every 28 days based on the results of an auction. The dividend ranges on the preferred shares for each of the Trusts for the six months ended June 30, 2006 were as follows:</FONT></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD width=4% align=left nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="serif">Trust</FONT></B>&nbsp;
        </TD>
        <TD width=17% align=left nowrap style="border-bottom:0px solid #000000;">&nbsp;</TD>
        <TD width=1% style="border-bottom:0px solid #000000;">&nbsp;
        </TD>
        <TD width=4% align=center nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="serif">Series</FONT></B>&nbsp;
        </TD>
        <TD width=2% style="border-bottom:0px solid #000000;">&nbsp;
        </TD>
        <TD width=3% align=right nowrap style="border-bottom:1px solid #000000;">
      <center>
        <B><FONT size=2 face="serif">Low</FONT></B>
      </center></TD>
        <TD width=2% align=left nowrap style="border-bottom:0px solid #000000;">&nbsp;

        </TD>
        <TD width=1% style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD width=4% align=right nowrap style="border-bottom:1px solid #000000;">
      <center>
        <B><FONT size=2 face="serif">High</FONT></B>
      </center></TD>
        <TD width=2% align=left nowrap style="border-bottom:0px solid #000000;">&nbsp;

        </TD>
        <TD colspan="2" align=center nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="serif">Average</FONT></B>
        </TD>
        <TD width=2% style="border-bottom:0px solid #000000;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        </TD>
        <TD width=4% align=left nowrap style="border-bottom:1px solid #000000;"> <B><FONT size=2 face="serif">Trust</FONT></B>&nbsp; </TD>
        <TD width=15% align=left nowrap style="border-bottom:0px solid #000000;">&nbsp;</TD>
        <TD width=1% style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD width=4% align=center nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="serif">Series</FONT></B>&nbsp;
        </TD>
        <TD width=1% style="border-bottom:0px solid #000000;">&nbsp;
        </TD>
        <TD width=4% align=right nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="serif">Low</FONT></B>
        </TD>
        <TD width=2% align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD width="0%">&nbsp;&nbsp; </TD>
        <TD width=4% align=right nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="serif">High</FONT></B>
        </TD>
        <TD width=2% align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD width=1% style="border-bottom:0px solid #000000;">&nbsp;
        </TD>
        <TD colspan="2" align=center nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="serif">Average</FONT></B>
        </TD>
  </TR>
<TR valign="bottom">
        <TD colspan="2" align=left nowrap>
<FONT size=2 face="serif">Insured Municipal 2008</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 &nbsp;<FONT size=2 face="serif">T7</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">2.50</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">%</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">3.60</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">%</FONT>&nbsp;
        </TD>
        <TD width="6%" align=right nowrap>
<FONT size=2 face="serif">3.07</FONT>
        </TD>
        <TD width="4%" align=left nowrap>
<FONT size=2 face="serif">%</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD colspan="2" align=left nowrap>
<FONT size=2 face="serif">Municipal Strategic</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 &nbsp;<FONT size=2 face="serif">W7</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">2.72</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">%</FONT>&nbsp;
        </TD>
        <TD>&nbsp; </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">3.97</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">%</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD width="6%" align=right nowrap>
<FONT size=2 face="serif">3.23</FONT>
        </TD>
        <TD width="4%" align=left nowrap>
<FONT size=2 face="serif">%</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD colspan="2" align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 &nbsp;<FONT size=2 face="serif">R7</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">2.25</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">3.70</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">2.99</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD colspan="2" align=left nowrap>
<FONT size=2 face="serif">California Insured 2008</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 &nbsp;<FONT size=2 face="serif">W7</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">2.41</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">3.55</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">2.92</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD colspan="2" align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 &nbsp;<FONT size=2 face="serif">T28</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">2.82</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">4.00</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">3.28</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD colspan="2" align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 &nbsp;<FONT size=2 face="serif">W28</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">2.70</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">3.25</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">3.01</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD colspan="2" align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 &nbsp;<FONT size=2 face="serif">R28</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">2.95</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">3.45</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">3.11</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD colspan="2" align=left nowrap>
<FONT size=2 face="serif">California 2018</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 &nbsp;<FONT size=2 face="serif">M7</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">2.19</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">3.50</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">2.95</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD colspan="2" align=left nowrap>
<FONT size=2 face="serif">Insured Municipal</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 &nbsp;<FONT size=2 face="serif">M7</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">2.25</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">3.75</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">3.07</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD colspan="2" align=left nowrap>
<FONT size=2 face="serif">Florida Insured 2008</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 &nbsp;<FONT size=2 face="serif">R7</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">2.67</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">3.65</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">3.12</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD colspan="2" align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 &nbsp;<FONT size=2 face="serif">M28</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">2.57</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">3.45</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">3.13</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD colspan="2" align=left nowrap>
<FONT size=2 face="serif">Florida 2020</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 &nbsp;<FONT size=2 face="serif">F7</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">2.78</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">3.95</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">3.20</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD colspan="2" align=left nowrap>
<FONT size=2 face="serif">Municipal 2018</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 &nbsp;<FONT size=2 face="serif">W7</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">2.80</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">4.00</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">3.24</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD colspan="2" align=left nowrap>
<FONT size=2 face="serif">New York Insured 2008</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 &nbsp;<FONT size=2 face="serif">F7</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">2.35</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">3.55</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">2.89</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD colspan="2" align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 &nbsp;<FONT size=2 face="serif">R7</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">2.80</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">3.75</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">3.19</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD colspan="2" align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 &nbsp;<FONT size=2 face="serif">F28</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">2.90</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">3.36</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">3.14</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD colspan="2" align=left nowrap>
<FONT size=2 face="serif">Municipal 2020</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 &nbsp;<FONT size=2 face="serif">M7</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">2.85</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">3.75</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">3.23</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD colspan="2" align=left nowrap>
<FONT size=2 face="serif">New York 2018</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 &nbsp;<FONT size=2 face="serif">T7</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">2.40</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">3.60</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">2.91</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD colspan="2" align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 &nbsp;<FONT size=2 face="serif">W7</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">2.60</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">4.00</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">3.20</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD colspan="2" align=left nowrap>
<FONT size=2 face="serif">Pennsylvania Strategic</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 &nbsp;<FONT size=2 face="serif">W7</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">2.60</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">3.80</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">3.16</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD colspan="2" align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 &nbsp;<FONT size=2 face="serif">F7</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">2.75</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">3.94</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">3.21</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD colspan="2" align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD colspan="2" align=left nowrap>
<FONT size=2 face="serif">Municipal Target</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 &nbsp;<FONT size=2 face="serif">W7</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">2.75</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">2.90</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">2.80</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD colspan="2" align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
</TABLE>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">A Trust may not declare dividends or make other distributions on common shares or purchase any such shares if, at the time of the declaration, distribution or purchase, asset coverage with
respect to the outstanding preferred shares would be less than 200%.</FONT></P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">The preferred shares are redeemable at the option of each Trust, in whole or in part, on any dividend payment date at &#36;25,000 per share plus any accumulated or unpaid dividends whether or
not declared. The preferred shares are also subject to mandatory redemption at &#36;25,000 per share plus any accumulated or unpaid dividends, whether or not declared, if certain requirements relating to the composition of the assets and liabilities
of a Trust, as set forth in each Trust&#146;s Declaration of Trust/Articles Supplementary, are not satisfied.</FONT></P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">The holders of preferred shares have voting rights equal to the holders of common shares (one vote per share) and will vote together with holders of common shares as a single class. However,
holders of preferred shares, voting as a separate class, are also entitled to elect two Directors/Trustees for each Trust. In addition, the 1940 Act requires that along with approval by shareholders that might otherwise be required, the approval of
the holders of a majority of any outstanding preferred shares, voting separately as a class, would be required to (a) adopt any plan of reorganization that would adversely affect the preferred shares, (b) change a Trust&#146;s sub-classification as
a closed-end investment company or change its fundamental investment restrictions or (c) change its business so as to cease to be an investment company. </FONT></P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">On February 7, 2005, Municipal Target Trust&#146;s Board approved the redemption of all of the 3,000 W28 preferred shares outstanding in preparation for its termination on or about December 31,
2006. The shares were redeemed at a price of &#36;25,000 per share (an aggregate price of &#36;75,000,000) plus any accrued and unpaid dividends through the redemption date on March 10, 2005. On October 6, 2005, the Board approved the redemption of
all of the 3,000 F7 preferred shares outstanding in preparation for its termination on or about December 31, 2006. The shares were redeemed at a price of &#36;25,000 per share (an aggregate price of &#36;75,000,000) plus any accrued and unpaid
dividends through the redemption date on November 7, 2005. Management believes that the redemption of the W28 and F7 preferred shares will not affect the Municipal Target Trust&#146;s ability to satisfy the terms of the remaining preferred shares
outstanding.</FONT></P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">On January 3, 2006, Municipal Target Trust&#146;s Board approved the redemption of all of the 5,964 W7 preferred shares outstanding in preparation for its termination on or about December 31,
2006. The shares were redeemed at a price of &#36;25,000 per share plus any accrued and unpaid dividends through the redemption date on February 2, 2006 (an aggregate price of &#36;149,180,037). Management believes that the redemption of the W7
preferred shares will not affect the Municipal Target Trust&#146;s ability to satisfy the terms of the remaining preferred shares outstanding.</FONT></P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">On June 6, 2006, New York Insured 2008 Trust&#146;s Board approved the redemption of all of the 1,710 F28 preferred shares outstanding in preparation for its termination on or about December
31, 2008. The shares were redeemed at a price of &#36;25,000 per share plus any accrued and unpaid dividends through the redemption date on July 10, 2006 (an aggregate price of &#36;42,750,000). Management believes that the redemption of the F28
preferred shares will not affect the New York Insured 2008 Trust&#146;s ability to satisfy the terms of the remaining preferred shares outstanding.</FONT></P>
<P align="center">
<FONT size=2 face="serif">91</FONT></P>

<HR noshade align="center" width="100%" size=4>




<P STYLE="page-break-before:always"></P><PAGE>
<A name="page_94"></A>

<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">On June 6, 2006, Municipal Insured 2008 Trust&#146;s Board approved the redemption of all of the 2,060 R28 preferred shares outstanding in preparation for its termination on or about December
31, 2008. The shares were redeemed at a price of &#36;25,000 per share plus any accrued and unpaid dividends through the redemption date on July 14, 2006 (an aggregate price of &#36;51,500,000). On June 6, 2006, Municipal Insured 2008 Trust&#146;s
Board approved the redemption of all of the 2,060 T28 preferred shares outstanding in preparation for its termination on or about December 31, 2008. The shares were redeemed at a price of &#36;25,000 per share plus any accrued and unpaid dividends
through the redemption date on July 26, 2006 (an aggregate price of &#36;51,500,000). Management believes that the redemption of the R28 and T28 preferred shares will not affect the Municipal Insured 2008 Trust&#146;s ability to satisfy the terms of
the remaining preferred shares outstanding. </FONT></P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">On June 6, 2006, Florida Insured 2008 Trust&#146;s Board approved the redemption of 1,200 R7 preferred shares outstanding in preparation for its termination on or about December 31, 2008. The
shares were redeemed at a price of &#36;25,000 per share plus any accrued and unpaid dividends through the redemption date on July 7, 2006 (an aggregate price of &#36;33,000,000). Management believes that the partial redemption of the R7 preferred
shares will not affect the Florida Insured 2008 Trust&#146;s ability to satisfy the terms of the remaining preferred shares outstanding.</FONT></P>
<P align="justify">
<B><FONT face="serif">Note 6. Dividends</FONT></B></P>
<P align="justify">
<FONT size=2 face="serif">Subsequent to June 30, 2006, the Board of each Trust declared dividends from undistributed earnings per common share payable August 1, 2006, to shareholders of record on July 14, 2006. The per share common dividends
declared were:</FONT></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD colspan="2" align=left nowrap>&nbsp;

        </TD>
        <TD width="7%" align=left nowrap>

        </TD>
        <TD width="10%" align=center nowrap>
<B><FONT size=2 face="serif">Common Dividend</FONT></B>&nbsp;
        </TD>
        <TD width="7%">&nbsp;
        </TD>
        <TD colspan="2" align=left nowrap>&nbsp;

        </TD>
        <TD width="16%" align=left nowrap>

        </TD>
        <TD width="10%" align=center nowrap>
<B><FONT size=2 face="serif">Common Dividend</FONT></B>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width="4%" align=left nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="serif">Trust</FONT></B>&nbsp;
        </TD>
        <TD width="22%" align=left nowrap style="border-bottom:0px solid #000000;">&nbsp;</TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">

        </TD>
        <TD align=center nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="serif">Per Share</FONT></B>&nbsp;
        </TD>
        <TD style="border-bottom:0px solid #000000;">&nbsp;
        </TD>
        <TD width="4%" align=left nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="serif">Trust</FONT></B>&nbsp;
        </TD>
        <TD width="20%" align=left nowrap style="border-bottom:0px solid #000000;">&nbsp;</TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">

        </TD>
        <TD align=center nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="serif">Per Share</FONT></B>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD colspan="2" align=left nowrap>
<FONT size=2 face="serif">Insured Municipal 2008</FONT>&nbsp;
        </TD>
        <TD align=right nowrap>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=2 face="serif">&#36;0.066250</FONT>&nbsp;&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD colspan="2" align=left nowrap>
<FONT size=2 face="serif">California 2018</FONT>&nbsp;
        </TD>
        <TD align=right nowrap>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=2 face="serif">&#36;0.061250</FONT>&nbsp;&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD colspan="2" align=left nowrap>
<FONT size=2 face="serif">Insured Municipal</FONT>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=center nowrap>
<FONT size=2 face="serif">0.030417</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD colspan="2" align=left nowrap>
<FONT size=2 face="serif">Florida Insured 2008</FONT>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=center nowrap>
<FONT size=2 face="serif">0.037500</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD colspan="2" align=left nowrap>
<FONT size=2 face="serif">Municipal 2018</FONT>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=center nowrap>
<FONT size=2 face="serif">0.075500</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD colspan="2" align=left nowrap>
<FONT size=2 face="serif">Florida 2020</FONT>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=center nowrap>
<FONT size=2 face="serif">0.055625</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD colspan="2" align=left nowrap>
<FONT size=2 face="serif">Municipal 2020</FONT>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=center nowrap>
<FONT size=2 face="serif">0.066250</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD colspan="2" align=left nowrap>
<FONT size=2 face="serif">New York Insured 2008</FONT>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=center nowrap>
<FONT size=2 face="serif">0.045600</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD colspan="2" align=left nowrap>
<FONT size=2 face="serif">Municipal Target</FONT>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=center nowrap>
<FONT size=2 face="serif">0.031125</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD colspan="2" align=left nowrap>
<FONT size=2 face="serif">New York 2018</FONT>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=center nowrap>
<FONT size=2 face="serif">0.061250</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD colspan="2" align=left nowrap>
<FONT size=2 face="serif">Municipal Strategic</FONT>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=center nowrap>
<FONT size=2 face="serif">0.091625</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD colspan="2" align=left nowrap>
<FONT size=2 face="serif">Pennsylvania Strategic</FONT>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=center nowrap>
<FONT size=2 face="serif">0.075500</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD colspan="2" align=left nowrap>
<FONT size=2 face="serif">California Insured 2008</FONT>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=center nowrap>
<FONT size=2 face="serif">0.064375</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD colspan="2" align=left nowrap>
<FONT size=2 face="serif">Long-Term Municipal</FONT>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=center nowrap>
<FONT size=2 face="serif">0.068750</FONT>&nbsp;
        </TD>
</TR>
</TABLE>
<BR>
<P align="justify">
<FONT size=2 face="serif">The dividends declared on preferred shares for the period July 1, 2006 to July 31, 2006, for each of the Trusts were as follows:</FONT></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD colspan="2" align=left nowrap>&nbsp;

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=4% align=left nowrap>&nbsp;

        </TD>
        <TD width=9%>&nbsp;
        </TD>
        <TD width=6% align=center nowrap>
<B><FONT size=2 face="serif">Dividends</FONT></B>&nbsp;
        </TD>
        <TD width=5%>&nbsp;
        </TD>
        <TD colspan="2" align=left nowrap>&nbsp;

        </TD>
        <TD width=6%>&nbsp;
        </TD>
        <TD width=4% align=left nowrap>&nbsp;

        </TD>
        <TD width=8%>&nbsp;
        </TD>
        <TD width=6% align=center nowrap>
<B><FONT size=2 face="serif">Dividends</FONT></B>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=4% align=left nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="serif">Trust</FONT></B>&nbsp;
        </TD>
        <TD width=21% align=left nowrap style="border-bottom:0px solid #000000;">&nbsp;</TD>
        <TD>&nbsp; </TD>
        <TD align=center nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="serif">Series</FONT></B>&nbsp;
        </TD>
        <TD style="border-bottom:0px solid #000000;">&nbsp;
        </TD>
        <TD align=center nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="serif">Declared</FONT></B>&nbsp;
        </TD>
        <TD style="border-bottom:0px solid #000000;">&nbsp;
        </TD>
        <TD width="9%" align=left nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="serif">Trust</FONT></B>&nbsp;
        </TD>
        <TD width="16%" align=left nowrap style="border-bottom:0px solid #000000;">&nbsp;</TD>
        <TD style="border-bottom:0px solid #000000;">&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="serif">Series</FONT></B>&nbsp;
        </TD>
        <TD style="border-bottom:0px solid #000000;">&nbsp;
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
      <center>
        <B><FONT size=2 face="serif">Declared</FONT></B>&nbsp;
      </center></TD>
</TR>
<TR valign="bottom">
        <TD colspan="2" align=left nowrap>
<FONT size=2 face="serif">Insured Municipal 2008</FONT>&nbsp;
        </TD>
        <TD>&nbsp; </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">T7</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=2 face="serif">312,313</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD colspan="2" align=left nowrap>
<FONT size=2 face="serif">California Insured 2008</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">W7</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">153,335</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD colspan="2" align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">T28</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=2 face="serif">158,023</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD colspan="2" align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">W28</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">97,235</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD colspan="2" align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">R7</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=2 face="serif">136,475</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD colspan="2" align=left nowrap>
<FONT size=2 face="serif">California 2018</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">M7</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">134,837</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD colspan="2" align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">R28</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=2 face="serif">128,400</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD colspan="2" align=left nowrap>
<FONT size=2 face="serif">Florida Insured 2008</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">R7</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">163,068</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD colspan="2" align=left nowrap>
<FONT size=2 face="serif">Insured Municipal</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">M7</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=2 face="serif">288,796</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD colspan="2" align=left nowrap>
<FONT size=2 face="serif">Florida 2020</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">F7</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">171,795</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD colspan="2" align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">M28</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=2 face="serif">176,618</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD colspan="2" align=left nowrap>
<FONT size=2 face="serif">New York Insured 2008</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">F7</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">192,918</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD colspan="2" align=left nowrap>
<FONT size=2 face="serif">Municipal 2018</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">W7</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=2 face="serif">191,704</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD colspan="2" align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">F28</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">108,226</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD colspan="2" align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">R7</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=2 face="serif">188,787</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD colspan="2" align=left nowrap>
<FONT size=2 face="serif">New York 2018</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">T7</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">75,862</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD colspan="2" align=left nowrap>
<FONT size=2 face="serif">Municipal 2020</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">M7</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=2 face="serif">165,168</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD colspan="2" align=left nowrap>
<FONT size=2 face="serif">Pennsylvania Strategic</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">W7</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">41,454</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD colspan="2" align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">W7</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=2 face="serif">163,037</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD colspan="2" align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD colspan="2" align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">F7</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=2 face="serif">205,590</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD colspan="2" align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD colspan="2" align=left nowrap>
<FONT size=2 face="serif">Municipal Strategic</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">W7</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=2 face="serif">171,194</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD colspan="2" align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
</TABLE>
<BR>
<P align="justify">
<B><FONT face="serif">Note 7. Concentration</FONT></B><BR>
<B><FONT face="serif">Risk</FONT></B>
</P>
<P align="justify">
<FONT size=2 face="serif">The Trusts concentrate their investments in securities issued by state agencies, other governmental entities and U.S. Territories. The Trusts are more susceptible to adverse financial, social, environmental, economic,
regulatory and political factors that may affect these states, which could seriously affect the ability of these states and their municipal subdivisions to meet continuing obligations for principle and interest payments, than if the Trusts were not concentrated in securities issued by state agencies, other governmental entities and U.S.
Territories.</FONT></P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Many municipalities insure repayment for their obligations. Although bond insurance reduces the risk of loss due to default by an issuer, such bonds remain subject to the risk that market value
may fluctuate for other reasons and there is no assurance that the insurance company will meet its obligations. These securities have been identified in the Portfolios of Investments.</FONT></P>
<P align="center">
<FONT size=2 face="serif">92</FONT></P>

<HR noshade align="center" width="100%" size=4>




<P STYLE="page-break-before:always"></P><PAGE>
<A name="page_95"></A>

<div style="border-bottom:1px solid #000000">
  <center>
    <b><font face="serif">BOARD REVIEW
        OF INVESTMENT MANAGEMENT AGREEMENTS</font></b>
  </center>
</div>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Under the 1940 Act, the continuation of each Trust&#146;s investment management and sub-advisory agreements is required to be approved annually by the Boards, including the Board members who
are not &#147;interested persons&#148; of the Trusts or the Advisors as defined in the 1940 Act (&#147;the independent Trustees&#148;) Independent Directors. At a meeting held on May 23, 2006, the Boards of each Trust, including the Independent
Directors, met to consider the annual continuation of each Trust&#146;s agreements (the &#147;Current Agreements&#148;). The Boards first considered the annual continuation of each Current Agreement with out considering the impending Transaction (as
defined below) between BlackRock, Inc. (&#147;BlackRock&#148;) and Merrill Lynch &amp; Co., Inc. (&#147;Merrill Lynch&#148;) because the Current Agreements needed to be re-approved whether or not the Transaction closes. Accordingly, it was
appropriate to review each Current Agreements with out considering the impending Transaction, and then to separately consider the impact of the transaction on the Current Agreements. BTA commenced investment operations in 2006. Accordingly, its
investment advisory agreements were not subject to renewal at the portion of the meeting devoted to approving the Current Agreements. References to the &#147;Trusts&#148; in the section below captioned &#147;Matters Considered by the by the Boards -
The Current Agreements&#148; should be understood to exclude BTA.</FONT></P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">At the meeting on May 23, 2006, the Board of each Trust, including the Independent Directors, unanimously approved the continuance of each current investment management agreement and, if
applicable, current sub-advisory agreement for each Trust and then approved a new management agreement and a new sub-advisory agreement for each Trust. </FONT></P>
<P align="justify">
<B><FONT size=2 face="serif">Information Received by the Boards</FONT></B>
</P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">To assist each Board in its evaluation of the Current Agreements, the independent directors received information from BlackRock on or about April 22, 2006 which detailed, among other things:
the organization, business lines and capabilities of the Advisors, including the responsibilities of various departments and key personnel and biographical information relating to key personnel; financial statements for BlackRock, Inc., The PNC
Financial Services Group, Inc. and each Trust; the advisory and/or administrative fees paid by each Trust to BlackRock, Inc. and BlackRock Financial Management, Inc. (collectively the &#147;Advisors&#148;) including comparisons, compiled by an
independent third party, with the management fees of funds with similar investment objectives (&#147;Peers&#148;); the profitability of BlackRock and certain industry profitability analyses for advisors to registered investment companies; the
expenses of BlackRock in providing the various services; non-investment advisory reimbursements and &#147;fallout&#148; benefits to BlackRock; the expenses of each Trust, including comparisons of the respective Trust&#146;s expense ratios (both
before and after any fee waivers) with the expense ratios of its Peers; and each Trust&#146;s performance for the past one-, three-, five-and ten-year periods, when applicable, as well as each Trust&#146;s performance compared to its Peers. This
information supplemented the information received by each Board throughout the year regarding each Trust&#146;s performance, expense ratios, portfolio composition, trade execution and compliance. </FONT></P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">In addition to the foregoing materials, independent legal counsel to the Independent Directors provided a legal memorandum outlining, among other things, the duties of the Boards under the 1940
Act, as well as the general principles of relevant law in reviewing and approving advisory contracts, the requirements of the 1940 Act in such matters, an advisor&#146;s fiduciary duty with respect to advisory agreements and compensation, and the
standards used by courts in determining whether investment company boards of directors have fulfilled their duties and factors to be considered by the boards in voting on advisory agreements. </FONT></P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">The Independent Directors reviewed this information and discussed it with independent counsel in executive session prior to the Board meeting. At the Board meeting on May 23, 2006, BlackRock
made a presentation to and responded to additional questions from the Boards. After the presentations and after additional discussion the Boards considered each Current Agreement and, in consultation with independent counsel, reviewed the factors
set out in judicial decisions and SEC statements relating to the renewal of the Current Agreements.</FONT></P>
<P align="justify">
<B><FONT size=2 face="serif">Matters Considered by the Boards</FONT></B><BR>
<BR>
<I><FONT size=2 face="serif">The Current Agreements</FONT></I>
</P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">In connection with their deliberations with respect to the Current Agreements, the Boards considered all factors they believed relevant with respect to each Trust, including the following: the
nature, extent and quality of the services to be provided by the Advisors; the investment performance of each Trust; the costs of the services to be provided and profits to be realized by the Advisors and their affiliates from their relationship
with the Trusts; the extent to which economies of scale would be realized as the BlackRock closed-end fund complex grows; and whether BlackRock realizes other benefits from its relationship with the Trusts.</FONT></P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I><FONT size=2 face="serif">Nature and Quality of Investment Advisory and Sub-Advisory Services. </FONT></I><FONT size=2 face="serif">In evaluating the nature, extent and quality of the Advisors&#146; services, the
Boards reviewed information concerning the types of services that the Advisors provide and are expected to provide to each Trust, narrative and statistical information concerning each Trust&#146;s performance record and how such performance compares
to each Trust&#146;s Peers, information describing BlackRock&#146;s organization and its various departments, the experience and responsibilities of key personnel and available resources. The Boards noted the willingness of the personnel of
BlackRock to engage in open, candid discussions with the Boards. The Boards further considered the quality of the Advisors&#146; investment process in making portfolio management decisions. Given the Boards&#146; experience with BlackRock, the
Boards noted that they were familiar with and continue to have a good understanding of the organization, operations and personnel of BlackRock. The Boards also noted that the formation of Portfolio Review Committees and a Compliance Committee had
helped the Boards to continue to improve their understanding of BlackRock&#146;s organization, operations and personnel.</FONT></P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">In addition to advisory services, the Independent Directors considered the quality of the administrative or non-investment advisory services provided to the Trusts. In this regard, the Advisors
provide each Trust with such administrative and other services (exclusive of, and in addition to, any such services provided by others for the Trusts) and officers and other personnel as are necessary for the operations of the respec-</FONT></P>
<P align="center">
<FONT size=2 face="serif">93</FONT></P>

<HR noshade align="center" width="100%" size=4>




<P STYLE="page-break-before:always"></P><PAGE>
<A name="page_96"></A>

<P align="justify">
<FONT size=2 face="serif">tive Trust. In addition to investment management services, the Advisors and their affiliates provide each Trust with services such as: preparing shareholder reports and communications, including annual and semi-annual
financial statements and Trust websites; communications with analysts to support secondary market trading; assisting with daily accounting and pricing; preparing periodic filings with regulators and stock exchanges; overseeing and coordinating the
activities of other service providers; administering and organizing Board meetings and preparing the Board materials for such meetings; providing legal and compliance support (such as helping to prepare proxy statements and responding to regulatory
inquiries); and performing other Trust administrative tasks necessary for the operation of the respective Trust (such as tax reporting and fulfilling regulatory filing requirements). The Boards considered the Advisors&#146; policies and procedures
for assuring compliance with applicable laws and regulations.</FONT></P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I><FONT size=2 face="serif">Investment Performance of the Trusts. </FONT></I><FONT size=2 face="serif">As previously noted, the Boards received performance information regarding each Trust and its Peers. Among other
things, the Boards received materials reflecting each Trust&#146;s historic performance and each Trust&#146;s performance compared to its Peers. More specifically, each Trust&#146;s one-, three-, five- and ten-year total returns (when applicable)
were evaluated relative to its respective Peers (including the performance of individual Peers as well as the Peers&#146; average performance).</FONT></P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">The Boards reviewed a narrative analysis of the third-party Peer rankings that was prepared by BlackRock at the Boards&#146; request. The summary placed the Peer rankings into context by
analyzing various factors that affect these comparisons. In evaluating the performance information, in certain limited instances, the Boards noted that the Peers most similar to a given Trust still would not adequately reflect such Trust&#146;s
investment objectives and strategies, thereby limiting the usefulness of the comparisons of such Trust&#146;s performance with that of its Peers. The Boards determined that 11 Trusts (BRM, BMT, BPK, BKK, BMN, BFC, BJZ, BRF, BFO, BLN and BLH) with
finite terms were not comparable to the Peers assigned to them by Lipper because, in accordance with their investment objectives, they manage their duration to reflect their finite lives. Because the portfolios of these 11 Trusts have a shorter
duration than those of their Peers, they generally will have lower returns than their Peers, all other things being equal, in order to seek to return to investors their initial investment at the end of the life of these Trusts. The Boards also noted
that each of these 11 Trusts performed at least as well as their benchmark in at least two periods in each of the past one-, three- and five-year periods or in all applicable periods if not all periods were applicable.</FONT></P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Of the three other Trusts, the Boards noted that BSD had performed better than or equal to the median of its Peers and benchmarks in each of the past one-, three- and five-year periods. The
Boards also noted that BPS had performed worse than the median of its Peers in at least one of these periods or worse than its applicable benchmark in more than one of these periods. The Boards considered the following reasons why BPS may have
underperformed its Peers or their benchmarks, but also noted that it is often difficult to determine why a Trust underperformed a Peer because it is difficult to obtain perfect information with respect to the Peers.</FONT></P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">The Board of BPS noted that the Trust had under-performed its respective Peers or its benchmark for one or more periods. The Board considered that, with respect to a Trust investing primarily
in municipal securities, the Advisor generally limits lengthening the duration of such Trust in response to changing interest rate environments because the shorter duration bonds owned by the Trust generally have yields higher than the coupons on
longer duration bonds available in the market today. Accordingly, by retaining the short duration bonds currently in the portfolio of BPS, the Advisor believes it is better able to maintain the current dividend levels of BPS, albeit at the expense
of a lower total return than they may have otherwise had with a longer duration portfolio. In addition, in a rising interest rate environment where the yield-curve is normal, the Advisor believes that BPS portfolio will have less interest rate risk
than a portfolio of longer duration bonds. </FONT></P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">After considering this information, the Boards concluded that the performance of each Trust, in light of and after considering the other facts and circumstances applicable to each Trust,
supports a conclusion that each Trust&#146;s Current Agreement should be renewed.</FONT></P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I><FONT size=2 face="serif">Fees and Expenses. </FONT></I><FONT size=2 face="serif">In evaluating the management fees and expenses that a Trust is expected to bear, the Boards considered each Trust&#146;s current
management fee structure and the Trust&#146;s expected expense ratios in absolute terms as well as relative to the fees and expense ratios of applicable Peers. In reviewing fees, the Boards, among other things, reviewed comparisons of each
Trust&#146;s gross management fees before and after any fee waivers and total expense ratios after any applicable waivers with those of the applicable Peers. The Boards also reviewed a narrative analysis of the Peer rankings that was prepared by an
independent third party and summarized by BlackRock at the request of the Boards. This summary placed the rankings into context by analyzing various factors that affect these comparisons. </FONT></P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">The Boards noted that, of the 13 Trusts with investment advisory agreements subject to re-approval at the meeting, nine Trusts pay fees lower than or equal to the median fees paid by their
Peers in each of (i) contractual management fees payable by a Trust prior to any fee waivers (&#147;contractual management fees&#148;), (ii) actual management fees paid by a Trust after taking into consideration fee waivers (&#147;actual management
fees&#148;) and (c) total expenses. Of the remaining four Trusts: BLH and BFO had contractual management fees and total expenses better than or equal to the median of their Peers, but had actual management fees worse than the median; and BFC and BRM
had contractual management fees better than or equal to the median of their Peers, but had actual management fees and total expenses worse then the median. The Board noted the following reasons why these four Trusts actual management fees or total
expenses higher than the median of their Peers:</FONT></P>
<UL>
<LI>
<P align="justify"><I><FONT size=2 face="serif">De minimis. </FONT></I><FONT size=2 face="serif">The Boards of BLH, BFO, and BRM, noted that these Trusts pay actual management fees and/or incur total expenses that</FONT> <FONT size=2 face="serif">are no more than 4 bps (no more than 6%) higher than the median of their respective Peers. Nevertheless, all three of these Trusts have</FONT> <FONT size=2 face="serif">contractual management fees that are lower than or equal to the
median of their peers. In addition, BLH and BFO incur total expenses</FONT> <FONT size=2 face="serif">that are lower than or equal to the median.</FONT></P></LI>
<LI>
<P align="justify"><I><FONT size=2 face="serif">Other Factors. </FONT></I><FONT size=2 face="serif">The Board noted that BFC has contractual management fees which are better or equal to the median of its peers. The Board</FONT> <FONT size=2 face="serif">of BFC noted that the Trust pays actual management fees and incurs total expenses that are worse than the median of its Peers, which may</FONT> <FONT size=2 face="serif">be attributable to the other funds temporarily waiving
fees.</FONT></P></LI>
</UL>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">The Boards also compared the management fees charged to the Trusts and other investment companies by the Advisors to the management fees the Advisors charge other types of clients (such as
open-end investment companies and separately managed institutional accounts). With</FONT></P>
<P align="center">
<FONT size=2 face="serif">94</FONT></P>

<HR noshade align="center" width="100%" size=4>




<P STYLE="page-break-before:always"></P><PAGE>
<A name="page_97"></A>

<P align="justify">
<FONT size=2 face="serif">respect to open-end investment companies, the management fees charged to the Trusts generally were higher than those charged to the open-end investment companies. The Boards also noted that the Advisors provide the Trusts
with certain services not provided to open-end funds, such as leverage management in connection with the issuance of preferred shares, stock exchange listing compliance requirements, rating agency compliance with respect to the leverage employed by
the Trusts and secondary market support and other services not provided to the Trusts, such as monitoring of subscriptions and redemptions. With respect to separately managed institutional accounts, the management fees for such accounts were
generally lower than those charged to the comparable Trusts. The Boards noted, however, the various services that are provided and the costs incurred by the Advisors in managing and operating the Trusts. For instance, the Advisors and their
affiliates provide numerous services to the Trusts that are not provided to institutional accounts including, but not limited to: preparing shareholder reports and communications, including annual and semi-annual financial statements; preparing
periodic filings with regulators and stock exchanges; overseeing and coordinating the activities of other service providers; administering and organizing Board meetings and preparing the Board materials for such meetings; income monitoring; expense
budgeting; preparing proxy statements; and performing other Trust administrative tasks necessary for the operation of the respective Trust (such as tax reporting and fulfilling regulatory filing requirements). Further, the Boards noted the increased
compliance requirements for the Trusts in light of new SEC regulations and other legislations. These services are generally not required to the same extent, if at all, for separate accounts. </FONT></P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">In connection with the Boards&#146; consideration of this information, the Boards reviewed the considerable investment management experience of the Advisors and considered the high level of
investment management, administrative and other services provided by the Advisors. In light of these factors and the other facts and circumstances applicable to each Trust, the Boards concluded that the fees paid and expenses incurred by each Trust
under its Current Agreements supports a conclusion that each Trust&#146;s Current Agreements should be renewed.</FONT></P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I><FONT size=2 face="serif">Profitability</FONT></I><FONT size=2 face="serif">. The Directors also considered BlackRock&#146;s profitability in conjunction with their review of fees. The Directors reviewed
BlackRock&#146;s revenues, expenses and profitability margins on a before and after-tax basis. In reviewing profitability, the Directors recognized that one of the most difficult issues in determining profitability is establishing a method of
allocating expenses. The Directors also reviewed BlackRock&#146;s assumptions and methodology of allocating expenses, noting the inherent limitations in allocating costs among various advisory products. The Boards also recognized that individual
fund or product line profitability of other advisors is generally not publicly available. </FONT></P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">The Boards recognized that profitability may be affected by numerous factors including, among other things, the types of funds managed, expense allocations and business mix, and therefore
comparability of profitability is somewhat limited. Nevertheless, to the extent available, the Boards considered BlackRock&#146;s pre-tax profit margin compared to the pre-tax profitability of various publicly-traded investment management companies
and/or investment management companies that publicly disclose some or all of their financial results. The comparison indicated that BlackRock&#146;s pre-tax profitability was in the second quartile of the fifteen companies compared (including
BlackRock), with the most profitable quartile being ranked first and the least profitable quartile being ranked fourth.</FONT></P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">In evaluating the reasonableness of the Advisors&#146; compensation, the Boards also considered any other revenues paid to the Advisors, including partial reimbursements paid to the Advisors
for certain non-investment advisory services. The Boards noted that these payments were less than the Advisors&#146; costs for providing these services. The Boards also considered indirect benefits that the Advisors and their affiliates are expected
to receive that are attributable to their management of the Trusts.</FONT></P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">In reviewing each Trust&#146;s fees and expenses, the Boards examined the potential benefits of economies of scale, and whether any economies of scale should be reflected in the Trusts&#146;
fee structures, for example through the use of breakpoints. In this connection, the Boards reviewed information provided by BlackRock, noting that most closed-end fund complexes do not have fund-level breakpoints, as closed-end funds generally do
not experience substantial growth after their initial public offering and each fund is managed independently consistent with its own investment objectives. The information also revealed that only one closed-end fund complex used a complex-level
breakpoint structure for advisory fees, and that this complex generally is homogeneous with regard to the types of funds managed and is about three times as large as the Trusts&#146; complex.</FONT></P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">The Boards concluded that BlackRock&#146;s profitability, in light of all the other facts and circumstances applicable to each Trust, supports a conclusion that each Trust&#146;s Current
Agreements should be renewed.</FONT></P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I><FONT size=2 face="serif">Other Benefits. </FONT></I><FONT size=2 face="serif">In evaluating fees, the Boards also considered indirect benefits or profits the Advisors or their affiliates may receive as a result of
their relationships with the Trusts. The Directors, including the Independent Directors, considered the intangible benefits that accrue to the Advisors and their affiliates by virtue of their relationships with the Trusts, including potential
benefits accruing to the Advisors and their affiliates as a result of participating in offerings of the Trusts&#146; shares, potentially stronger relationships with members of the broker-dealer community, increased name recognition of the Advisors
and their affiliates, enhanced sales of other investment funds and products sponsored by the Advisors and their affiliates and increased assets under management which may increase the benefits realized by the Advisors from soft dollar arrangements
with broker-dealers. The Boards also considered the unquantifiable nature of these potential benefits.</FONT></P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I><FONT size=2 face="serif">Miscellaneous. </FONT></I><FONT size=2 face="serif">During the Boards&#146; deliberations in connection with the Current Agreements, the Boards were aware that the Advisor pays compensation,
out of its own assets, to the lead underwriter and to certain qualifying underwriters of many of its closed-end funds, and to employees of the Advisors&#146; affiliates that participated in the offering of such funds. The Boards considered whether
the management fee met applicable standards in light of the services provided by the Advisors, without regard to whether the Advisors ultimately pay any portion of the anticipated compensation to the underwriters.</FONT></P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I><FONT size=2 face="serif">Conclusion with respect to the Current Agreements. </FONT></I><FONT size=2 face="serif">In reviewing the Current Agreements without considering the impending Transaction, the Directors did
not identify any single factor discussed above as all-important or controlling. The Directors, including the Independent Directors, unanimously determined that each of the factors described above, in light of all the other factors and all of the
facts and circumstances applicable to each respective Trust, was acceptable for each Trust and supported the Directors&#146; conclusion that the terms of each Current Agreement were fair and reasonable, that the respective Trust&#146;s fees are
reasonable in light of the services provided to the respective Trust, and that each Current Agreement should be approved.</FONT></P>
<P align="center">
<FONT size=2 face="serif">95</FONT></P>

<HR noshade align="center" width="100%" size=4>




<P STYLE="page-break-before:always"></P><PAGE>
<A name="page_98"></A>

<P align="justify">
<I><FONT size=2 face="serif">The Transaction</FONT></I><BR>
</P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">On February 15, 2006, BlackRock and Merrill Lynch announced that they had entered into an agreement pursuant to which Merrill Lynch would contribute its investment management business, Merrill
Lynch Investment Managers (&#147;MLIM&#148;), to BlackRock, one of the largest publicly traded investment management firms in the United States, to form a new asset management company that will be one of the world&#146;s preeminent, diversified
global money management organizations with approximately &#36;1 trillion in assets under management (the &#147;Transaction&#148;). Based in New York, BlackRock currently manages assets for institutional and individual investors worldwide through a
variety of equity, fixed income, cash management and alternative investment products. The new company will operate under the BlackRock name and be governed by a board of directors with a majority of independent members. The new company will offer a
full range of equity, fixed income, cash management and alternative investment products with strong representation in both retail and institutional channels, in the U.S. and in non-U.S. markets. It will have over 4,500 employees in 18 countries and
a major presence in most key markets, including the United States, the United Kingdom, Asia, Australia, the Middle East and Europe. Merrill Lynch will own no more than 49.8% of the total issued and outstanding capital stock of the new company and it
will own no more than 45% of the new company&#146;s common stock, and The PNC Financial Services Group, Inc. (&#147;PNC&#148;), which currently holds a majority interest in BlackRock, will retain approximately 34% of the new company&#146;s common
stock. Each of Merrill Lynch and PNC has agreed that it will vote all of its shares on all matters in accordance with the recommendation of BlackRock&#146;s board. Completion of the Transaction is subject to various regulatory approvals, client
consents, approval by BlackRock shareholders and customary conditions. The Transaction has been approved by the boards of directors of Merrill Lynch, BlackRock and PNC and is expected to close at the end of the third quarter of 2006.</FONT></P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Although BlackRock has informed the Boards that it does not believe the Transaction will be an assignment of the Current Agreements under the 1940 Act, it is possible that the Transaction could
be determined to be such an assignment, which would result in the automatic termination of each Current Agreement. Due to this uncertainty, each Trust submitted its post-Transaction management agreements and sub-advisory agreements (collectively the
&#147;New Agreements&#148;) to shareholders to prevent any potential disruption in the Advisor&#146;s ability to continue to provide services to the Trusts after completion of the Transaction. The New Agreements will be effective upon the completion
of the Transaction or, if the Transaction is not completed, at such time as the Boards determine.</FONT></P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I><FONT size=2 face="serif">Consequences of the Transaction. </FONT></I><FONT size=2 face="serif">On February 23, 2006, April 21, 2006 and May 23, 2006, members of BlackRock management made presentations on the
Transaction to the Boards and the Boards discussed with management and amongst themselves management&#146;s general plans and intentions regarding the Trusts, including the preservation, strengthening and growth of BlackRock&#146;s business and its
combination with MLIM&#146;s business. The Boards also inquired about the plans for and anticipated roles and responsibilities of certain BlackRock employees and officers after the Transaction. The Independent Directors also met in executive session
to discuss the Transaction. After these meetings, BlackRock continued to update the Boards with respect to its plans to integrate the operations of BlackRock and MLIM and the potential impact of those plans on the Trusts as those plans were further
developed.</FONT></P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">After considering and approving the Current Agreements, the Boards (including the Independent Directors) then considered the information received at these meetings and the consequences of the
Transaction to each Trust, including, among other things:</FONT></P>

<table width="100%"  border="0">
  <tr>
    <td width="8%">&nbsp;</td>
    <td width="92%"><font size=2 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif"></FONT>(i) that BlackRock, MLIM and their investment advisory subsidiaries are experienced and respected asset management firms, and that BlackRock advised the Boards that in connection with the closing of the Transaction, it intends to take steps to combine the investment management operations of BlackRock and MLIM, which, among other things, may involve sharing common systems and procedures, employees (including portfolio managers), investment and trading platforms, and other resources. Furthermore, it is expected that these combination processes will result in changes to portfolio managers or portfolio management teams for each of the Trusts, subject to Board consent and appropriate notice to shareholders;</font></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td><font size=2 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I><FONT size=2 face="serif"></FONT></I>(ii) that BlackRock advised the Boards that following the Transaction, there is not expected to be any diminution in the nature, quality and extent of services provided to the Trusts and their shareholders by the Advisors, including compliance services;</font></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td><font size=2 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I><FONT size=2 face="serif"></FONT></I>(iii) that BlackRock advised the Boards that it has no present intention to alter the expense waivers and reimbursements currently in effect for certain of the Trusts;</font></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td><font size=2 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I><FONT size=2 face="serif"></FONT></I>(iv) the experience, expertise, resources and performance of MLIM that will be contributed to BlackRock after the closing of the Transaction and their anticipated impact on BlackRock&#146;s ability to manage the Trusts;</font></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td><font size=2 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I><FONT size=2 face="serif"></FONT></I>(v) that BlackRock and MLIM would derive benefits from the Transaction and that as a result, they have a financial interest in the matters that were being considered; </font></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td><font size=2 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I><FONT size=2 face="serif"></FONT></I>(vi) the potential effects of regulatory restrictions on the Trusts as a result of Merrill Lynch&#146;s equity stake in BlackRock after the Transaction;</font></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td><font size=2 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I><FONT size=2 face="serif"></FONT></I>(vii) the fact that each Trust&#146;s aggregate investment advisory and sub-advisory fees will not increase by virtue of the New Agreements; </font></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td><font size=2 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I><FONT size=2 face="serif"></FONT></I>(viii) the terms of the New Agreements, including the differences from the Current Agreements;</font></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td><font size=2 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I><FONT size=2 face="serif"></FONT></I>(ix) that the Trusts would not bear the costs of obtaining shareholder approval of the New Agreements; and</font></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td><font size=2 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I><FONT size=2 face="serif"></FONT></I>(x) that BlackRock and Merrill Lynch have agreed to conduct their respective businesses (and use reasonable best efforts to cause their respective affiliates to conduct their respective businesses) to enable the conditions of Section 15(f) to be true in relation to any registered investment companies advised by MLIM and registered under the 1940 Act and have agreed to the same conduct in relation to the BlackRock registered investment companies to the extent it is determined the Transaction is an assignment under the 1940 Act.</font></td>
  </tr>
</table>
<P align="justify"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I><FONT size=2 face="serif">Nature and Quality of Investment Advisory and Sub-Advisory Services. </FONT></I><FONT size=2 face="serif">The Boards considered the expected impact of the Transaction on the operations,
facilities, organization and personnel of the Advisors, the potential implications of regulatory restrictions on the Trusts following the</FONT></P>
<P align="center">
<FONT size=2 face="serif">96</FONT></P>

<HR noshade align="center" width="100%" size=4>




<P STYLE="page-break-before:always"></P><PAGE>
<A name="page_99"></A>

<P align="justify">
<FONT size=2 face="serif">Transaction and the ability of the Advisors to perform their duties after the Transaction. The Boards considered that the services to be provided and the standard of care under the New Agreements are the same as under the
Current Agreements. The Boards also considered statements by management of BlackRock that, in connection with integrating the operations of the Advisors and MLIM, the objective was to preserve the best of both organizations in order to enhance
BlackRock&#146;s ability to provide investment advisory services following completion of the Transaction. </FONT></P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">The Boards noted that it is impossible to predict with certainty the impact of the Transaction on the nature, quality and extent of the services provided by the Advisors to the Trusts, but
concluded based on the information currently available and in light of all of the current facts and circumstances that the Transaction is likely to provide the Advisors with additional resources with which to serve the Trusts and was not expected to
adversely affect the nature, quality and extent of the services to be provided to the Trusts and their shareholders by the Advisors and was not expected to materially adversely affect the ability of the Advisors to provide those services.</FONT></P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">BlackRock currently intends that the portfolio managers for the Trusts will remain the same following completion of the Transaction, except that BlackRock intends to propose to the Boards that,
following completion of the Transaction, a team primarily comprised of MLIM professionals will manage the portfolios of those Trusts that invest primarily in municipal securities. BlackRock informed the Boards of this proposal at the May 23rd
meetings of the Boards and discussed with the Boards the reasons for this proposed change. BlackRock also informed the Boards that it intends to provide additional information to the Boards with respect to this proposed change at the August meetings
of the Boards for the Boards&#146; consideration at that time. If the Boards approve this proposed change, the following team members generally would oversee investment policies for those Trusts that invest primarily in municipal securities. This
team is one of the largest managers of municipal debt with approximately &#36;67.5 billion in assets under management as of March 31, 2006, including 31 closed-end investment companies with &#36;16.2 billion in asssets, &#36;8 billion in retail
separate accounts and nine open-end mutual funds with &#36;4.1 billion in assets. </FONT></P>
<TABLE border=0 cellspacing=0 cellpadding=0>
<TR>
  <TD width="3%" valign=top nowrap>&nbsp;</TD>
        <TD width="2%" valign=top nowrap>
<LI></LI>       </TD>
        <TD width=95%>
<P align="justify"><B><FONT size=2 face="serif">Robert A. DiMella. </FONT></B><FONT size=2 face="serif">Mr. DiMella has been a Managing Director of MLIM since 2004 and was a Director from 2002 to 2004. He has been a portfolio manager with MLIM since 1993.</FONT></P>
        </TD>
</TR>
<TR><TD colspan=3>&nbsp;</TD></TR><TR>
  <TD nowrap valign=top>&nbsp;</TD>
        <TD nowrap valign=top>
<LI></LI>       </TD>
        <TD width=95%>
<P align="justify"><B><FONT size=2 face="serif">William R. Bock. </FONT></B><FONT size=2 face="serif">Mr. Bock has been a Director of MLIM since 2005, and was a Vice President from 1989 to 2005. Mr. Bock has been a portfolio manager with MLIM since 1989.</FONT></P>
        </TD>
</TR>
<TR><TD colspan=3>&nbsp;</TD></TR><TR>
  <TD nowrap valign=top>&nbsp;</TD>
        <TD nowrap valign=top>
<LI></LI>       </TD>
        <TD width=95%>
<P align="justify"><B><FONT size=2 face="serif">Timothy T. Browse. </FONT></B><FONT size=2 face="serif">Mr. Browse has been a Vice President (Municipal Tax-Exempt Fund Management) of and portfolio manager with MLIM since 2004. He was also Vice
President, Portfolio Manager and team leader of the Municipal Investments Team with Lord Abbett &amp; Co. from 2000 to 2003.</FONT></P>
        </TD>
</TR>
<TR><TD colspan=3>&nbsp;</TD></TR><TR>
  <TD nowrap valign=top>&nbsp;</TD>
        <TD nowrap valign=top>
<LI></LI>       </TD>
        <TD width=95%>
<P align="justify"><B><FONT size=2 face="serif">Theodore R. Jaeckel, Jr., CFA. </FONT></B><FONT size=2 face="serif">Mr. Jaeckel has been a Director (Municipal Tax-Exempt Fund Management) of MLIM since 1997. Mr. Jaeckel has been a portfolio manager
with MLIM since 1991.</FONT></P>
        </TD>
</TR>
<TR><TD colspan=3>&nbsp;</TD></TR><TR>
  <TD nowrap valign=top>&nbsp;</TD>
        <TD nowrap valign=top>
<LI></LI>       </TD>
        <TD width=95%>
<P align="justify"><B><FONT size=2 face="serif">Walter O&#146;Connor. </FONT></B><FONT size=2 face="serif">Mr. O&#146;Connor has been a Managing Director of MLIM since 2003, was a Director of MLIM from 1998 to 2003 and was a Vice President of MLIM
from 1992 to 1998. He has been a portfolio manager with MLIM since 1991.</FONT></P>
        </TD>
</TR>
<TR><TD colspan=3>&nbsp;</TD></TR><TR>
  <TD nowrap valign=top>&nbsp;</TD>
        <TD nowrap valign=top>
<LI></LI>       </TD>
        <TD width=95%>
<P align="justify"><B><FONT size=2 face="serif">Robert D. Sneeden. </FONT></B><FONT size=2 face="serif">Mr. Sneeden has been a Vice President of MLIM since 1998 and was an Assistant Vice President from 1994 to 1998. Mr. Sneeden has been a portfolio
manager with MLIM since 1994.</FONT></P>
        </TD>
</TR></TABLE>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">If the respective Boards do not approve the proposed change, they intend to consider what other course of action would be best for the Trusts that primarily invest in municipal securities and
their shareholders.</FONT></P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I><FONT size=2 face="serif">Investment Performance of the Trusts. </FONT></I><FONT size=2 face="serif">The Boards examined MLIM&#146;s investment performance with respect to its closed-end funds. The Boards noted the
Advisors&#146; and MLIM&#146;s considerable investment management experience and capabilities. The Boards considered this information together with the level of services expected to be provided to the Trusts. Although the Boards noted that it is
impossible to predict the effect, if any, that consummation of the Transaction would have on the future performance of the Trusts, the Boards concluded that the information currently available, in light of all of the current facts and circumstances,
supported approving the New Agreements. </FONT></P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I><FONT size=2 face="serif">Fees. </FONT></I><FONT size=2 face="serif">The Boards noted that the fees payable by the Trusts under the New Agreements are identical to the fees payable under the Current Agreements. The
Boards also considered the fees paid by the MLIM closed-end funds. In light of (i) the Boards&#146; approval of the fees paid by each Trust pursuant to the Current Agreements earlier at the May 23rd meeting, (ii) the fact that the Transaction would
cause no change to the fees paid by any Trust and (iii) the Boards&#146; earlier conclusion with respect to the services expected to be provided to the Trusts under the New Agreements, the Boards concluded that the fee structure under the New
Agreements was reasonable.</FONT></P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I><FONT size=2 face="serif">Profitability. </FONT></I><FONT size=2 face="serif">Management of the Advisors stated to the Boards that, following the Transaction, the current intention is to continue to determine
profitability and report profitability to the Boards in the same way as they did prior to the Transaction, subject to management&#146;s desire to preserve the best practices of MLIM. Management of the Advisors stated that any changes in the methods
used to determine profitability and report profitability to the Boards would be discussed with the Boards. The Boards considered the potential for increased economies of scale as a result of the Transaction and whether any economies of scale should
be reflected in the Trusts&#146; fee structures. The Boards also considered that the process of integrating the operations of the Advisors and MLIM was in the early stages and that considerable expense would be incurred in connection with
integrating such operations, all of which made it difficult to conclude that economies of scale would be realized as a result of the Transaction. In light of the foregoing, the Boards concluded that, at this time, no changes were necessary to the
fee structure of the Trusts as a result of the Transaction.</FONT></P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I><FONT size=2 face="serif">Other Benefits. </FONT></I><FONT size=2 face="serif">In evaluating ancillary benefits to be received by the Advisors and their affiliates under the New Agreements, the Boards considered
whether the Transaction would have an impact on the ancillary benefits received by the Advisors by virtue of the Current Agreements. Based on its review of the materials provided, including materials received in connection with its approval of the
continuance of each Current Agreement earlier at the May 23rd meetings of the Boards and its discussions with the Advisors, the Boards noted that such benefits were difficult to quantify with certainty at this time and indicated that it would
continue to evaluate them going forward.</FONT></P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I><FONT size=2 face="serif">Conclusion with respect to the New Agreements. </FONT></I><FONT size=2 face="serif">The Boards did not identify any single consequence of the Transaction discussed above as all-important or
controlling. The Boards, including a majority of the Independent Directors, unanimously approved each New Agreement and unanimously recommend its approval by shareholders of each respective Trust in order to assure continuity of investment advisory
services to the Trusts after the Transaction.</FONT></P>
<P align="center">
<FONT size=2 face="serif">97</FONT></P>

<HR noshade align="center" width="100%" size=4>




<P STYLE="page-break-before:always"></P><PAGE>
<A name="page_100"></A>

<P align="center">
<center>
  <div style="border-bottom:1px solid #000000"> <b><font face="serif">DIVIDEND
        REINVESTMENT PLANS</font></b> </div>
</center>
<div align="justify">
  <p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Pursuant to each Trust&#146;s Dividend Reinvestment Plan (the &#147;Plan&#148;), common shareholders of the 2008 Trusts, Insured Municipal and Municipal Target may elect, while the common
      shareholders of the 2018 Trusts, 2020 Trusts and Strategic Trusts are automatically enrolled, to have all distributions of dividends and capital gains reinvested by Computershare Trust Company, N.A. (the &#147;Plan Agent&#148;) in the respective
      Trust&#146;s shares pursuant to the Plan. Shareholders who do not participate
      in the Plan will receive all distributions in cash paid by check and mailed
      directly to the shareholders of record (or if the shares are held in street
      or other nominee name, then to the nominee) by the Plan Agent, which serves
      as agent for the shareholders in administering the Plan.</FONT>
  </p>
</div>
  <P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">After a 2008 Trust, Insured Municipal, 2018 Trust, 2020 Trust and/or Municipal Target declares a dividend or determines to make a capital gain distribution, the Plan Agent will acquire shares
for the participants&#146; account, by the purchase of outstanding shares on the open market, on the Trust&#146;s primary exchange or elsewhere (&#147;open market purchases&#148;). These Trusts will not issue any new shares under the
Plan.</FONT></P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">After a Strategic Trust declares a dividend or determines to make a capital gain distribution, the Plan Agent will acquire shares for the participants&#146; account, depending upon the
circumstances described below, either (i) through receipt of unissued but authorized shares from the Trust (&#147;newly issued shares&#148;) or (ii) by open market purchases. If, on the dividend payment date, the NAV is equal to or less than the
market price per share plus estimated brokerage commissions (such condition being referred to herein as &#147;market premium&#148;), the Plan Agent will invest the dividend amount in newly issued shares on behalf of the participants. The number of
newly issued shares to be credited to each participant&#146;s account will be determined by dividing the dollar amount of the dividend by the NAV on the date the shares are issued. However, if the NAV is less than 95% of the market price on the
payment date, the dollar amount of the dividend will be divided by 95% of the market price on the payment date. If, on the dividend payment date, the NAV is greater than the market value per share plus estimated brokerage commissions (such condition
being referred to herein as &#147;market discount&#148;), the Plan Agent will invest the dividend amount in shares acquired on behalf of the participants in open market purchases.</FONT></P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Participation in the Plan is completely voluntary and may be terminated or resumed at any time without penalty by notice if received and processed by the Plan Administrator prior to the
dividend record date; otherwise such termination or resumption will be effective with respect to any subsequently declared dividend or other distribution.</FONT></P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">The Plan Agent&#146;s fees for the handling of the reinvestment of dividends and distributions will be paid by each Trust. However, each participant will pay a pro rata share of brokerage
commissions incurred with respect to the Plan Agent&#146;s open market purchases in connection with the reinvestment of dividends and distributions. The automatic reinvestment of dividends and distributions will not relieve participants of any
Federal income tax that may be payable on such dividends or distributions.</FONT></P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Each Trust reserves the right to amend or terminate the Plan. There is no direct service charge to participants in the Plan; however, each Trust reserves the right to amend the Plan to include
a service charge payable by the participants. Participants that request a sale of shares through the Plan Agent are subject to a &#36;2.50 sales fee and a &#36;0.15 per share sold brokerage commission. All correspondence concerning the Plan should
be directed to the Plan Agent at 250 Royall Street, Canton, MA 02021, or by calling (800) 699-1BFM.</FONT></P>
<P align="center">
<center>
  <div style="border-bottom:1px solid #000000"> <b><font face="serif">ADDITIONAL
        INFORMATION</font></b></div>
</center>
<p></P>
<P align="justify">
<B><FONT size=2 face="serif">60 Day Notice</FONT></B>
</P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">We are required by the Internal Revenue Code to advise you within 60 days of a Trust&#146;s tax year-end as to the Federal tax status of dividends paid by the Trusts during such tax year.
Accordingly, during the tax year-end June 30, 2006, all dividends paid by Municipal 2020 Term Trust, Strategic Municipal Trust, Florida Municipal 2020 Term Trust and Pennsylvania Strategic Municipal Trust were federally tax-exempt interest
dividends.</FONT></P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">The Joint Annual Meeting of Shareholders was held on May 23, 2006 for shareholders of record as of February 28, 2006, to elect a certain number of Directors/Trustees for each of the following
Trusts to three year terms expiring in 2009:</FONT></P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Elected the Class I Directors/Trustees as follows:</FONT><BR>
</P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD width="20%" align=left nowrap>&nbsp;

        </TD>
        <TD width="3%">&nbsp;
        </TD>
        <TD align=right nowrap colspan=5 style="border-bottom:1px solid #000000;">
      <center>
        <B><FONT size=2 face="serif">Richard E. Cavanagh</FONT></B>
      </center>
          <center>
      </center></TD>
        <TD width="3%" style="border-bottom:0px solid #000000;">&nbsp;</TD>
        <TD align=right nowrap colspan=5 style="border-bottom:1px solid #000000;">
      <center>
        <B><FONT size=2 face="serif">R. Glenn Hubbard</FONT></B>&nbsp;
      </center></TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD colspan="2" align=left nowrap style="border-bottom:1px solid #000000;">

 <center>
   <B><FONT size=2 face="serif">Votes For</FONT></B>
    </center>   </TD>
        <TD width="2%" style="border-bottom:0px solid #000000;">&nbsp;</TD>
        <TD colspan="2" align=center nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="serif">Votes Withheld</FONT></B>&nbsp;
        </TD>
        <TD style="border-bottom:0px solid #000000;">&nbsp;</TD>
        <TD colspan="2" align=right nowrap style="border-bottom:1px solid #000000;">
      <center>
        <B><FONT size=2 face="serif">Votes For</FONT></B>&nbsp;
      </center></TD>
        <TD width="2%" style="border-bottom:0px solid #000000;">&nbsp;</TD>
        <TD colspan="2" align=center nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="serif">Votes Withheld</FONT></B>&nbsp;
        </TD>
  </TR>
<TR valign="bottom">
        <TD align=left nowrap>
<FONT size=2 face="serif">Insured Municipal 2008</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD width="11%" align=right nowrap>
<FONT size=2 face="serif">25,295,200</FONT>&nbsp;
        </TD>
        <TD width="6%">&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD width="13%" align=right nowrap>
<FONT size=2 face="serif">631,931</FONT>&nbsp;
        </TD>
        <TD width="7%">&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD width="10%" align=right nowrap>
<FONT size=2 face="serif">25,294,335</FONT>&nbsp;
        </TD>
        <TD width="5%">&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD width="14%" align=right nowrap>
<FONT size=2 face="serif">632,796</FONT>&nbsp;
        </TD>
    <TD width="4%" align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
<FONT size=2 face="serif">Insured Municipal</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">24,374,551</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">223,410</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">N/A</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">N/A</FONT>&nbsp;
        </TD>
    <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
<FONT size=2 face="serif">Municipal 2018</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">15,389,357</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">200,991</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">N/A</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">N/A</FONT>&nbsp;
        </TD>
    <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
<FONT size=2 face="serif">Municipal 2020</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">19,631,834</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">243,625</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">N/A</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">N/A</FONT>&nbsp;
        </TD>
    <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
<FONT size=2 face="serif">Municipal Strategic</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">6,993,827</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">130,358</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">N/A</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">N/A</FONT>&nbsp;
        </TD>
    <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
<FONT size=2 face="serif">California Insured 2008</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">9,452,733</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">154,576</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">9,451,133</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">156,176</FONT>&nbsp;
        </TD>
    <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
<FONT size=2 face="serif">California 2018</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">5,756,334</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">45,516</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">N/A</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">N/A</FONT>&nbsp;
        </TD>
    <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
<FONT size=2 face="serif">Florida Insured 2008</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">7,993,400</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">118,402</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">7,993,398</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">118,404</FONT>&nbsp;
        </TD>
    <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
<FONT size=2 face="serif">Florida 2020</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">4,418,857</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">29,378</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">N/A</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">N/A</FONT>&nbsp;
        </TD>
    <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
<FONT size=2 face="serif">New York Insured 2008</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">9,608,707</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">1,259,903</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">9,605,436</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">1,263,174</FONT>&nbsp;
        </TD>
    <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
<FONT size=2 face="serif">New York 2018</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">3,335,905</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">73,570</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">N/A</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">N/A</FONT>&nbsp;
        </TD>
    <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
<FONT size=2 face="serif">Pennsylvania Strategic</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">1,924,580</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">40,063</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">N/A</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">N/A</FONT>&nbsp;
        </TD>
    <TD align=right nowrap>&nbsp;</TD>
</TR>
</TABLE>
<BR>
<P align="center">
<FONT size=2 face="serif">98</FONT></P>

<HR noshade align="center" width="100%" size=4>




<P STYLE="page-break-before:always"></P><PAGE>
<A name="page_101"></A>

<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Elected the Class II Directors/Trustees as follows:</FONT></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD width=20% align=left nowrap>&nbsp;

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD align=right nowrap colspan=3 style="border-bottom:1px solid #000000;">
      <center>
        <B><FONT size=2 face="serif">Frank J. Fabozzi</FONT></B>&nbsp;
      </center></TD>
        <TD width=5% style="border-bottom:0px solid #000000;">
          <center>
    </center></TD>
        <TD align=right nowrap colspan=3 style="border-bottom:1px solid #000000;">
      <center>
        <B><FONT size=2 face="serif">Kathleen F. Feldstein</FONT></B>&nbsp;
      </center></TD>
        <TD width=5% style="border-bottom:0px solid #000000;">
          <center>
    </center></TD>
        <TD align=right nowrap colspan=3 style="border-bottom:1px solid #000000;">
      <center>
        <B><FONT size=2 face="serif">Ralph L. Schlosstein</FONT></B>&nbsp;
      </center></TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD width=10% align=right nowrap style="border-bottom:1px solid #000000;">
      <center>
        <B><FONT size=2 face="serif">Votes For</FONT></B>&nbsp;
      </center></TD>
        <TD width=1% style="border-bottom:0px solid #000000;">
          <center>
    </center></TD>
        <TD width=10% align=center nowrap style="border-bottom:1px solid #000000;">
      <center>
        <B><FONT size=2 face="serif">Votes Withheld</FONT></B>&nbsp;
      </center></TD>
        <TD style="border-bottom:0px solid #000000;">
          <center>
    </center></TD>
        <TD width=10% align=right nowrap style="border-bottom:1px solid #000000;">
      <center>
        <B><FONT size=2 face="serif">Votes For</FONT></B>&nbsp;
      </center></TD>
        <TD width=1% style="border-bottom:0px solid #000000;">
          <center>
    </center></TD>
        <TD width=10% align=center nowrap style="border-bottom:1px solid #000000;">
      <center>
        <B><FONT size=2 face="serif">Votes Withheld</FONT></B>&nbsp;
      </center></TD>
        <TD style="border-bottom:0px solid #000000;">
          <center>
    </center></TD>
        <TD width=10% align=right nowrap style="border-bottom:1px solid #000000;">
      <center>
        <B><FONT size=2 face="serif">Votes For</FONT></B>&nbsp;
      </center></TD>
        <TD width=1% style="border-bottom:0px solid #000000;">
          <center>
    </center></TD>
        <TD width=15% align=center nowrap style="border-bottom:1px solid #000000;">
      <center>
        <B><FONT size=2 face="serif">Votes Withheld</FONT></B>&nbsp;
      </center></TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
<FONT size=2 face="serif">Insured Municipal 2008</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">N/A</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">N/A</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">10,408</FONT><SUP><FONT size=2 face="serif">1</FONT></SUP>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">24</FONT><SUP><FONT size=2 face="serif">1</FONT></SUP>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">N/A</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">N/A</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
<FONT size=2 face="serif">Insured Municipal</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">6,612</FONT><SUP><FONT size=2 face="serif">1</FONT></SUP>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">67</FONT><SUP><FONT size=2 face="serif">1</FONT></SUP>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">6,612</FONT><SUP><FONT size=2 face="serif">1</FONT></SUP>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">67</FONT><SUP><FONT size=2 face="serif">1</FONT></SUP>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">24,374,685</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">223,276</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
<FONT size=2 face="serif">Municipal 2018</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">5,074</FONT><SUP><FONT size=2 face="serif">1</FONT></SUP>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">17</FONT><SUP><FONT size=2 face="serif">1</FONT></SUP>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">5,074</FONT><SUP><FONT size=2 face="serif">1</FONT></SUP>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">17</FONT><SUP><FONT size=2 face="serif">1</FONT></SUP>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">15,388,625</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">201,723</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
<FONT size=2 face="serif">Municipal 2020</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">N/A</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">N/A</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">6,961</FONT><SUP><FONT size=2 face="serif">1</FONT></SUP>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">16</FONT><SUP><FONT size=2 face="serif">1</FONT></SUP>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">N/A</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">N/A</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
<FONT size=2 face="serif">Municipal Target</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">38,569,035</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">4,230,560</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">38,547,029</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">4,252,566</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">38,565,307</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">4,234,288</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
<FONT size=2 face="serif">Municipal Strategic</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">N/A</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">N/A</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">2,204</FONT><SUP><FONT size=2 face="serif">1</FONT></SUP>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">132</FONT><SUP><FONT size=2 face="serif">1</FONT></SUP>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">N/A</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">N/A</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
<FONT size=2 face="serif">California Insured 2008</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">N/A</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">N/A</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">3,831</FONT><SUP><FONT size=2 face="serif">1</FONT></SUP>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">9</FONT><SUP><FONT size=2 face="serif">1</FONT></SUP>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">N/A</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">N/A</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
<FONT size=2 face="serif">California 2018</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">1,715</FONT><SUP><FONT size=2 face="serif">1</FONT></SUP>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">1</FONT><SUP><FONT size=2 face="serif">1</FONT></SUP>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">1,715</FONT><SUP><FONT size=2 face="serif">1</FONT></SUP>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">1</FONT><SUP><FONT size=2 face="serif">1</FONT></SUP>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">5,756,334</FONT><SUP><FONT size=2 face="serif">1</FONT></SUP>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">45,516</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
<FONT size=2 face="serif">Florida Insured 2008</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">N/A</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">N/A</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">3,303</FONT><SUP><FONT size=2 face="serif">1</FONT></SUP>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">2</FONT><SUP><FONT size=2 face="serif">1</FONT></SUP>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">N/A</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">N/A</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
<FONT size=2 face="serif">Florida 2020</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">N/A</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">N/A</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">1,941</FONT><SUP><FONT size=2 face="serif">1</FONT></SUP>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">15</FONT><SUP><FONT size=2 face="serif">1</FONT></SUP>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">N/A</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">N/A</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
<FONT size=2 face="serif">New York Insured 2008</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">N/A</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">N/A</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">4,314</FONT><SUP><FONT size=2 face="serif">1</FONT></SUP>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">4</FONT><SUP><FONT size=2 face="serif">1</FONT></SUP>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">N/A</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">N/A</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
<FONT size=2 face="serif">New York 2018</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">1,186</FONT><SUP><FONT size=2 face="serif">1</FONT></SUP>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">69</FONT><SUP><FONT size=2 face="serif">1</FONT></SUP>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">1,186</FONT><SUP><FONT size=2 face="serif">1</FONT></SUP>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">69</FONT><SUP><FONT size=2 face="serif">1</FONT></SUP>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">3,332,351</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">77,124</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
<FONT size=2 face="serif">Pennsylvania Strategic</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">N/A</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">N/A</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">669</FONT><SUP><FONT size=2 face="serif">1</FONT></SUP>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">27</FONT><SUP><FONT size=2 face="serif">1</FONT></SUP>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">N/A</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">N/A</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
<FONT size=2 face="serif">Long-Term Municipal</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">11,754,319</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">138,195</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">11,754,319</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">138,195</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">11,754,319</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">138,195</FONT>&nbsp;
        </TD>
</TR>
</TABLE>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Elected the Class III Directors/Trustees as follows:</FONT></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD width=20% align=left nowrap>&nbsp;

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD align=right nowrap colspan=3 style="border-bottom:1px solid #000000;">
      <center>
        <B><FONT size=2 face="serif">Andrew F. Brimmer</FONT></B>&nbsp;
      </center></TD>
        <TD width=3% style="border-bottom:0px solid #000000;">
          <center>
    </center></TD>
        <TD align=right nowrap colspan=3 style="border-bottom:1px solid #000000;">
      <center>
        <B><FONT size=2 face="serif">Kent Dixon</FONT></B>&nbsp;
      </center></TD>
        <TD width=3% style="border-bottom:0px solid #000000;">
          <center>
    </center></TD>
        <TD align=right nowrap colspan=3 style="border-bottom:1px solid #000000;">
      <center>
        <B><FONT size=2 face="serif">Robert S. Kapito</FONT></B>&nbsp;
      </center></TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD width=10% align=right nowrap style="border-bottom:1px solid #000000;">
      <center>
        <B><FONT size=2 face="serif">Votes For</FONT></B>&nbsp;
      </center></TD>
        <TD width=2% style="border-bottom:0px solid #000000;">
          <center>
    </center></TD>
        <TD width=12% align=right nowrap style="border-bottom:1px solid #000000;">
      <center>
        <B><FONT size=2 face="serif">Votes Withheld</FONT></B>&nbsp;
      </center></TD>
        <TD style="border-bottom:0px solid #000000;">
          <center>
    </center></TD>
        <TD width=10% align=right nowrap style="border-bottom:1px solid #000000;">
      <center>
        <B><FONT size=2 face="serif">Votes For</FONT></B>&nbsp;
      </center></TD>
        <TD width=1% style="border-bottom:0px solid #000000;">
          <center>
    </center></TD>
        <TD width=12% align=right nowrap style="border-bottom:1px solid #000000;">
      <center>
        <B><FONT size=2 face="serif">Votes Withheld</FONT></B>&nbsp;
      </center></TD>
        <TD style="border-bottom:0px solid #000000;">
          <center>
    </center></TD>
        <TD width=10% align=right nowrap style="border-bottom:1px solid #000000;">
      <center>
        <B><FONT size=2 face="serif">Votes For</FONT></B>&nbsp;
      </center></TD>
        <TD width=2% style="border-bottom:0px solid #000000;">
          <center>
    </center></TD>
        <TD width=13% align=center nowrap style="border-bottom:1px solid #000000;">
      <center>
        <B><FONT size=2 face="serif">Votes Withheld</FONT></B>&nbsp;
      </center></TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
<FONT size=2 face="serif">Municipal 2020</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">19,619,488</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">255,971</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">19,629,681</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">245,778</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">19,636,006</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">239,453</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
<FONT size=2 face="serif">Municipal Strategic</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">6,993,469</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">130,716</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">6,995,402</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">128,783</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">6,995,925</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">128,260</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
<FONT size=2 face="serif">Florida 2020</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">4,416,851</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">31,384</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">4,420,507</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">27,728</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">4,415,223</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">33,012</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
<FONT size=2 face="serif">Pennsylvania Strategic</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">1,910,261</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">54,382</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">1,914,378</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">50,265</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">1,923,680</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">40,963</FONT>&nbsp;
        </TD>
</TR>
</TABLE>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">The following Trusts had an additional proposal (Proposal #2) to amend its respective Declaration of Trust to expand the authority of the executive committee of the Board of Trustees:</FONT></P>
<table width="75%" border=0 cellpadding=0 cellspacing=0>
  <tr valign="bottom">
    <td width="32%" align=left nowrap>&nbsp;</td>
    <td width="2%">&nbsp;</td>
    <td width="16%" align=right nowrap style="border-bottom:1px solid #000000;"><center>
        <b><font size=2 face="serif">Votes For</font></b>&nbsp;
    </center></td>
    <td width="3%" style="border-bottom:0px solid #000000;"><center>
    </center></td>
    <td width="20%" align=left nowrap style="border-bottom:1px solid #000000;"><center>
        <b><font size=2 face="serif">Votes Against</font></b>&nbsp;
    </center></td>
    <td width="3%" style="border-bottom:0px solid #000000;"><center>
    </center></td>
    <td colspan="2" align=right nowrap style="border-bottom:1px solid #000000;"><center>
        <b><font size=2 face="serif">Votes Withheld</font></b>&nbsp;
    </center></td>
  </tr>
  <tr valign="bottom">
    <td align=left nowrap><font size=2 face="serif">Municipal Strategic</font>&nbsp; </td>
    <td>&nbsp;</td>
    <td align=right nowrap><center>
        <font size=2 face="serif">6,920,390</font>&nbsp;
    </center></td>
    <td><center>
    </center></td>
    <td align=left nowrap><center>
        <font size=2 face="serif">73,781</font>&nbsp;
    </center></td>
    <td><center>
    </center></td>
    <td width="15%" align=right nowrap><div align="right"><font size=2 face="serif">130,014</font>&nbsp; </div></td>
    <td width="9%" align=right nowrap>&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td align=left nowrap><font size=2 face="serif">Pennsylvania Strategic</font>&nbsp; </td>
    <td>&nbsp;</td>
    <td align=right nowrap><center>
        <font size=2 face="serif">1,884,092</font>&nbsp;
    </center></td>
    <td><center>
    </center></td>
    <td align=left nowrap><center>
        <font size=2 face="serif">31,304</font>&nbsp;
    </center></td>
    <td><center>
    </center></td>
    <td align=right nowrap><div align="right"><font size=2 face="serif">49,247</font>&nbsp; </div></td>
    <td align=right nowrap>&nbsp;</td>
  </tr>
</table>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">The following Trusts had an additional proposal (Proposal #3) to amend its respective Certificate of Designation or Statement of Preferences, as appropriate, to revise the language regarding
preferred shares to allow the Trusts to follow the most recent guidelines of S&amp;P, Moody&#146;s or Fitch ratings, as appropriate, for credit rating criteria in effect from time to time to maintain a &#147;AAA&#148; rating on preferred
shares</FONT><SUP><FONT size=2 face="serif">1</FONT></SUP><FONT size=2 face="serif">:</FONT></P>
<TABLE width="75%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD width="25%" align=left nowrap>&nbsp;

        </TD>
        <TD width="6%">&nbsp;
        </TD>
        <TD colspan="2" align=right nowrap style="border-bottom:1px solid #000000;">      <center>
          <B><FONT size=2 face="serif">Votes For</FONT></B>&nbsp;
    </center></TD>
        <TD width="4%" style="border-bottom:0px solid #000000;">&nbsp;
        </TD>
        <TD colspan="2" align=right nowrap style="border-bottom:1px solid #000000;">
      <center>
        <B><FONT size=2 face="serif">Votes Against</FONT></B>&nbsp;
            </center></TD>
        <TD width="4%" style="border-bottom:0px solid #000000;">&nbsp;
        </TD>
        <TD colspan="2" align=right nowrap style="border-bottom:1px solid #000000;">
      <center>
        <B><FONT size=2 face="serif">Votes Withheld</FONT></B>&nbsp;
            </center></TD>
  </TR>
<TR valign="bottom">
        <TD align=left nowrap>
<FONT size=2 face="serif">Insured Municipal 2008</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD width="13%" align=right nowrap>
<FONT size=2 face="serif">10,334</FONT>&nbsp;
        </TD>
        <TD width="7%">&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD width="12%" align=right nowrap>
<FONT size=2 face="serif">57</FONT>&nbsp;
        </TD>
        <TD width="5%">&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD width="14%" align=right nowrap>
<FONT size=2 face="serif">40</FONT>&nbsp;
        </TD>
    <TD width="10%" align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
<FONT size=2 face="serif">Insured Municipal</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">6,594</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">1</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">84</FONT>&nbsp;
        </TD>
    <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
<FONT size=2 face="serif">Municipal Strategic</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">2,336</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">&#151;</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">&#151;</FONT>&nbsp;
        </TD>
    <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
<FONT size=2 face="serif">California Insured 2008</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">3,826</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">10</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">4</FONT>&nbsp;
        </TD>
    <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
<FONT size=2 face="serif">Florida Insured 2008</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">3,280</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">23</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">2</FONT>&nbsp;
        </TD>
    <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
<FONT size=2 face="serif">New York Insured 2008</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">4,270</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">8</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">40</FONT>&nbsp;
        </TD>
    <TD align=right nowrap>&nbsp;</TD>
</TR>
</TABLE>
<BR>
<hr align="left" noshade width="100" size="1">

<P align="justify">

<SUP><FONT size=1 face="serif">1 </FONT></SUP><FONT size=1 face="serif">Voted on by holders of preferred shares only.</FONT></P>
<P align="center">
<FONT size=2 face="serif">99</FONT></P>

<HR noshade align="center" width="100%" size=4>




<P STYLE="page-break-before:always"></P><PAGE>
<A name="page_102"></A>

<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">On February 22, 2006, the Board of Insured Municipal 2008, Insured Municipal, California Insured 2008, Florida Insured 2008 and New York Insured 2008 approved a change to each Trusts&#146;
non-fundamental policy to permit each Trust to purchase short-term securities if they have the highest short-term rating assigned by at least one of Moody&#146;s, S&amp;P or Fitch, even if the long-term rating is not AAA.</FONT></P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Each Trust listed for trading on the New York Stock Exchange (NYSE) has filed with the NYSE its annual chief executive officer certification regarding compliance with the NYSE&#146;s listing
standards and each Trust listed for trading on the American Stock Exchange (AMEX) has filed with the AMEX its corporate governance certification regarding compliance with the AMEX&#146;s listing standards. All of the Trusts have filed with the
Securities and Exchange Commission the certification of its chief executive officer and chief financial officer required by section 302 of the Sarbanes-Oxley Act.</FONT></P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">The Trusts do not make available copies of their respective Statements of Additional Information because the Trusts&#146; share are not continuously offered, which means that the Statement of
Additional Information of each Trust has not been updated after completion of such Trust&#146;s offering and the information contained in each Trust&#146;s Statement of Additional Information may have become outdated.</FONT></P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">During the period, there were no material changes in the Trusts&#146; investment objectives or policies or to their charters or by-laws that have not been approved by the shareholders or in the
principle risk factors associated with investment in the Trusts. There have been no changes in the persons who are primarily responsible for the day-to-day management of the Trusts&#146; portfolio.</FONT></P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Quarterly performance and other information regarding the Trusts may be found on BlackRock&#146;s website, which can be accessed at
http://www.blackrock.com/indiv/products/closedendfunds/funds.html. This reference to BlackRock&#146;s website is intended to allow investors public access to information regarding the Trusts and does not, and is not intended, to incorporate
BlackRock&#146;s website into this report.</FONT></P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Certain of the officers of the Trusts listed on the inside back cover of this Report to Shareholders are also officers of the Advisor or Sub-Advisor. They serve in the following capacities for
the Advisor or Sub-Advisor: Robert S. Kapito&#151;Director and Vice Chairman of the Advisor and the Sub-Advisor, Henry Gabbay, Anne Ackerley and Bartholomew Battista&#151;Managing Directors of the Advisor and the Sub-Advisor, James Kong and Vincent
Tritto&#151;Managing Directors of the Sub-Advisor, and Brian P. Kindelan&#151;Managing Director of the Advisor.</FONT></P>
<P align="justify">
<B><FONT size=2 face="serif">Important Information Regarding the BlackRock Closed-End Funds Semi-Annual Investor Update</FONT></B></P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">The </FONT><I><FONT size=2 face="serif">Semi-Annual Investor Update </FONT></I><FONT size=2 face="serif">(&#147;Update&#148;) is available on the Internet and may be accessed through
BlackRock&#146;s website at http://www.blackrock.com/indiv/products/closedendfunds/i_update.html. The Update provides information on the fixed income markets and summaries of BlackRock closed-end funds&#146; investment objectives and strategies. It
also contains recent news regarding the BlackRock closed-end funds. </FONT></P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Historically, BlackRock provided this information in materials mailed with the Funds&#146; semi-annual report. However, we believe that making this information available through
BlackRock&#146;s website allows us to communicate more fully and efficiently with the Funds&#146; shareholders.</FONT></P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">If you would like to receive a hard copy of the BlackRock Closed-End Funds </FONT><I><FONT size=2 face="serif">Semi-Annual Investor Update, </FONT></I><FONT size=2 face="serif">please call (800) 699-1BFM.</FONT></P>
<P align="center">
<FONT size=2 face="serif">100</FONT></P>

<HR noshade align="center" width="100%" size=4>




<P STYLE="page-break-before:always"></P><PAGE>
<A name="page_103"></A>

<P align="center">
<FONT size=2 face="serif">[This Page Intentionally Left Blank]</FONT></P>

<HR noshade align="center" width="100%" size=4>




<P STYLE="page-break-before:always"></P><PAGE>
<A name="page_104"></A>

<P align="center">
<FONT size=2 face="serif">[This Page Intentionally Left Blank]</FONT></P>

<HR noshade align="center" width="100%" size=4>




<P STYLE="page-break-before:always"></P><PAGE>
<A name="page_105"></A>

<P align="center">
<FONT size=2 face="serif">[This Page Intentionally Left Blank]</FONT></P>

<HR noshade align="center" width="100%" size=4>




<P STYLE="page-break-before:always"></P><PAGE>
<A name="page_106"></A>

<P align="center">
<FONT size=6 face="serif">BlackRock Closed-End Funds</FONT></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD align=left nowrap>
<FONT face="serif">Directors/Trustees</FONT>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>
<FONT face="serif">Transfer Agent</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
 &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Ralph L. Schlosstein, </FONT><I><FONT size=2 face="serif">Chairman</FONT></I>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>
 &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Computershare Trust Company, N.A.</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
 &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Andrew F. Brimmer, </FONT><I><FONT size=2 face="serif">Lead Trustee</FONT></I>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>
 &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">250 Royall Street</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
 &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Richard E. Cavanagh</FONT>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>
 &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Canton, MA 02021</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
 &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Kent Dixon</FONT>&nbsp;
        </TD>
        <TD align=right nowrap>&nbsp;
        </TD>
        <TD align=center nowrap>
      <div align="left"><FONT size=2 face="serif">&nbsp; &nbsp; &nbsp;<FONT size=2 face="serif"></FONT>(800) 699-1BFM</FONT>&nbsp;
      </div></TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
 &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Frank J. Fabozzi</FONT>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>
<FONT face="serif">Auction Agent</FONT><SUP><FONT face="serif">2</FONT></SUP>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
 &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Kathleen F. Feldstein</FONT>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>
 &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Bank of New York</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
 &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">R. Glenn Hubbard</FONT>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>
 &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">101 Barclay Street, 7 West</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
 &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Robert S. Kapito</FONT>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>
 &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">New York, NY 10286</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
<FONT face="serif">Officers</FONT>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>
<FONT face="serif">Auction Agent</FONT><SUP><FONT face="serif">3</FONT></SUP>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
 &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Robert S. Kapito, </FONT><I><FONT size=2 face="serif">President</FONT></I>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>
 &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Deutsche Bank Trust Company Americas</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
 &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Henry Gabbay, </FONT><I><FONT size=2 face="serif">Treasurer</FONT></I>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>
 &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">60 Wall Street, 27th Floor</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
 &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Bartholomew Battista, </FONT><I><FONT size=2 face="serif">Chief Compliance Officer</FONT></I>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>
 &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">New York, NY 10005</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
 &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Anne Ackerley, </FONT><I><FONT size=2 face="serif">Vice President</FONT></I>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>
<FONT face="serif">Independent Registered Public Accounting Firm</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
 &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">James Kong, </FONT><I><FONT size=2 face="serif">Assistant Treasurer</FONT></I>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap><div align="left"><font size=2 face="serif">&nbsp; &nbsp; &nbsp;<FONT size=2 face="serif"></FONT>Deloitte &amp; Touche LLP</font>

        </div></TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
 &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Vincent B. Tritto, </FONT><I><FONT size=2 face="serif">Secretary</FONT></I>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp; &nbsp; &nbsp;<font size=2 face="serif">200 Berkeley Street</font>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
 &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Brian P. Kindelan, </FONT><I><FONT size=2 face="serif">Assistant Secretary</FONT></I>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp; &nbsp; &nbsp;<font size=2 face="serif">Boston, MA 02116</font>

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
<FONT face="serif">Investment Advisor</FONT>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>
<FONT face="serif">Legal Counsel</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
 &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">BlackRock Advisors, Inc.</FONT>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp; &nbsp; &nbsp;<font size=2 face="serif">Skadden, Arps, Slate, Meagher &amp; Flom LLP</font>

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
 &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">100 Bellevue Parkway</FONT>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp; &nbsp; &nbsp;<font size=2 face="serif">4 Times Square</font>

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
 &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Wilmington, DE 19809</FONT>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp; &nbsp; &nbsp;<font size=2 face="serif">New York, NY 10036</font>

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
 &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">(800) 227-7BFM</FONT>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap><font face="serif">Legal Counsel &#150; Independent Trustees</font>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
<FONT face="serif">Sub-Advisor</FONT><SUP><FONT face="serif">1</FONT></SUP>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp; &nbsp; &nbsp;<font size=2 face="serif">Debevoise &amp; Plimpton LLP</font>
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
 &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">BlackRock Financial Management, Inc.</FONT>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>
        &nbsp; &nbsp; &nbsp;<font size=2 face="serif">919 Third Avenue</font>&nbsp; </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
 &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">40 East 52nd Street</FONT>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp; &nbsp; &nbsp;<font size=2 face="serif">New York, NY 10022</font>&nbsp;
 </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
 &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">New York, NY 10022</FONT>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp;
 </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap></TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
<FONT face="serif">Accounting Agent and Custodian</FONT>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>&nbsp; &nbsp; &nbsp;<font size=2 face="serif">&nbsp;</font><font size=2 face="serif">This report is for shareholder information. This is not a prospec-</font>
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
 &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">State Street Bank and Trust Company</FONT>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap><font size=2 face="serif">tus intended for use in the purchase or sale of Trust shares.</font>&nbsp;
</TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
 &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">2 Avenue De Lafayette</FONT>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap><font size=2 face="serif">.</font><font size=2 face="serif">Statements and other information contained in this report are as</font>&nbsp;&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap style="border-bottom:0px solid #000000;">
 &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Boston, MA 02111</FONT>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap><font size=2 face="serif">dated and are subject to change</font>
        </TD>
</TR>
<TR>
        <TD colspan=3><hr align="left" noshade width="100" size="1">

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
<FONT size=1 face="serif">1 For the 2018 Trusts and 2020 Trusts, Strategic Trusts and</FONT>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">BlackRock Closed-End Funds</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="serif">Long-Term Municipal.</FONT>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">c/o BlackRock Advisors, Inc.</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
<FONT size=1 face="serif">2 For the 2018 Trusts and 2020 Trusts.</FONT>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">100 Bellevue Parkway</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
<FONT size=1 face="serif">3 For the Trusts, except the 2018 Trusts and 2020 Trusts.</FONT>&nbsp;
        </TD>
        <TD align=left nowrap>

        </TD>
        <TD align=left nowrap>
<FONT size=2 face="serif">Wilmington, DE 19809</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=right nowrap>&nbsp;
        </TD>
        <TD align=center nowrap>
      <div align="left"><FONT size=2 face="serif">(800) 227-7BFM</FONT>&nbsp;
      </div></TD>
</TR>
</TABLE>
<BR>
<P align="justify">
<FONT size=2 face="serif">The Trusts will mail only one copy of shareholder documents, including annual and semi-annual reports and proxy statements, to shareholders with multiple accounts at the same address. This practice is commonly called
&#147;householding&#148; and is intended to reduce expenses and eliminate duplicate mailings of shareholder documents. Mailings of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the
mailing of these documents to be combined with those for other members of your household, please contact the Trusts at (800) 699-1BFM.</FONT></P>
<P align="justify">
<FONT size=2 face="serif">The Trusts have delegated to the Advisor the voting of proxies relating to their voting securities pursuant to the Advisor&#146;s proxy voting policies and procedures. You may obtain a copy of these proxy voting policies
and procedures, without charge, by calling (800) 699-1BFM. These policies and procedures are also available on the website of the Securities and Exchange Commission (the &#147;Commission&#148;) at http://www.sec.gov.</FONT></P>
<P align="justify">
<FONT size=2 face="serif">Information on how proxies relating to the Trusts&#146; voting securities were voted (if any) by the Advisor during the most recent 12-month period ended June 30th is available without charge, upon request, by calling (800)
699-1BFM or on the website of the Commission at http://www.sec.gov.</FONT></P>
<P align="justify">
<FONT size=2 face="serif">The Trusts file their complete schedule of portfolio holdings for the first and third quarters of their respective fiscal years with the Commission on Form N-Q. Each Trust&#146;s Form N-Q will be available on the
Commission&#146;s website at http://www.sec.gov. Each Trust&#146;s Form N-Q may be reviewed and copied at the Commission&#146;s Public Reference Room in Washington, D.C. Information regarding the operation of the Public Reference Room may be
obtained by calling (800) SEC-0330. Each Trust&#146;s Form N-Q may also be obtained upon request, without charge, by calling (800) 699-1BFM.</FONT></P>

<HR noshade align="center" width="100%" size=4>




<P STYLE="page-break-before:always"></P>
<PAGE>
<A name="page_107"></A>
<P>&nbsp;</P><br>
<br><P>&nbsp;</P>

<TABLE ALIGN=CENTER  BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
  <TR style="font-size:1px">
    <TD WIDTH="50%" VALIGN=TOP><P>&nbsp;</P></TD>
    <TD WIDTH="38%" VALIGN=TOP><P>&nbsp;</P></TD>
    <TD WIDTH="12%" VALIGN=TOP><P>&nbsp;</P></TD>
  </TR>
  <TR>
    <TD VALIGN=TOP><P><FONT SIZE=1 FACE=ARIAL>This report is for shareholder information. This is not a prospectus intended for use in the purchase or sale of Trust shares. Statements and other information contained in this report are as dated and are subject to change.</FONT></P></TD>
    <TD VALIGN=TOP colspan=2><P align=right><IMG src="cleanx107x1.jpg" border=0></P></TD>
  </TR>
  <TR>
    <TD VALIGN=TOP><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
    <TD VALIGN=TOP><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
    <TD VALIGN=TOP><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  </TR>
  <TR>
    <TD VALIGN=TOP><P><FONT size=1 face="sans-serif">CEF-ANN-4</FONT></P></TD>
    <TD VALIGN=TOP><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
    <TD VALIGN=TOP><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  </TR>
</TABLE>
<hr noshade align="center" width="100%" size=4>

<P STYLE="page-break-before:always"></P><PAGE>
<P>
<B><FONT face="serif">Item 2. Code of Ethics.</FONT></B><FONT face="serif"> </FONT></P>
<P>
<FONT face="serif">Not applicable for semi-annual reports.</FONT></P>
<P>
<B><FONT face="serif">Item 3. Audit Committee Financial Expert.</FONT></B></P>
<P><FONT face="serif">Not
  applicable for semi-annual reports. </FONT></P>
<P>
<B><FONT face="serif">Item 4. Principal Accountant Fees and Services. </FONT></B></P>
<P><FONT face="serif">Not applicable for semi-annual reports. </FONT></P>
<P>
<B><FONT face="serif">Item 5. Audit Committee of Listed Registrants.</FONT></B></P>
<P><FONT face="serif">Not
  applicable for semi-annual reports. </FONT></P>
<P>
<B><FONT face="serif">Item 6. Schedule of Investments. </FONT></B></P>
<P>
<FONT face="serif">The Registrant&#146;s Schedule of Investments is included as part of the Report to Stockholders filed under Item 1 of this Form. </FONT></P>
<P>
<B><FONT face="serif">Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies. </FONT></B></P>
<P>
<FONT face="serif">Not applicable for semi-annual reports. </FONT></P>
<P>
<B><FONT face="serif">Item 8. Portfolio Managers of Closed-End Management Investment Companies. </FONT></B></P>
<P>
<FONT face="serif">(a)</FONT><FONT face="sans-serif"> </FONT><FONT face="serif">Not applicable for semi-annual reports.</FONT></P>
<P>
<FONT face="serif">(b)</FONT><FONT face="sans-serif"> </FONT><FONT face="serif">Not applicable because the Registrant is a recently formed entity and no annual reports have been filed to date.</FONT></P>
<P>
<B><FONT face="serif">Item 9. Purchases of Equity Securities by Closed-End Management Company and Affiliated Purchasers. </FONT></B></P>
<P>
<FONT face="serif">No such purchases were made during the period covered by this report. </FONT></P>
<P>
<B><FONT face="serif">Item 10. Submission of Matters to a Vote of Security Holders. </FONT></B></P>
<P>
<FONT face="serif">No matters were voted on by shareholders during the period covered by this report. </FONT></P>
<P>
<B><FONT face="serif">Item 11. Controls and Procedures.</FONT></B><FONT face="serif"> </FONT></P>
<P>
<FONT face="serif">(a) The Registrant's principal executive officer and principal financial officer have evaluated the Registrant's disclosure controls and procedures within 90 days of this filing and have concluded, as of that date, that the
Registrant&#146;s disclosure controls and procedures were reasonably designed to ensure that information required to be disclosed by the Registrant in this Form N-CSR was recorded, processed, summarized, and reported within the required time periods
and that information required to be disclosed by the Registrant in this Form N-CSR was accumulated and communicated to the Registrant&#146;s management, including its principal executive and principal financial officers, as appropriate to allow
timely decisions regarding required disclosure. </FONT></P>

<HR noshade  width="100%" size=4>

<P align="left" style="page-break-before:always"></P><PAGE>
<A name="page_3"></A>

<P>
<FONT face="serif">(b) There were no changes in the Registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940 (17 CFR 270.30a -3(d))) that occurred during the Registrant&#146;s last
fiscal half-year that has materially affected, or is reasonably likely to materially affect, the Registrant's internal control over financial reporting. </FONT></P>
<P>
<B><FONT face="serif">Item 12. Exhibits.</FONT></B></P>
<P>
<FONT face="serif">(a) (1) Not applicable. </FONT></P>
<P>
<FONT face="serif">(a) (2) Separate certifications of the Principal Executive and Financial Officers pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 and Section 302 of the Sarbanes-Oxley Act of 2002 furnished as EX-99.CERT. </FONT></P>
<P>
<FONT face="serif">(b) Certification of Principal Executive and Financial Officers pursuant to Rule 30a-2(b) under the Investment Company Act of 1940 and Section 906 of the Sarbanes-Oxley Act of 2002 furnished as EX-99.906 CERT. </FONT></P>
<P align="center">&nbsp;</P>

<HR noshade  width="100%" size=4>

<P align="left" style="page-break-before:always"></P><PAGE>
<A name="page_4"></A>

<P align="center">
<B><FONT face="serif">SIGNATURES</FONT></B></P>
<P>
<FONT face="serif">Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
</FONT></P>
<P>
<FONT face="serif">(Registrant)___BlackRock Long-Term Municipal Advantage Trust__________</FONT></P>
<br>
<br>

<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD width=4% align=center>      <div align="left"><FONT face="serif">By:</FONT>
        </div></TD>
    <TD width="61%">      <div align="left">
      <div style="border-bottom:1px solid #000000"><font face="serif">/s/ Henry
          Gabbay</font> </div>
    </div></TD>
    <TD width="35%" align=center><center>
        </center></TD>
  </TR>
  <TR>
    <TD colspan="2"><font face="serif">Name: Henry Gabbay </font> </TD>
    <TD>&nbsp;    </TD>
  </TR>
  <TR valign="bottom">
    <TD colspan="2" align=right>      <div align="left"><font face="serif">Title: Treasurer </font></div>      <center>
      </center></TD>
    <TD align=right><center>
        </center></TD>
  </TR>
  <TR valign="bottom">
    <TD colspan="2" align=right><div align="left"><font face="serif">Date: September 1, 2006</font> </div></TD>
    <TD align=right>&nbsp;</TD>
  </TR>
</TABLE>
<br>

  <FONT face="serif">Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed by the following persons on behalf of the Registrant and in the capacities and on the dates
indicated. </FONT><p></P><br>
<br>


<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD width=4% align=center><div align="left"><FONT face="serif">By:</FONT> </div></TD>
    <TD width="61%"><div align="left">
      <div style="border-bottom:1px solid #000000"><font face="serif">/s/ Robert
          S. Kapito</font> </div>
    </div></TD>
    <TD width="35%" align=center><center>
    </center></TD>
  </TR>
  <TR>
    <TD colspan="2"><font face="serif">Name: </font><FONT face="serif">Robert S. Kapito</FONT></TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD colspan="2" align=right><div align="left"><font face="serif">Title: Principal Executive Officer </font></div>
        <center>
      </center></TD>
    <TD align=right><center>
    </center></TD>
  </TR>
  <TR valign="bottom">
    <TD colspan="2" align=right><div align="left"><font face="serif">Date: September 1, 2006</font> </div></TD>
    <TD align=right>&nbsp;</TD>
  </TR>
</TABLE>
<br>
<br>

<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD width=4% align=center><div align="left"><FONT face="serif">By:</FONT> </div></TD>
    <TD width="61%"><div align="left">
      <div style="border-bottom:1px solid #000000"><font face="serif">/s/ Henry
          Gabbay</font> </div>
    </div></TD>
    <TD width="35%" align=center><center>
    </center></TD>
  </TR>
  <TR>
    <TD colspan="2"><font face="serif">Name: Henry Gabbay </font> </TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD colspan="2" align=right><div align="left"><font face="serif">Title: Principal Financial Officer </font></div>
        <center>
      </center></TD>
    <TD align=right><center>
    </center></TD>
  </TR>
  <TR valign="bottom">
    <TD colspan="2" align=right><div align="left"><font face="serif">Date: September 1, 2006</font> </div></TD>
    <TD align=right>&nbsp;</TD>
  </TR>
</TABLE>
<P align="center">&nbsp;</P>
<HR noshade  width="100%" size=4>



</BODY>

</HTML>

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>2
<FILENAME>cleanx107x1.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 cleanx107x1.jpg
M_]C_X``02D9)1@`!`0```0`!``#_VP!#``$!`0$!`0$!`0$!`0$!`0$!`0$!
M`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0'_
MVP!#`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!
M`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0'_P``1"``]`/$#`2(``A$!`Q$!_\0`
M'P```04!`0$!`0$```````````$"`P0%!@<("0H+_\0`M1```@$#`P($`P4%
M!`0```%]`0(#``01!1(A,4$&$U%A!R)Q%#*!D:$((T*QP152T?`D,V)R@@D*
M%A<8&1HE)B<H*2HT-38W.#DZ0T1%1D=(24I35%565UA96F-D969G:&EJ<W1U
M=G=X>7J#A(6&AXB)BI*3E)66EYB9FJ*CI*6FIZBIJK*SM+6VM[BYNL+#Q,7&
MQ\C)RM+3U-76U]C9VN'BX^3EYN?HZ>KQ\O/T]?;W^/GZ_\0`'P$``P$!`0$!
M`0$!`0````````$"`P0%!@<("0H+_\0`M1$``@$"!`0#!`<%!`0``0)W``$"
M`Q$$!2$Q!A)!40=A<1,B,H$(%$*1H;'!"2,S4O`58G+1"A8D-.$E\1<8&1HF
M)R@I*C4V-S@Y.D-$149'2$E*4U155E=865IC9&5F9VAI:G-T=79W>'EZ@H.$
MA8:'B(F*DI.4E9:7F)F:HJ.DI::GJ*FJLK.TM;:WN+FZPL/$Q<;'R,G*TM/4
MU=;7V-G:XN/DY>;GZ.GJ\O/T]?;W^/GZ_]H`#`,!``(1`Q$`/P#^_BBBOA_]
ML_\`;)\2?L@:1X=\0:7^Q_\`M6_M2:)JUEKU[K]Y^S#X)\->/;KP-'HC:;Y0
M\3:'J7B[P_X@D&KQ7UU<6$V@Z5K,$,&CZE)J<NG@6OVH!*^A]P45_*UHG_!V
M;^QCXF\06/A+PW^RI^VOX@\5:I?C2M,\,Z)X+^%6K>(-1U1G:-=-L=&L/BS<
M:E=W[2*R"SM[:2X+JRB/<"*]6UG_`(.=_P!DSX?2Z2/CA^R#_P`%#O@=9:WJ
M*V%AKOQ"^`_@S1]"(,;R/,T]_P#%BPU2Z:)8IY)+31M'U:[\F%Y8XI,.B!3A
M)?9?Z_<?TGT5\:?L;_\`!0+]D?\`;Y\'ZAXR_9:^,.B?$6WT)H(O%/AR2SU7
MPUXY\(3W)=8$\2^"_$MCI7B'3K:XDBFBL=7%C-H6JO!,=(U2_CC:0?9=!+36
MC5GV84444`%%%%`!1110`4444`%%%?GO^V_^WIK/[%$>E:J_[&?[7W[2?@^Z
M\/W.O:]XT_9I^'_ASQ_H_@D6EY-;367BRRN_%^BZ_I[I:Q#5)=0AT>ZT:UTY
M_/O-1MC'(J@)7T/T(HK^5[PK_P`'9'[&_CK7].\)^"/V3_VV_&7BG6'FCTGP
MUX5\$?"SQ#K^J26UK/>W$>G:-I'Q8O-1O7M[*VN;N9+:VE:*UMY[B0+%%(Z^
MH:C_`,'07[&G@36O#^A?';]EW]OO]GZ?Q(UU)I^I?%#X&>#]'TDZ?9A5GU)8
M3\51XHU&VAN'CM;C^PO"^KM;SSVXDPDCM$%\D_Y7?MU^X_I1HKY:_9)_;4_9
MD_;F^&I^*_[+_P`5M#^)WA.UO5TK7$LXM0TCQ'X4UEHO/&C^+O">NVFF^(_#
M6H20YN+2/5=-MX=2M!]NTN>^L62Y;ZEH(::T:L^S"BBB@`HHHH`****`"BBB
M@`HHHH`****`"BBB@#_-Z_X)BP0C_@Z+OX1#$(8OVNO^"B?E1"-!%'Y'P[_:
MC:#RXP-J>2R(T6T#RV1"F"H(_P!#OXQ?#GX7?%OX7^.?AW\:O#?A?Q9\*_%/
MAO5=-\<:)XRMK&Y\.3^'WM)6O[C46U$?9;)=/A5K^'52\$VDW%O%J5M<VUQ:
MQ3Q_YHO[-W@G]H'XB_\`!PM\3?!O[+/QITO]GCX[ZQ^UU^WC_P`(+\8=:\#>
M'_B5IG@_^S]+_:$U7Q/]I\%>*=/U70M:_P"$@\&V/B'PO#]NL)_[.N-;BU:U
M\J\L+>:/]_/V]O\`@EY_P<.?'+X2>*/!UW_P4C\!?M(^"=2TC4+?Q+\)_#^B
M:+^R]JOCW2WL!Y_AF:V\`_#S0O"?BBSU=UDL+C0_&GC+2_#]XCQM?NR7%Q'"
M&]1)RA>2C[L=[WW>NBMZ:H_G_P#^"!NL_&KP7_P5LT71/V0GMO&5E>^$_P!I
M?1)K#QCK6IZ%X#\:?#_1OAOXWU3X?O\`%/Q+X?\`"FN:EX>\-7GQ&TCX7WLW
MB#2O"5Q>VNO2:5#9Z//]M;2+O^B_]I3_`(+6_P#!3G]F#_@H?^S#^P]\9_V=
M?V0_A_'\</'OP,34]=\*>(/BC\7)]2^%_P`6_BO:?#A]8\'>);K6_AA;:3K5
ME>:)XWL&_P"$D\`:@J7MO:2KIAMK9;C5?SS_`.#=G]M']D_]BK]H#6OV*_C]
M^S/K'P$_:W^(_B]OA'JG[0WC#Q#-JNJ:OXVCUV:VL?@KXM\-:MI.CO\`"73Y
MO$<&G:5H(\.SZQ8^*/$,NDQ^+)4N++3-9F]$_P""]/\`RL+?\$N/^Q:_8D_]
M;=^,-`W9U&G'11=F^MEOH[/^KV>W]T-%%%!SG\H/_!;?_@JY_P`%(O\`@EA\
M5O`:>#_$G[&GCWX8?'2[\>ZE\,/"FL?"KXK/\5/!WA[P3-X9BN4\=7MK\3]/
M\+:O%-+XHL[73]<TQM*EU.YM=11?#UM'8RW#?MA_P2P_;BLO^"AG[$7P>_:2
MFBT73_'.KZ?=^$_B_P"'_#\=S;:3X=^+/A"5--\7V6FV5[>ZE>Z=I&K.;+Q9
MX=T^]U/4[RT\->(]&BN]1O;@2W,GX,?LU?#+P;_P6J_X*^_ML?M0_%32(_'?
M[&W[*/P[\2?L;?!'2[OS)?#_`(JU?QAH'BGP-XIU_3V>X:ROTFTK7?BIXVMK
MAM,:73F\>_#34D>'4M`T^Z?Y5_X-^_BAXN_X)T?\%._VL?\`@DQ\:=3GBTOQ
MKXK\0Q_#N\U&2*SM;[XE_#.TNM5\-Z]ING1BZAM+;XV_!*>'Q/%)+J:S#_A'
M?!VD"UFO;TBW#5Q3A9?'%*3\T]UZQ35WZG[O?\%??^"T_P`/_P#@F/#X'^&7
MA+X?R?'C]J;XKV2:GX)^$UGJ\FFZ?H7A^ZU.30].\5>-)M-M-4UYX=<UN"]T
MOPAX;T?3#J'BW4-)UBVBU+1XK![QOF[P[K/_``=$>-OAU:?%TZ9_P35^'VHZ
MKHD7B>V_9]\1:=\5;3XBV@:TBO+?PI=@-XF\+:;K=\I$$MGJ_P`6XFT^[EEM
M=2U;2IH76W_%7XD+;?M`_P#!VWX>\/?$QX=6\/>#/COX+M/#FEZNWVO3=.3X
M*_L\VGCGP=8VEO));111S^./#D&NI:_/$^MZI<S2PW[SRQ7/]_E`I)04=$W*
M*DV]=]DMK6L_OW/Y??\`@G!_P76_:,_;AN?C#^RIJ_[._P`'_`__``43^%%C
MJ.HZ/X0\6^-_&OP\^!OQ!M_!GC+2O#'Q1TJ]O+;P_P#%+QKX!\;^"+>]N[R+
MPSCQA9>(7L;J:/6M$M;2]6UYC]F;_@M+^W_X^_X+*>"O^"9'[1WP(_9I^%&E
MQ:S\3-%^(_\`P@,_C[QIXL$_A;]G_P"('QE\*:EX6\>W_C>S\-OHGB"'2_!]
M\8[[X=)JO]EW5Y;W*Z3J-R]KI?\`3SI_P\\`:3KLWBC2_`W@_3?$MQ->7$_B
M+3_#.BV>NS7&HF0ZA/-JUM91ZA)-?&:4WDKW#/=&60SLY=L_YV/[>?[82_L#
M?\')O[07[6@\'-X_O/A/<WYT7PB;\:9;:OXD\=?L*V7PU\+C5+X*TMOH=EXC
M\8Z7J6OM:*U^VBV=_'IRM?/;J0<$IN244O<;2OM+1:7VU[[=[']L7_!2#_@I
MA\#O^"<'PNTSQ)X]2_\`'GQ@^(MQ=^'O@+\`/"&Z\^('Q;\9[$@L[.RL;6"]
MO-*\+VVIW>F66O\`BJ2PNX;";4K#3--LM9\2:KHVA:EN?\$Z_$G[?_C[X*CX
MD_\`!0?0_A#\._B/XWN8M6\)_!CX6>%=?T?4/AGX5<3/;6?Q%UO7/'/C"/5?
M&6I)+!-<Z1I<>GP>&K>".UU"XO=8NK^RT;\;_P#@AS^SCX1_;6U27_@LI^U/
M\:/#O[5?[6GCS5M<\.^$?#=G:R0>!OV.K3PWJ6H:=:?#_P`/>#]31)]#\9Z=
MI4\>H:7<R:?;66E:-XB_M[PY=^*=0\47_P`2?%']2%!$K+W5J^K\^R72SNF^
MODC_`#IO^#<RUM8O^"X'Q>ABMK>.*R\$_M1K9Q1PQI':+'XZT2V1;5%4+;A+
M=WMT$00+"[Q#$;%3_=W^V;\+/@7\8?V7/CIX,_:1T3PUK'P=G^%WCK4/&5SX
MGBM5M?#.E:9X8U6\NO&&GZK<123>&];\+V\4NLZ1XETYH-3T*^LX=1L+B*X@
M1A_G1?\`!)?PQ^UUXL_X*O\`QPTS]B;XF?#3X4?&Z+2OVDKZV\2_%?PM)XN\
M*77ANU\;V9U;0FTR.RU`P:CJET^F+::BUN4LTAG9SAMC]Q??M=?\%%/^"D'[
M7EO_`,$U_P#@HY^W#XJ_92\-^+/B/J/PN\7>&+7X3^`]'\(Z5\1--U)H-%^'
M/B_2?`%]\-I_$>D^(M;A31_#6J^)O&'B_0KK7[SPO=DWNE7<&MV`:RCS2W2M
M&+>[:7=)+7Y?-HZ7_@UB^*.M?#?_`(*%_$8W/B*70?A/<?LJ?%CQ-\8[F_U:
M33_"&B^%_`.I^$/$-EXW\31RM_9D:^%[[=96VMWHAET>Q\1ZU%!>PVVJ7]M>
M_O?\+/\`@L7_`,%#O^"I?[0WQ!^%W_!)[X*_`_X??L_?":[AC\9_M._M56OC
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MUZ:+7\;&?^UM^W=_P6@_X)5Z=X<^.O[6'@7]D/\`:]_9.NO$&C^'/'^O_`;3
M/B!\+OB)X!O];G%GI9NF\17^HZ7IMEJ=V1:Z7J<WAOQ9I=_JKVNB:G?^%;K4
M]+EO?VO^%G[?O[,WQ7_8KL_V^M)\<Q:-^SP/AUK/Q&\1Z[KD0BU7P;;>%EO(
M/%WACQ!I5C)?2_\`"7^'-:T^^\-SZ)ICZC+JVMPP6_A]]6BU'3)[S@O^"MO@
M[3/'/_!,+]OG1=7M+6]M;+]E#XV^,8H;R,2PIJ?P\\":Q\0-$NT5DD`NK#6?
M#-A?6,FT&&^M[>57B9!(G^>_\*_V@_%GA_\`X-\_VK?@FLFK7GAWQ3_P4+^`
M_AT!9Y)[+2M-\5?#?6OBE?0/$\@%EI;^(?V>-$N#%'OMY-;U6*<6Z7-Q/<L"
MC%32T2:DHNW5/K;:ZUVW['],OP)_X*T?\%9O^"L'Q`^(LG_!,+X`_L[_``0_
M9S^&VKC1+SXR?M<2^+=5O]4U>XBAOM.T:\E\"7.L:;9^);C2'BU75?"7A3PK
MXX3PS:W^GOJWC,1ZGH\VH\I^T?\`\%>?^"N/_!)3XN_"C3/^"E'P;_9;^._P
M)^+DFHKIWCW]EZ3QMX?U6!]"O-`3Q39Z%K'C$Z592>(?#FD:LFJV_A'Q=X#T
M*#Q;+>P1:7X\TVSL-7N;#]&/^#:OPQHF@_\`!'3]F'5=)L(+._\`&VO_`!^\
M3^)KB*.-)-5UNT_:#^)W@RWO[ID16EGC\-^$?#^EK)*7D%MIMO$'$44:)^W7
MB/P?X2\806UKXM\+>'/%-M9RM<6EOXCT33-;@M9W3RWFMH=3M;J."5X_D:2)
M5=D^4L5XH$W%2:Y4XIM6UN[:;[^?X;'\M/\`P4A_X+4_\%'OV-/@Q\)OVE/`
M_P"SQ^QEXF_9S_:+U.V?X%?%>'X@?%WXF-J?ASQ%H[^.O`5QXU\&I9_!#4=`
MUSQ9\.H;C4QI^GZKJMII>J6>I6]W?EK**SO?W_\`V</VD[3QA^PC^S[^UQ\>
M?$'@SP!!XU_93^#_`,?_`(M^))9QX9\!>%;CQ?\`"?PWX]\8W\4NLZC>MHWA
MK3;S5+]K./4-5OI[6PCAAFO;N=3-+_/7_P`'<NG:?I'_``3^_9JTO2;&STO3
M+#]K+P[:6&G:=:P65C96L'P8^,"0VUI:6R16]M;PH`D4,,:1QH`J*``*_+O]
MB/XV)_P7`^(?[''_``3A^,7Q>MOV?_V-/V1/V9_@;I6J_`+3_$5]H_Q'_;3^
M(OP3^'7A+PQXBA_MRR2WTY='M=1T+4=;M=&@U/\`X2+P[X&MIM;\.:3<>*KK
M4O%OP\!\J<%*UK-\SU;MIZZ_)+KHKG]#G[%'_!13]LW_`(*9?M/^,/&O[,?@
M+X>?"?\`X)?_``PUM?"\7QJ^+W@#QAJOQ>_:*\0Z->LFO1?"RQC\:^%M'\*Z
M7?Q,J+>:SX?UV7P;8QVLWB".]\5ZS=>"?"O[[5QGP[^'7@3X2>!O"WPS^&/A
M'0/`?P_\$Z-9^'_"7@_POIMMI&@:!HUBGEVUAIVGVD<<$$2_-)(VTRW%Q)+<
MW$DMQ-+*_9T&;:;T5EM;_-Z7;W84444""BBB@`HHHH`_S??^"9#I'_P=':BS
MNJ*?VO/^"BJ`NP4%Y/AY^U''&@)(!:21UC1>KNRJH+$`_P"CU>7EII]I=7]_
M=6UC86-M/>7M[>3Q6UI9VEM$TUS=75S,R0V]M;PH\L\\KI%%$C22,J*2/YL_
M&W_!L7^RKXK_`&A?'_[3>B?M3?ME_#/XI^//BGXZ^+HUKX:>-OASX5O/"7B?
MQ]XCUCQ)JB^$-9M/ADWB+2+6TN-;O++3Y?[8FU!+`K#<7MP[2RR;?C?_`(-P
M?AA\5=';PM\7/^"C_P#P5#^*'@VYD1M0\*^-_P!HOP]XHT>]C26.4JVG>)OA
MUKFE>9YD,4B2SZ;<K'+%')Y3-&N`UFXS<7S-6BD]+[7_`,S^1[_@H=X@TW]M
MK_@OCXZNOV/M6A\7CXE_M(?`3P9\./%/@RTBUK3;WQ3X)\&_"SP)XG\;Z6]H
M&L=2\.Z;XM\)>(_%=SXC\TZ+<Z%97/B2XOQI+2WP_7G_`(+T_P#*PM_P2X_[
M%K]B3_UMWXPU_3I^PY_P2,_80_X)ZWUWXE_9W^#T<'Q(O[&;3+WXM^/=7O?'
M/Q);3+E$CN]-TO7-6Q9^%=/OT11JEEX.TOP];:N%C&JQ7HA@$7@O_!0__@A_
M^S]_P4;_`&B_A_\`M.?$7XU_M#?"CXC?#3X<^%/ASX5E^#'B#P5X?@T^#P;X
MZ\;?$'0_$UK?:[X'\1:[8>*;37?'%\T&I:;JUFEJFG:7-9P6]Y#-<S@_:1NM
MU&,'%-K5W26R_P`S]IZ_GA_X*6_\%D/A/X:_X)E?M<?%_P#9]U;Q'9^/+;XT
M_$#]@KP!?>(],C\-W%[\9[6UM=/\>>-/`<S2ZM%XB\.>!?!VI>(O%&@>([>%
M].U'Q'X<AT:[6R,CRI[1J'_!'/XBZIX4/@N^_P""OO\`P5CET-K:*SE=/VA/
M!]MK]Q;0NK^7=>+K;X9P^+;OS]OE7KW.MRR7]NTEK?/<6TLL3^7^$/\`@W7_
M`&5O#6@?LN>"M6^.'[27C?X=_LJ_&SQ+\>O#'@#Q3KGP[E\.>//''BWQ#X,U
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M.,VI<SZOWM%JGOT_`_@L_P""@/Q8N/@I_P`%(?V(/^"XGPL\.ZSK'[/G[5MK
M\$?V@'@T\:==+H?CKP)X?T'X<_M$_`*YU"TOO[/M?&UIHN@:A',=1U".WN-<
MUW6DM)[NV\/ZF+7_`$./A%\7?AM\>?AMX.^+_P`(/&.B>/OAQX^T2S\0>%?%
M7A^\2\T[4].O$#+\RD26M[:R"2SU/3;R.#4-*U""YT[4;:VO;:>"/\V?V?/^
M"-'[*?P8_8O\6?L$>/KSQQ^TY^SOXD\8ZUXVTG0OCM/X9OM;^'VK:]9VT-\W
MPY\0^"/#G@S4?!TL&IQWWB+3-5T:2VUW2]=U[Q#=V>J1Q:Q=6[?#O@+_`(-U
MC^SGXAU>\_8N_P""F?[</[,'A#6=0U'4+GP!H?B32/$'AWS;\(J)-86+>#]%
MU8V,0-O97^OZ'J^LI!':/)JDE[;R7EP!)QDDKV<;I.V\?LWZIKKI;S/Z3Z_@
MNU;X?^"OBO\`\'=?CGX9_$?PSI/C+P#X]?XE>$_&/A37;9;S2/$'AW7?^"9O
MB/3]5TJ_MV(+V]W:3RQ,T;1S1%EE@EBF2.1?Z>?V6/\`@F'KWP"^.FF?M$_%
M+]OK]N']J[QUHN@ZMH6D>%?C3\4K&X^#.F-KFC1:'J&L6'POT_1?L=AK,=FD
MPT^YL=7MH(9;Z_O+^UU/4KEK\8^F_P#!'7X`Z9_P4^D_X*JQ?$CXPR?&Z2_U
M74#X!DO_``7_`,*K$NK?`N\^`<R"R7P:OB[RX_"UY)JT6?%F[^WT25V;3MVG
M$%%J+EKO!I-=W;^KG\P_QF^%W[27_!L?^V_:_'[X%V^O_%#_`()U_M!>(+7P
M_KWA34;^746_LJ*5]3F^'/BN]>.VM](^*7@RVEU?4OA'XYN`(_$FBQWUAJ5Q
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M[HDR67B#3=3DT?PS<:$`VI*[^-65]^9:+771I=>I_)/_`,&Z'_*<3XT?]B5^
MU+_ZL'0:_4#_`(.>_P#@E/)\1_!TG_!2'X!:"8OB1\+=(M;?]I31]&CFCO?%
M7PVT."*+1/BO;);<G7_AC!"ECXHN1&)KOP%]EU6>\M8/`8BO_P!6_P!B'_@A
M5^S5^PE^UGXG_;`^&?Q6^.7BSQ]XLTKX@Z1J'ASQUJ/@&Y\'P0?$;6;36]7D
ML[?0/`F@ZU'-975E%'IIGUFX1+=I%NDNI"LJ_M7J&GV&K6%]I6JV-GJ>EZG9
MW.GZEINH6T-[8:A87L+VUY8WUG<I);W=G=V\DD%S;3QR0SPR/%*CH[*0;G[Z
ME'HDM>NFJ_KY'\6OP4_;4UW_`(+2_P#!"[]KS]DCQ=J4GB+]N+]G_P"$OA_Q
M+?:7;1QKXE^,WACX0>+_``W\1O`OCW0;>Z-RVL>)?$4/@4_#WX@Q:>7N7\67
M]MJC)HL?C_0+2'Z=_P"#27X[>%O%W[#?Q>^`?]HZ7%X]^#WQYUOQ1<Z%%<$:
MK/X#^)GAOPS<:!XCGM97W/#+XHT#QGHSS6JF"!--L4N!'/=1M<?77[.7_!O'
M^S%^R-^UOIW[7G[.7Q[_`&E_AEXGTGQEXB\06/PYTS6_AM=_#%O"'BF^NIM7
M^$6HZ7=_#A]=U;X;R:5=?V#;6>H>()_$%C:V6E:O:>((?%6DZ?X@M^E^,/\`
MP02_9]UC]HO6?VMOV2_CE\?/V"?CYXCDU6X\1ZS^SMKFC6G@77KO7;B"\UZ?
M4?`6JZ8T<=KKU[;07VN>'-+US3?!VJ7T2:A<^&VU'==L`Y1:E%:)M27]V5K-
M/NK;6V['T#_P6Z^./A'X#_\`!+3]LO6_%FL1Z7)\0O@SXO\`@=X4M=ZB]U[Q
M=\:-'O?A]IFCZ=`<R74BVNMZCJ^HI$K-;:!I.L:C)LM[&>1/Y2/^"?G_``3/
M^*/[0_\`P;P?MF:EX>\.7<WQ$^+GQHLOC?\``S1HHKR;4/&^B?LUV^EZ=<V>
MF61FABGU#Q3<#XO>$/#<,,;/>:TE@\CW$4EHD/\`0)XH_P""`WAG]HKQ]X.\
M:_\`!0#]NG]K;]MK2/`5W]K\._"[Q9K/ASX:_"QOW+Q,FH^%_!5@T\%Q=&:8
MZIK'A34_">OZO#%IUAJ.K3Z?8M:7/[Q>"/!'@_X:>#O"_P`/?A]X9T3P9X&\
M%:%IGACPEX3\-Z=;:3H/AWP]HMI%8:5H^D:;9QQ6UE86%G!%;V\$,:HD:`8)
MR2`I*,;+5\RDWT5MDN^N_E^'\L?_``:J?MO^`/&_[)VK_L+>)M?T_0?C3^S_
M`.,?&_B'P=X.U.ZCLM4\6?"?QSKMQXQU'5=#L[MHKG4;[PGX_P!;\6V7BRPL
MX96T2PU/PO?73`:LZV_]8M?A/^VC_P`&^_[&7[6'Q<E_:,\#Z]\4/V2_VB+C
M6?\`A)K_`.)G[/6MV7AZ'6_%AFN+I_%^K>&[JRFAM/%<UW/]LO/$7@_4O"&K
M:G>J]]JUW?W\\UT^#IW_``1@_:6OM#A\(>/?^"UO_!2+7O"$5K9V36GA+QS8
M^!?%-Q:6B^6T-YX[DN_%'B&^^TP@17;WTMR]\#)_:1OEE=""ERR=T[7U::>C
M>]FM]=MCXS_X.]?^3#/V=?\`L[K0O_5-?&&OCW]J#_@CCXM^(W_!/+_@GK_P
M4A_8`M=7\$?MC?"7]BG]D/QKXV\,_#1)M)\2_%Q?#OP-^'5Q;^//"']FRP./
MC#X4M(7N+BWMH9+SXC:):MI:I?>)[32['7OZ)?VR_P#@D+\!_P!MC]DKX"?L
M>?$?XH?'/1_`7[/>L>%-:\,>,M)\3>&M8^)OB:\\(^!=>\!6<_CGQ+XN\):_
M:Z[>ZEIOB&]U+6M2CTFQOM0UE8[LS11M/!+^@_P%^$&@_L^?`SX+_`/PKJ.K
MZQX7^"'PG^'7P@\-ZOX@DLI=>U30?AKX/T?P9H^HZW+IMGIVGR:O?:=HMO<Z
ME)8:?8V3WLLS6MG:P&.!`:G:,4MTVWV:=M'W3ZH_&[_@B)_P64\)_P#!2/X8
M/\+_`(ISZ?X._;+^$N@V:?$CPI.]CID/Q0TBR*Z=<?%7P+I2BUD6!KU88?'?
MAJTLP/!6N:A9(I_L;6=&<_O37X9?%S_@@9^RIXW_`&TK/]O'X1_$WXY_LK?'
M2W\36OCVY?X"ZG\/=.\)7_Q$$UZ^O>-IO#OC+X?^+[>+4/&]O?36GCS2+>6+
MPOXL6?5+K5M#GO\`Q#XCNM7_`'&MHYHK:WBN9_M5Q'!%'/=>4D'VF9(U66?R
M8R4A\YPTGE(2D>[8I(`H)ERWO'9K;71]5?JNS)Z***"0HHHH`****`"BBB@`
MHHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"B
- -BB@`HHHH`****`/_V3\_
`
end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>3
<FILENAME>cleanx1x1.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 cleanx1x1.jpg
M_]C_X``02D9)1@`!`0```0`!``#_VP!#``$!`0$!`0$!`0$!`0$!`0$!`0$!
M`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0'_
MVP!#`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!
M`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0'_P``1"`!)`.D#`2(``A$!`Q$!_\0`
M'P```04!`0$!`0$```````````$"`P0%!@<("0H+_\0`M1```@$#`P($`P4%
M!`0```%]`0(#``01!1(A,4$&$U%A!R)Q%#*!D:$((T*QP152T?`D,V)R@@D*
M%A<8&1HE)B<H*2HT-38W.#DZ0T1%1D=(24I35%565UA96F-D969G:&EJ<W1U
M=G=X>7J#A(6&AXB)BI*3E)66EYB9FJ*CI*6FIZBIJK*SM+6VM[BYNL+#Q,7&
MQ\C)RM+3U-76U]C9VN'BX^3EYN?HZ>KQ\O/T]?;W^/GZ_\0`'P$``P$!`0$!
M`0$!`0````````$"`P0%!@<("0H+_\0`M1$``@$"!`0#!`<%!`0``0)W``$"
M`Q$$!2$Q!A)!40=A<1,B,H$(%$*1H;'!"2,S4O`58G+1"A8D-.$E\1<8&1HF
M)R@I*C4V-S@Y.D-$149'2$E*4U155E=865IC9&5F9VAI:G-T=79W>'EZ@H.$
MA8:'B(F*DI.4E9:7F)F:HJ.DI::GJ*FJLK.TM;:WN+FZPL/$Q<;'R,G*TM/4
MU=;7V-G:XN/DY>;GZ.GJ\O/T]?;W^/GZ_]H`#`,!``(1`Q$`/P#^_BBBB@`H
MHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BB
MB@`HHHH`****`"O"_P!H[QU\<?AQ\)]?\7?LZ_`6P_:6^*>F2V+:+\(-1^+>
M@_!"/Q+:R3A=2^S?$+Q/X?\`$F@Z9?VMJ&EL+75+&WL]0N?+M;C5-+A=[V+W
M2B@/Q_KR/X\/CO\`\'3/QR_9E^+^O?`3XZ_\$F?$7P[^+WANYTRUU/P1JG[7
M5K?:BSZU:VU[HTVE7>B?LT:II7B"QU>UO+:;2M2T"_U/3]16519W4S!E'UQK
MO_!:W_@I9X,\/VOC7QQ_P0&_::TGP0BP7VN:GH/QKU+Q?XBT70UNXH=2U*;P
M7I/[-2:W'-I]LTMXUGK"Z'#Y,+3WU_IVGK/J$'X"_P#!Q?\`\IQ/@O\`]B5^
MRU_ZL'7J_P!%&@UERI0:@O>5WK+\/>T_$_!__@GU_P`'"?[$G[>GQ$TKX'_9
M/'7[/?QWUZX.G^&?`'Q;MM*&D^-=8CC+SZ%X-\;:'?7FF7FNHZ2PVVA^);+P
MGK.K3((-$T_4KDO;Q_O!7^71_P`%#;?1/B9_P<`>/[?]B.XT?5[[7OVL?@:/
MAWJ?P^LCKVC_`/"Y+'2OA@WQ"U^RM_#U_IHU*/3?C/9>,]9UZ[T_5].BEFM-
M4O\`^V+&+?J$7](__!;[]N+_`(*^_P#!-;P[X/\`B3X6_:!_9?U3X7?%GXB>
M)?!/A2/PK^S[J&E?$7P8T&BWVO:!!JR>/_%OQ*\+>(V32H[M-1UR%-*2;6-'
MT^XB\-0Z=J][IUD!*"O'E^VDTGTVTO;^ON/ZT**^6/V%_B1XT^,?[$O['7Q=
M^(^L_P#"1_$/XJ?LL?L^?$CQ[XA_L[2M(_M[QIXX^$GA'Q/XIUG^R=!L=+T/
M2_[4US5+Z^_L[1M,T[2K+S_LVG6-I9Q0V\?U/09/1M=@HK^>7_@X!^/?[7W[
M%7[/8_:T_9P_;MU'X#K9Z]X$^&.C_L]7OP*_9]^(>A_$_P`5>(-6U6ZU+4]$
M\9?$7P7KGC70?$-AX2@UGQ'J-G%-X@T&XT?P3]GL]$T:ZO-1UM_+/^#=3_@K
M)\;OV\=`^/OP*_;`\:)XL_:8^#VMVOC+2-9NO!W@SX?:GX@^%NL/#X>U+2[G
MPQX)T;PQI0U;X<>,[+['KET/#.F3):>-/#-K=2WU[!>2QA7*^5RNK)V:UOT\
MO-']-M%?EA_P5O\`^"G_`(#_`."6_P"S;%\4]6T*+QW\5?'^KW?@SX)_#:2\
M^Q6WB+Q3;Z;)J.H:]XCN8I%OK3P/X0M3:7/B2YTY)+ZXN]2T+0;5[.XUV'4;
M+\K/V3OAA_P7T_X*#_!SP]^U)\1_^"C'A+]AOPM\5])LO&GPE^#GPY_9B\`>
M/+K_`(1"]/\`:/AG6=>?7[W1]=\.Z7XHMC:ZMI5KJGC?X@:O=>&;ZQEUN"TF
MN)M&C`46US-I*]KN^K\DDW^%C^J*BOY!_@O_`,%)_P#@J_\`L4_\%`K3]@3_
M`(*`0Z-^TK\/_&GB#0?"?@[]JSP=\)I=+B\-1_$I%M_AK\1=4_X0/P_X8\/Z
MEX2TW6K^QTOXE^%/$.FZ5XB\.)::Y?V/C+5=.TBQNO$O#?\`!47_`(*'_P#!
M9/\`X)__`+3?[-GP8\5_M#_LW:KX._:!UG0KS2?%/P=_9_M?#^K0Z78_$;P]
MH'BK0=2T/XLZM\6(],EGTV^M(+?4+35]5>2TUS4/LT]CJ>G65_"#Y'>UUJKI
MWT:WTTZ+H[/R/[,:^8OVK?B?^TO\)OAW8^)OV6OV6],_:V\=-KR6FK?#74/C
MSX8_9]GM?#G]E:I=RZYI7BSQ?X3\5:%JVHIJMKI>E1:!=#1A-'JDFH'5XTT]
M[>XY+]N?]N[]GO\`X)[?`K7_`(Z_M!>*H=+TZTAN;3P9X)TZ>SF\=_%+Q8D(
M>Q\&^`="N+FWDU;5;J22%K^\=H=&\.::TVN^)-0TO1;2ZO8_AC_@EAXA_P""
MG_[2M]XE_;*_;8^(4WP3^"OQ0FN-6_9W_85\/_#WX8VS>%_`>I6?DZ%XF^)_
MQ"U?X>'XQW%[<69MM8T72/\`A+="O]2U.2?Q!K.GZ)X<O]-\`602EIS:63ZO
M=Z:*VO77:RZWL?DQ\2O^#J3XV_"#XUZS^SC\1?\`@DMXL\._'30O$^E^"[_X
M7?\`#5CZMXMD\4ZZNGOH&BZ5IVA_LP:F=>O/$,>K:5+X>&AOJ,>O0ZGITVD2
M7L5[;/+]<^-O^"X7_!0WX0Z/#XT^,_\`P0<_:8\(_#B"UDU#Q!XL\+_&:Z^(
MUQX:TQ;749_[1UG1]"_9XMH]&LX'TYEU&Y\2ZMX>M=,AFMYKJ=9;S3;:_P#Y
MWO\`@IU_RM'Z;_V=U_P3G_\`5<_LM5_H^RRQP1R332)##"CRRRRNL<<4<:EY
M)))'(5$106=V(55!)(`)H-)J,5"T%[T4WK+K;;WOSN?BO_P3@_X+O?L7?\%(
MO%S?"?P2?&?P?^.AL[W4-,^%/Q7M='M;OQC8:58QZAJ]WX`\2Z!JNKZ%XD.F
M6QN;BZT>ZET3Q7]AT[4M7B\.2:-876H1?M77^71?:CX-\2_\'%OA_4_V-H[F
M;P;??\%)_`-QX/E^':R?V==V<'Q8\/GXIZMH+Z5))9M\/;ZX@\=:M-=PNOA9
M_A_-<W=P(?##2I'_`$J_M%_\%<?VU/VT/^"B>J?\$RO^"3VH^`?AFO@#4O%.
ME_&7]JWQSX:L?'$NB'P!=06/Q$USPMHFLV.N>&;'PCX5UB0^"K"XU#PQXBU7
MQWXTOM(CT?4/">BS1:S>@2IZKET3CS/F^SZO_@7/ZPJ*_F\^/'[(_P#P75_9
MX^%/B+XU?`K_`(*Q#]J#Q_X`T"_\8Z_\"?B+^R1\'_!^B?$R+0A?:EJNA^#=
M5TN?Q;>Z3J%YX=M;+3=%\,P1:1)K?B*"ZNX_&?AU]=C@TSZ1_P""+'_!7S0/
M^"H_P.\7:AXT\/Z'\-_VA?@DVC6GQD\+Z+<W*>#M2TS7+:^ET/XC^"_[7O+W
M4=.\,ZS+I&LVE_H>J:EJM]X5U+3GMKO6-1LK[2M2O0AQ=FTU)+=J^E]KII/7
MO:WF?ME17\>EQ_P5O_X*&?\`!5S]MSQS^R%_P2?UOP+^S]\!_AJ^I77B_P#:
MO\6>#]*\?Z[?>$=`UR'0;[QY;0^(;#Q#X2TO1_&FHS+;?#+P78Z#-XU\0::#
MXAOO$GAN%=<M?!_?_MO^"?\`@O9_P3?^$$O[5/P^_P""CUI^V_X6\%Z_H#_$
M_P"$'B3]DOX?^&M0?2_%&L:?H$=WI.D^&AXO\0ZWX?L]=OM*AU9/"WB;P)K&
MC:7<3ZM:&/38-76,'R;)N*;M9.]]=KV32OYM6ZV/ZS**_E%^)'_!37_@IS\6
M/^";'C;_`(*0?`36O@-\!M)^$&DQZ#\9/V=_BG\!O'EW\1=&\<Z%<>%-)\6:
MQX+\>>(/&4NBZSX>UB'Q5I/C?P;I.K_#^Q?3=+U%O#>L>(M>U'3Y;V7]!O\`
M@A-^VK\;_P!LS_@G[J/[2'[5GQ!T?Q#XPA^,7Q<T_4?$SZ#X/\!>'_#G@GPP
MFC:A8V#6_AS2]!TBUT?PY9W=[NU?6/M6J-91F?6]9OI(FN:!.+2OI:]GW3W_
M`*>Q^VE%?S1R?\%!_P!L_P#X*G?M80_!G_@E)XSE^!7[&OP&\8G3_P!I;]O3
M6/A[X!\<)\0-3CBF,GP_^"'AGXH^&_%7AW4XIK';?:;J*:))K5U->Z+XFUR?
MPGX,&EVOQ%_I/TVUGL=.L+&ZU*]UFYL[*UM;C6-2CTZ+4=5GMX(X9M2U"+1[
M#2M)CO;Z1&NKJ/2]+TW3DGED6QL+.V$5O&"::M?=ZVZJ^JOTUOM>_>Q=HHHH
M$%%%%`'^<I_P<IZ9>:W_`,%H_AMHVGZO=^'[_5_AA^S=IECKVGJ&O]$O+_QG
MXEM;;5[)6>-6N]-FE2]ME9T!FA0%U'(_?S]H3_@@S^V?\;?"FH:-/_P6]_;*
MU62^L&TJ_P##/CBW\17'PW\1:,T.IB;2M;\(>"/B]X-TJ2>]GOUCN==O].UZ
M<Z9')IUQIM_#]B^P?@E_P<?ZA8:3_P`%MOA+JFJ7MIINF:;\/_V8]0U'4=0N
M8;.PT^PL_'?B&XO+V]O+EX[>UM+6WCDGN;F>2.&"&-Y971%9A_H?ZCXH\,Z/
MHX\0ZMXBT+2]`:$7"ZYJ.KZ?9:.;<PO<B<:G<W$5D83;Q23B43[##&\H;8C,
M`UDVHTVOY7T3Z^:_`_S;/@7XN^,W_!M5^WJWAS]IW]ESX0?&JV\5Z=87VF_&
M?1!K-_XUN_A+JD]SHVI^(_V=/&.M7VGZ'X=U*!QK%EXL\)^)/!NC>(-<O+7_
M`(1S6_$&C^'+_0/$0_8C_@ZO^)7@SXS?\$^OV%/BY\.M8A\0^`?B=\7;#Q]X
M,UR!6CCU7PQXM^#6M:YHE[Y4@$MO)/I]];O-;3*D]K,7MYT2:-T7\QO^#G;]
ML_X(?MI?M6?L]_!;]F'7+/XS:C\"=`\7>$_$/B[X=@>*=$\4_$+XIZ_X4^P_
M#_P7J6C+=IXTO=`3PS8QRW/AV34].FU[Q//H%A//J^FZK;0?3G_!=_X->-?V
M>O\`@B;_`,$F/@M\2+)-+^('P[U/P=X?\9Z.DD<QT/Q-'\$=;NM9T&6>%Y()
M[G0[^YGTF[GMI9;6>YLYI;662W>-V#3=TI-6E)Z^=MG;TM]_H?US?\$RO^4;
MG_!/G_LR#]E#_P!4-X!K[?KX>_X)CNDG_!-K_@GRT;JZC]B+]E-"48,`\?P)
M\!QR(2"0&CD5HW7JCJRL`P('A/QU_P""LWP*^"/C']O'P-J6FW=_J'[!7[/_
M`(2^,GQ#UN/6=%&C:WXJ^(MI.?A_\(=+A^U)=P>,M=U.30=,=;YK6UAN?$VB
MPB9I9[D6@8--N5N[_.WYM'Y)_MKM_P`/2O\`@NM^S9^PM8&/7?V;O^">^C?\
M-#?M)6I6XFT77/B"Y\/Z[#X6U2"6WGT;7+;???"GP+):2%)[.V\6_%6S\\W%
MA=62?GC_`,%#1?\`_!%S_@OO\+?VVO#5C>Z-^SM^U-?3^.OB';Z7$PTW4-*\
M97T'A/\`:B\/C3M/AFO=7U;1-8O=(^.EK8?86CN?$?B/PO%:W$ES:S?9/JO_
M`((Y_P#!('1?VOOV</$'[?O[5WQ9_:<\'?'7]L7XH?$/XI2W7P3^,&O_``53
M4_`M_P")KP:=?^(++P]`]UJDGB/Q9'XM\6:+)/<1:;#X6UGPXNE6$40>\ONJ
M_P""PW_!`[X8Z7^P[\5OC/\`!'XH_M6?$SXM_L_Z1/\`%'1_#_QK^.WB;XO:
M)?>!]%,5Q\4]/TG2/$&G7<^G:LO@VVNO$MI/I$EM=ZC?^%=/TF9WM[MPH:)Q
M4E&[:MR/16=]W>_\VM[;(^!_^#OKQ?-K_P`??V*M,L=4AU+PE%\!_&OB_P`/
MR6LHGLYIO&/C2QM[S5+69&:*:'4],\,Z`8Y8QB2*VC<,RE=O][/AG2M&T'PY
MX?T/P[';1>']&T32M*T**S,)M(]&TZPM[/3([4VRK;FV2RA@6`VZK#Y07RE"
M;0/\T3XL67C?_@IM_P`$;_@3\6_"JW_C7X^?\$G=1USX%?&_PQI^-0\2ZI^R
MOXXL=+U3X1?%(:396UWJ$VD^`;+P<_@FZG>6!O[.\+^.?%&HK+;:=)<1_P!H
M7_!%G_@II\)/V_OV2/A;8#QUHB_M+?"[P-X=\$_'+X;:A?6UCXO/B'PMI5MH
MTOQ"TS19YA=:MX/\<0V<7B*UUG2DO--TV_U"^\.7UQ!JVDW=L@*::A%?R.2E
M\VFGZ-'[*5_#3_P=CZY>>&/VK_\`@G%XET[1KGQ'J'A[1?&NN6/AZR:5+S7;
MS2?B3\/K^VT:T>"TOYTN=4GMTL8&AL;V599T,=I<.!"_]Q5]J%AI=LUYJ=]9
MZ=:(T:/=7US#:6R/-(L4*-/</'$K2RND<:E@7D944%F`/\3/_!TM_P`GO?\`
M!+C_`*^M9_\`5N?#2@FG\:])?^DL?_P2!^)/PN_X+#_\%&OBS^U!_P`%`?&5
MKK?[1_P'N(9_V4?V*_$5D;'X7_#+PA87D\^H>+?#.D:S<M+XX\7_``^U>VMH
M]7T[4=(M;_2O$#P?$76XM9O_`/A'$^'_`/;?7\A__!=#_@D)\1_#/C^+_@J[
M_P`$X%U/P/\`M%_"K61\4/C)X+\"0LNM^*+W0I(K^3XS?#_25ANK"]\7Z9;0
MW4GQ-\$SV%QIOQ*\//?:I]AO?$":[I/CO]2O^",G_!7KX??\%/O@H+/77TKP
MC^U7\,-&TV/XV?#FTAEL=-U-9&%E;_$OX?0W-W>RW7@K7[I0MWISWESJ?@[6
MY6T353-8W/A[6]>!R5TI*_*K)K^1V6GH^C^_4_CH_P""QWA;Q'XY_P"#D#QK
MX)\'>-K[X9^+O&/Q]_86\+>%?B/I=B=4U/X?^(_$/P8_9KTG0_&VG:8-0TDZ
MC?>%-3N[77K2Q&JZ8;NXL([<:A9>9]ICI?\`!6W4_P#@IQ^Q?^TCI'[+'[97
M[='[5GQJ_9H\8PZ)XBL_&W@WQ3KO@2R^,?PBU._M=,\?6=OX3;Q'?^%)O&>@
MI#JFDW/@OQ=KWBC3-*OIM"U6^?\`L7Q+8W%YZ5_P4Z_Y6C]-_P"SNO\`@G/_
M`.JY_9:K^SS_`(*X?\$W?!W_``4Q_9,\3?"*Z72]&^,'A$7GC7X`^/;Z%0?"
M_P`0[2T*IH^HWJ0RW</@[QU;1)X;\710I.L-O+8>(8K&]U3PYI,:AHY*/LKI
M-."O=)M:+5:7^2/E7_@FW_P3'_X)Q?L8_``?MD_L=P:S\;?%GB[X(Z_XX\#?
MM&?$[6[7Q#XNF\-ZIX<O];6Q\.:78Z)H'A;X?SD*VA:U#IW@^P\7VL=O=^'/
M%.H7LT&HVLGX5_\`!GSH$.O?'3]NCXE:J4U+Q-IGPX^$V@?VWJ!EO-;EA\>^
M,/&NO:\6U&=WFD35-0\#:5=ZJ9G>6]N[2QGD=GA8GD_^#>/_`(*&>(OV6?C-
MX[_X))_MH#4O!O@_Q]XQ\2^!?ASIGC<I;2?"GXY:E>7NB>*?A-J(U"26TLM"
M^*6IR2V^CVL2S:>/B/+#]D@NO^$]O[Z.U_P0!U2+_@FI_P`%=/VK/V"OVA[J
MU\':_P#$'1]1^&G@7Q)XDE&CV_BSQ?\`#WQ8OB#X;QZ:9%?3Q8_%GX>:UK7B
M7PS<3ZC!]MO8]!T"RCN]8UNUM%!.+2JIN[:BT^\4]7\E:_X=#^^2O\RK]BKQ
M/XD_9N_;8_X+=>#OAI<2:!;:!^QE_P`%/?!^E6NB33Q:?HI^'_BIKCPSJ^G6
MKI)FX\+'0@^B7,RI/8P2W`>7[-/?6UU_I!_&SXS_``W_`&>/A/X^^-GQ=\4:
M;X.^'/PU\,ZIXJ\4Z_JDZ0PVVGZ7;27!MK6,GSK_`%;495CT[1M(LHY]1UC5
M;JSTS3;:YOKN""3^''_@W`_91U3]M#X_?\%%/VN?BGX4FTKX-_&3X:?&?X"7
M=B\,-YI6M>(?VHO$,?B;XB:+HU_>01G4!X)\&6O]F:FPLX(YH_&^E>;M#7%H
M0B%E&;>UDOG?8^M/^#._P]X;@^"W[;'BNW@7_A+]3^*'PG\/:K<FW8./#>A^
M%/%&I>'X$NC(RLK:IXA\322V\<43(5ADFDG$D"V_]EE?Y^/_``1@^-MY_P`$
M3/\`@I9^TC^PO^VY=)\,O!WQC_L/PS:?$_Q`3I'@?_A(_`6I^);KX/\`Q)%]
M=S/:6GPV^*/ACQ1XBM(?$`GD&CZQJ'AZP\2MIJZ5XAET3_0"T[4=/U>QM-4T
MF^L]4TR_MXKNPU'3KJ"]L;VUG0/#<VEW;/+;W-O,A#Q30R/'(A#(Q!!H"JO?
M;W3LT^Z:7Y;'Y3_\%TO^42G[<7_9);;_`-37PI7\`7[)/[:WB3Q#\%/V?/\`
M@F'\:?B]XB_9,_8,^*'QF\7>*?VAOC-X,T>6\\6^/=!\4WEG;Q:/=:K?6C6N
ME>`-,U[PY9^']:GL(M5TBPFU/4_$GC/3?%&E^'8_"C?WX_\`!<?4=/O_`/@D
MM^W='8WUG>R:;\,8-.U%+2YAN'L-03Q=X-N7L;U87=K6\2VNK6X:VG$<RP7,
M$I01S1LWX!?\$GO^"9?P:_X*=_\`!"8?"?Q_]G\*?$?P[^T)\;=:^"WQDM-)
MMM0\0?#;Q;)!X0W*Z.8;C5_!/B/[-;:?XV\*B]M(]8T^.WO+*ZTWQ#I.A:SI
M@.#2C>6W.M>J=G[R\UZ/T/Z^OV:_@/\`!']FCX(_#WX,?LZ>%-`\'_!_P?H%
MI#X0T[P[*E[::A:7J"^F\27FM"6XN/$VL^)KBXDUO6?%%_=WNH>(=0O9]5O+
MVYFN6E;W.OXE?^"07_!2WXW?\$TOC[/_`,$B/^"H/]I>$=&\/ZY#X:^`_P`5
M_%VJK+H/P^M[T/'X7\,OXIU)+:/6_@-XS\I)/AEXP^TO%X)N[N/PS?0V/A;%
MKX!_MI5E90RD,K`,K*0592,@@C@@CD$<$<B@B47%ZZWU3Z-/J+11102%%%%`
M'Y/?MD_\$5?V"?V\_C&WQX_:.\">-_$GQ%;PMH?@W^T-!^)?BOPIIZZ#X=DO
MY=,METK1+RVL_-CDU*\>6Y9&GF,H#N5CC5?E1?\`@V&_X)&JRL?A'\3W`8$H
MWQP^(@5@#DJQ354<*PX.UE;!^5@<$?T&44%*4EHI22[)O_,_.O\`92_X)-_\
M$\_V*=;M_%G[._[,?@;PKXYM/M/V+XA>(;CQ!\1O'^FF\&RY_L3Q?\1=9\4Z
MWX=6:$"VEC\.W>E126Q>%T9)IQ+VW[<?_!/3]F7_`(*)>"?!GP^_:?\`#?B/
MQ-X8\`^*;CQEX<M/#GB_6O!\]OKUSI-UHDES<WFASV]S=Q#3[RYB6VED,`>3
MS2AD1&7[>HH%=WO=W[W=_O/PYT?_`(-Z/^"=GAW3+31?#\/[3&AZ/I\9AL-)
MT?\`:H^-.F:991,[RM%:6%EXG@M;:,R2/(4AB12[NY&YB3+I?_!O/_P38T;P
M/\4?AWI_A#XQP^%OC3JW@_6?BC:/\=/B%/=>-+SP+J>M:YX<76]2GU.2_NK:
MVU[7;K7KFV>X\J_UJUTO4KU9KK3+.2+]P:*`YI?S/[WWO^>OJ<?\//`/A'X5
M>`O!/PQ\`:)9^&_`WP[\)^'O`_@[P]I\:Q6.A^%_"NDVFAZ%I5I&H`6WL-,L
M;6UB'4K$"Q+$D]->V5GJ5E=Z=J%K!>V%_:W%E?65U$D]K=V=U$\%S:W,$BM'
M-!<0R/%-%(K))&[(ZE215JB@1^:'[%G_``24_8Q_X)_>._'GQ!_9C\*>-?"&
MI_$SPX?"OC/1]8^(?B3Q7X5UC1TU6/6+*-_#NO7-Y8P7.E72SQ:7>0+'<VEC
M?ZE8+(;34+J*3Y9^/O\`P;G_`/!,;XX^,[[XBZ!\//'W[-OCN_NQJ3>(?V9/
M';?#>&PU82B4:KH7A/5-'\6>`_#=WG<-OA_PKIEH2[S&U-RWGU^ZM%`^:5V[
MN[W=WKZ]_F?B9X$_X($_L,>'/&'P_P#'OQ&\1_M4?M(^+/AAK?A?Q/X,U7]H
M3]I?XA>+UTKQ1X1U%-8TG7UT[PY<>#M)>Z.J1I>76GFP&@SMYMN-(CL[FZMI
M_JW]L3_@F)^R5^W9\0?A#\3_`-HCPMXJ\0>+O@89V^'5WH'C?7O"UKI;W.MZ
M7XAEDO;'2)X;?56;4]&T^4"_29%CA:$((Y90_P"@U%`7?=Z;:O2^_P!X5^4G
MAG_@B]^PAX!_:NG_`&T/A?X)\=?";XZ7/C&]\<3:C\,_B;XL\(^$WU?6,-XD
MLV\#Z?>#PR_ASQ6[W;^)/"\FGOH&I_VC?1/IZ02I%'^K=%`KM;/?1^:['Y5_
M%W_@C+^PC\</VP(OVZ/B!X&\:7_[1$/C;X6_$*/Q%8?$CQ5I>A+XG^#FE>#M
M&\"W7_"+6EXFC&WL+'P)X=2\LVMS;ZE);3R7:2-=3;OU4HHH&VW:[;MHKO9=
MD?DE^U5_P1$_X)Z?MC_'6_\`VDOC%\,/$\/Q?U:S\/0:QXI^'_Q#\5?#V75K
M[PK"EIH?B'4;?PQ?645QXGL]/M].TU=?(746L='T>!IB-/@8>G_M>_\`!)_]
MB#]NKPWX.TK]ICX53>._%G@/PYIGA?PU\7[;Q%JWAOXQPZ7I5K-;P0ZMXZ\/
MSZ==^)[:6:ZO=4GTGQ1;:SH!UJ^N]7ATB&_F,P_1ZB@.:6FKTVU>GIV^1^#5
MS_P;O?L4>*Y(+'XT_&+]N;]HSP-IVI07^@_"WXW?M6>+_$/@#PU#;K<+%IF@
MV/AW3?"FN6EDIN966:7Q!<:M&S,(M3C6699?V;^$'P<^%OP`^'/A?X1?!;P'
MX;^&GPT\%V']F^&?!OA/3HM,T;2[9YI+FX=(8\R7-]?WD]Q?ZIJE[+<ZGJVI
M7-UJ6IW=W?75Q<2>E44`VWNVSXJ_;*_X)W_L>?M]^&].\._M2_!;P]\0[C08
M9X/"WC"&?4?#7Q"\(Q7,\5U<6_AOQUX;N],\2:?IUS=00W%]H;7\^@:E+$C:
MGI=X%`K\R?`O_!MS^Q1\.#JVF>$_CU^WKH_@+51&#\*M'_:<E\-?#VR82K/<
MO;:?X2\%>'];NFOYS=37?]L:_JBF6_O)+=;=V@,']!=%`<S2LF[=KZ'YQ^`?
M^"4?[%/PO_9`^+'[#?@3X>>)-"^`'QQUW4/%7Q4TE_B/X[UKQ-XL\4:M:^#K
M#5=?E\6>(M=U?5])O-0L/`7A6TGMM!ETK2D737N+;3H+Z_U"ZNO</V-_V,/@
M1^P=\&T^`_[.FAZWX>^'$7BC7/&$>FZ_XDU3Q5?IK?B);%=4E&K:Q+->M!+_
M`&?;M';O*R0MO\O:K;1]644`VWNV[N[N^O?U/SV_;D_X)<?L7?\`!1-_!-[^
MU!\+9/$_B'X>K=VOACQAX;\0ZQX+\7VVC7YEENO#5YK_`(?N;2\U3PV;Z5M4
MM](U$W-M8:FT][IPM);[4C>?6WP3^$7AWX"_"KP/\'?!^K>+M8\(?#O0;+PM
MX5F\<>)+WQ?XDL_#NE1"VT?2+OQ+J@;5M6@TBQ2'3M/GU6XO+Z+3[>VM9+J6
M."(+ZG10*[VOHMEVON%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110
C`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`'_]D_
`
end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>4
<FILENAME>cleanx3x1.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 cleanx3x1.jpg
M_]C_X``02D9)1@`!`0$`2`!(``#_VP!#``$!`0$!`0$!`0$!`0$!`0$!`0$!
M`0$!`0$!`0$"`0$!`0$!`@("`@("`@("`@("`@("`@("`@("`@("`@("`@+_
MVP!#`0$!`0$!`0("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("
M`@("`@("`@("`@("`@("`@("`@("`@+_P``1"`!-`><#`1$``A$!`Q$!_\0`
M'@`!``("`P$!`0````````````@)!@<$!0H!`P+_Q``Q$```!@,``00"`0,#
M!`,````"`P0%!@<``0@)$1(3%!4A%A<8(B,E,0HF,D$S-%'_Q``4`0$`````
M````````````````_\0`%!$!`````````````````````/_:``P#`0`"$0,1
M`#\`]_&`P&`P&`P&`P&`P&`P&`P&`P&`P&`P&`P&`P&`P&`P&`P&`P&`P&`P
M&`P&`P&`P&`P&`P/F!]P&`P&`P&`P&`P&`P&`P&`P&`P&`P&`P&!'SH'K'F'
ME%@2R?ICH*G:&9'#Y@M*RUK$BT($^&)]ZT>GCZ-_4DGN!H/=KW$HBSS=>OK[
M/3`S>H+GJ/H"OV*UJ-LR"V]6DG+/,8)Y7$H9IC%'7ZB@21:2D>V$T\C9J<X`
MR%)/OT:G/`,D\`#0"!H-F8#`8#`8#`8#`8#`8#`8#`8#`8#`8#`8#`8#`8#`
M8#`8#`8#`8#`8$6.ONE"^9*I2R)GC0K`MJQIC'*;Y[JLE7]`ZT;SGYAB2$Q5
M0Y;UO2%L)^)2[2!T$$0&>.-CLZC`9I'\8P@/OPRU;940_J!T[;]NVWW^M:%:
MXCNN,S^P:OG516`>A5%,RWFZ"Q%Y(8H?'6,Q4(**,IDAK>\)R]ZE>GPY4L--
M"4WC/OFR[^Y&ACK>[HRNO1]4RVTN<.DSF)*G;DAMX\[V.YU)-GK;2C`42D_.
M;:R)&00G**2Z1O"8Q(46E,)!H)\X#`8#`8#`8#`8#`8#`8#`8#`8#`8'S>]!
MUO8MZUK6M[WO?ZUK6O\`G>][P*B';KB\N[)9(ZH\;SJSQ"D8G('Z$W3Y&I,R
M(Y-$&N0L9NF]Z@O&$%=RS$,_D211HU.OECH#=?,!Y6PD_P`P7!.:DX;NHCQ<
M<646[.$[%4J"\;UD9J9=..F>FA)[ZZ%FSN1OY!.3E8D\)4";"QC_`,]-,;3L
M;`FV$L*%I2E%%%@#2/BM;:QDDN\AG07/C,@BO--X]D'I*:9XPPI(Q`)>?1],
MQ:D;CNV%LS4(*'Z\EG3+(T7WTR8K\R1'DKR8:?\`?!HD+>,!@,!@,!@,!@,!
M@,!@,!@,!@,!@,!@,!@,!@,!@,!@,!@,!@,!@,"KJBMI^LNZKTZ0>T'VZZXA
M?I;QQS)\Y8-HE5H.S*SOG8-O(PC#OY%(%OXJN6Y4`?N;PQV8)0>GYI<#`M%P
M*C/&P@W#^G/,?6H&EH:4[3Y#FJRR`-Y>BU2L=Y<?UA8:QP7Z",6A;4GG&*??
MZ!WLXY3H6O<$00A;G@,!@5V>0:^K2A;=2',7-4H;(=U;VA83C65435S8TLH2
MT_!(9'S)U??0*F,.(!I%^XK'2-EM:1=KZ"J4O$<1K0FI5)I)@=;S%15^<R=-
M36M]V[T#T%RI-:-8)^BG'2-@;M:;0/HUGFY\<E,;8INZ&)UH&B1,!R!S`PD(
M!M+.N:%IZ$;:!VTB/"R7`8#`8#`8#`8#`8#`8#`PBR;*KZG('*[2M>:1FNJX
M@S,KD,PF\R>4,>C,:9$0?<I<7AX<AEDDEA_0=;$+7O&()8-"&((=A2K9LWE'
MD`:OYAT9+_[$/$\@<MJU#9;\M14I=O>\<1)_M%JYVYO#@WGUW4KC[@F[95)B
M>9S)L!O;N7'&9=])4&Q6[R[\8((PU5EX^*GN/N15$TJ:)1:N>$Z)=W&GX@WM
MIOX1L2K[N?2(_63$T)Q@^+W`D8]D$@V(E$:'XPF!^RVB?(AY`(\%@[+=XGP?
MS0^K_EE_+O--A.=A=*6M$/0PL^N;JZO:1-[3'F=P#[`/357K8H<'!*(U"&;$
M)#E!!H6SP"`PFJH1$JTK:*L4'K^!QYIB<,A\8;DS1'XS&V)&!O:&5G;$80ED
MITY(`%E@#KTUK7_[^\#+\!@,!@,!@,!@,!@,"M&B?+CPSU#V)*>(N<;4.N^V
M8'7<HLB=R:MV17(:?B3;$Y*VQ1Q9U]G$["@4KAJW5*$K\9]Y![O>0:N*5_&F
M,"45R=:<]<_61S]4%O6,EB-D]33)U@%"1,3!+'QPL*5L29,M>F](9&D"PE$4
MD*6)1J%KF:B0DZ/+]ZG6]X$B#32R"C#CC`%$DEC--.-&$LLHLL/N,,,,%Z:T
M'6OWO>_UK7[P*?KG\O<*TDGC/P?0UF^12;5\DE`I=):@<XK77)]?KHJT'.SH
MEL;M&UU#;`B1$!),"J3L+A(W!((HXI6C(.!HL02#\6_7]C][\)T/UO:E-:H2
M5W,VRQ\#7`'-U=B4D=:IXZ1J)2)&L>T:%2),]MJ)*\(]C(]AJ1<0>0:<G-*-
M$%@6`P&`P&`P&`P&`P&`P&`P&`P&`P-!=5W6@YMYDZ$Z"<S""TE*4M9MHBTI
M!\I2@^#PY9(D:+X/>#Y!*#DY9`"M#"(T9@2PBT(6MX%>G+DT%X[J/\57#%DQ
M203OI;J3<L:[#%'%C*/\5:26M'KIKK6ZY6Z+#"B%B0J5K#]+1DFZ5+5+\4>C
M`I/]B10%Q&!3?XQ7A-).K?-.]H5Y2Y$#R)LL8ULD@WVDKH5R)6\:>"/R'[`9
MLE40:G,(#OW)S2#-F:#\P=8%R&`P&!3O1F@=$>8;M"W79,6LCO"%*TQQM49N
MC!*$*2P+O9R^E.C)`G`:'>BW`Q`I@3(<(L6OC3-PBOWM0?K07$8&$1NS*WF4
MEG<,A]@PB5S"KG-J9;-BD;E;$^R6NGE^:0/[&TSMB;#S530I6(3"UJ0AP*3F
MJ$@P*20C)$$>PS+9Q(3@)]FEZ/-+-.+(V,.CC"2!``>:`O?[V$&S"]"%K]!V
M8#6__(/J'ZX&E.E+@_MYYTOV_M1S<P_H=2EJ7!J):=_P&Y3NLX*OFG\<_/;3
M+?I?>^E];[?TU?UOE^;ZQ_L^(09'3MC(KAJ.K+;;4(VMNM.N(/8R!L&M2N8V
MY%-XREDJ5"-R0>I"C90%02]G$_Z1OM^0O_`6L#9&`P&!C<QF$4KV)R>>SR2,
M<-A$)C[Q+)A+I,Z(V2-Q>,1YO,=GZ0O[RXC+3I$:-*4:H4J3Q@*()+&88((0
M[W@5)QV==D^2XLB1U-))OP+P:Z;5#C-KD,327VWU7&S``_$32L6::HE[95D(
M=2AB5-;N[-KI.GM%I,M1ML33J4ZM0&P'7PP>/B9(TX;@K"R>A7L`40ETQZ'Z
M7Z7N:6/*MO5B7IE[@Y3B6J@!&`XPP9924E,E(T:82F3DD#$5L,1?_#]7D`9W
M19PETQUGP?8IA*7;*Z0:];-O2G2EJ,>M$?R?FOH]YDL37I?AU\'UT2=G.+!H
M/UE9'J=HX*>^].CK#X0GR66^5#K+MRF7.3UR[-%-W9XQ[D9"*1Z'<:S;_L+6
MJ3<57DW2K5>3MP(-2B5N:0:V#+3A_)_(F88%!.PW=57A:N?R!4XYO7E.[>[*
ML&G[*D!$ZJ3CMDOV!K8_7T"$XE/,%*OBRZO8DC/.Y.%.6F4'&-2,AA95AA^F
M=2Y#^)ST%IU;>%WQF5K(FB;"Y7B=LV$S`3"2V'TE(9UT]--+T_J9MX*>>@'2
M1_65#-$(_8T0$H`'>T1!9.BR@EA9NUM;8R-R-H96Y`T-+<G+2-[6UHTZ!N0I
M2M>TI,C1)`@+*+#K]!``.@ZU_P`:P.?@8%/K3K"J430YVC8T#K9ND+\VQ5@<
M)]+X_#D3Y*'D[Z[/&V=5(E"<"E>K,W[$R,D0U!X]^THL0OU@9[@?,#[@,!@,
M!@,#BK0K!HU8&\],E7C3'A0J5J4U<C3+!%;TF/5H2#DPSB@#]!#*`H($8'6P
M!.*WOWA"G\%6>=US>EC>X=A^-6,Q;:;1**3QOC&_7R5[.()"6!4;%)#:I:`H
M9X@^\[_<U!18C!_"3[-``$*YX]0_D8\@W4]CT)-O*39D^\>M+)7.&]*V1S=2
M]5\J%W%>ZA&%O>.9*9G4-/D,@-:8\E'[Y\[_`,A5$)G98JB9(-N1"D4?"]OC
MWQ]\9<"Q1QA_(G/5?TJ@?`(`29W8$*IQFLNTUE?&W:F%@2,U8^.H2/<8,@M<
MX'E$&'*#"`%C4';&$I'6'Q)]?(O)WN+QUXDL'5.BV%2%U9&UP?(@M?&DQ@>U
M<7=E90SV\U8A..1*C$AA0E"0TQ,;L9(Q`V%.UXI9KY0+ZM'E9IDLMK3QV<WN
MZN#=AS^'R,V)R;KJX_Q1+B]\I0J6M&P+FJ%1=,H`&S7=&J1KG5R4:A:$T@I)
M(%``TLG013RD+$/&7+<65U/X<.?35,&NVRZW0_T_A/:2^'J/P']HW-JZ,FH5
M!=:MRDM3J>S!IW\$A.2?Q5C/VB4.;HH#T`LK*T1MF:8['VQ"RL+"V(&5D9FM
M*2B;&EH:TH$+:V-R)/H)91!!(`%%%`#H!980@#K6M:U@=I@,!@,!@,!@,!@,
M!@,!@,!@,!@,"MKRXI%[UP/;4)0;)]+9G7--%NP%+9^:2G1>^^I873$P2JVO
M01".*-:GU84:`&OD^,8ME["9H.]!I:D4B?IWR_\`5U^+$/W(/P%3L$XCJ!ST
MMVN:E-SW$F3=`]2OR%/LH(4Z]`UG0&,F["8,P&BG$L7M"?L.!<=@><GD'N[F
M3AJ@I_<?2]C.T?%WGY/?(/9%:M21A<9.O15XP]%N]?+;'=$;,)2:V0N,1F.-
M[[*)"Y?50L:13L9WM`-&6<%E_0/D%K6#\W59?G-JZ!]8[Z#O2HN>N>DM<64P
MJX/:-@6=9X("XDI+)8`NB(E,Q)DS\YNR@):C2,MA7E*0E;).$4%@^!I*AN@*
M\Z)JY+;4"4.R)@_,32+R!HE[;N-RJ#3*MY2MA-A0N<,BH8MM[FRNS<M1+B1F
M"`$9&S2C34XRCAAYC>.?-EQ/R!2]RW[?+=TRV0KL?R/]9V)_75-2\VD5%F?G
M+56US5B:#3Q<6C_D2%-`(A'E2G4/32,"`03TY^REWN0%A9YY<_)\9QY7M<4+
MS2E+LGR#=IN3-5G'E:I4R94D99'8*[^-,]T60-TU]1NC[2<,Q01^1#['5:C.
M(^+\6WR!>U!G7COHWEWQK\A6NU+.@8+:,ZJ=TF]I>1GIUPER"23!\OLB-!L>
MVY==:\I4N<6X]`V*"CD32YBTO1L/T3C2CU*P]8L#&>`H1.NB+CEOE8Z0;G2#
M/=UQ'50\.4O)59K6LI+C-T=4LJ9W.5QT\)029W9J]&DE$@(&-8>V-I$?8BCB
MQ(%A.!9_=)5S'U7.".>5U:-MV&L9P*X<+B;Y.[5BBD0S0A(4S-LABA*Z'HP`
M^3>RD2D@T9F@:^0(?=@58=/<R>0M^YHZ"-L#R4-924RA[CT^1FF.+JO@C$[D
MGUTO+.:DJBR7R>.Z8@0?>'WE.0EOJ/W%J`""'6@Z+@^J_(XMXAY#ED.[RH1S
M0R/ERAY+'V&T>'=S)K:VZ050TO#8PFOE3V?!3%A",)@4B=:62F,.2AT:>4:I
M%\N!=BA"M+1(RW)0E5N($J<#@K0HS6Y$I7!)UI4H1MZ@]4,@H8_<(LD:E0,H
M&]`$>=O6S!!R\!@5C>8&(K9IP;8;8HB\FG=<M=F\SS+H:"PIF52*833EF`=+
M1*;]-QN/QY!O1SB8H@[>^?8;2?4YR0A5-Y)9YJD!!H3$H[I+G3H:!-,_Y_N6
MKK1@2QF)<T3O`9:PO")N;"R0>XAT1(3?E;34GN"2K1+24RIO/T)*K((/+&4$
M-)]`>2;ACF1(H_JSTU52*4!(-,:JNB<F16)<\L4@T'1;9#*=@6W&2.JDP0RP
M`*1-AOIL8=F"++]P]!$DSH/R6]MCTU<H449X^Z(=4QIG]V?:401R*_7MM.+$
MF";3G$R5>G/:%@3/0].XV6XH"?@]!BBBS0PAP)(\T>-;G;GDV<3&1!E?3=^V
M]%U4-NWI3I]X*MFV[/B;D(9CE`U![L3IK9(F+9@@%1".MS5'0$!*`8@/-+^<
M00\6^/'I7@%:X3CQ"3N.$5&:XN,BEGC*Z#?7A1SF^KW/8EC\X\W6R;I<^UD[
MK#_D4Z;/]RABMR5#.4(&P@.!GL0\S]#0Q^45QY`:XL_QGVVC<5362DZA;/@H
M:<F(=%:6.U/]71XLV#R!N",X`-&FN#4N]=_YMQ>!81!^MN5+.0$NU;=-<^6$
MUJ"=J4[E"+GKB5H#TX3/A$>2L87)06('O_QV+0MZ]VO3_G`@EY7/*57_``%P
MQ)NGX"_U]83\_6%$Z)JYWV[J956#):,[^4\J06,LK[2Y;MIC[6G7/SBB0%C<
M7`I$4V)-%*'$@X`>4OJ^I0=E\R"E5!\C^03RT6Q;<[KB.7UY/[JI=-$@,52K
M9"&16"V^-KGZVQMX8T6I+0'(VQP986B:V$A9HMUD*Q<<F"G"R3R#6=Y^I'XW
M]%\M\?NW%E?19JKVL/Z;0*UY=V/Y-)356@I8<4]QW4(:M(F8XINV!0[&Z>72
M;^\`SA+VHT"Q2(-OS6\O*A-?&/840X:Y*Z*X;@W/7*;VGB%P]HKR;#[UMY15
M\!,+(A-94`W+U"]ID+P-+H)LRDSH8>C"<9N,Q->X?1$A#&:D[\\O4X\;<)KS
M@_QS=>V%?%>4#6]?OG5OD6D%;TI*IA:BMN2L,FL"MJSL)S&NG02##%#DA=7Y
MQ:F[2=.$U[/>%90D+P&%=-K?^J8B_COJK483U,FO)E<('6UH,-$D,EK]=SMA
MV@4FRVY5UBO914#8SC3TJ5%MJ8&!T5IP.)CEI^T83\``DIV'?G_40.E!UD_\
M]<,0BHDR>SJF9[*BK3TO6U\]NOE=MST0X2E[3>^.,U8,NG8I+^+=C4JN2K$G
MY0Q8F0MZ0@]:A#5ODM[U\T7]O<)?HYPO:_`%*3"RH>R7-T#4LSK/M[L"K:W=
M3_>8OCG-L("WM[:-8>$E&H<1/[HH0E'[)&0U+S"#,"5M:><?F-!0D?KVLVOO
MWHR_H34Z2(M>Y)P!U2^V!9=H12(%-:1XL!+#XR4A^\\.)?W'0")804`0U7Q&
M$:^#W!F/&_G+KRR6.+QGR(T/:'BEZ`E*_2"+P?K2.3V`UA9*42,DQ,\UY=]B
M1^.LFSE!PS2-L+D:C=TQY6R"PK]>AX@L2ZCK?JR\8Y7QW&W:,,Y8(*4N+G+9
M8KYPB?3W]0&)P(3;8D\8,D4D9D#5HCV*1B5_`[!5Z4EZT63I/ZG!11LCRJ=!
M]/OG('./F2=+-CE>)7E/VIT%&N#^>HA!*%V[-X-QJHZDFS/M8%UL9;H\0CT)
M+B;J)H"3'%U7%.I:5K5!'?Q[^4<GQW2CL7QJR&*=0];(>,K'34EQ12=-<1R(
M'4-@L,.0K%EKS:P'2LF]'"3F)R?E6CHZ^J32'YU:R5DED&UJMV(,/"Z/F7SQ
M>+?HVNXK*UW8E`43-W*,-#Q,Z@ORW(/5DWKI_5L:1Y>X:\CFRMO2+5;6)5]9
M68VG*B=*$ZPK8@'HEI*8.<_><SQR'2$J`T7;4E[-M=<(@IDJOBVM)OT9(WE4
MJ)&>F2ZD\+2"BK=[M%B]QSU(FM*0$)AJD\D@D\TH*+.&+B37XG;?&YY.;27^
M/.,UVYR4$BXPL$F14-;'D1D-C2E?8,KM*R>F5*QM:UK)(W-W5K':OJ]6FGNR
MU2H_*2%Q8S`MIP>R.$Q"&P"'QB$5Y'8_$('$V%KC\/BT3;4#-&8_&VI&!(SM
M+`U-8"TZ=(00$!9!1``E@+UK0=>F!E.`P&`P&`P&`P&`P&`P&`P&`P&`P&!6
M%YBY"UP7Q_6?:S\!Q,CU%6GR7T/)BVD1GWQQ7GOK^!W1*0IR"_7YQ?CF)5[2
M-AWHT7H'7M'[1!#B>&:#36,>.VBYU:B9.3<731D^[%MU063HI4KG/6-@.5[&
M%NOJ43O:E`W/;>TCULO6B@MX"`?Z10-8%FKT[H(^SNK\ZG@2-;(VKG=R4F""
M$"9`VI1+5AXQ#WK6M`+`(6][WK6M:_>_3`\([9&NJF'A.HY11O$'0'64WZ:\
M&5A5#3<I@L<0O-;U8\].W5,+;Z/>YV].+H3]-Z=(NXQ5>QM#<F<7F5KT)3&G
M*)WK91@9JLZ%D'*EO>#U^ZXJ&8<5>-_E"H>DMT73%ILP$'2]R7C1',K;`([:
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MY$(S&-S;F]*>O`@VV'A9#;?BX\C%B7SQYT6S6[5,5OZ;2;HZ;=QW2(`I*'G(
M^?UFS5;0L;Y`B3F22!P-K6)*IS&8>O>0F)BW^5/LX>$"M8^*""0TC#O"IY!H
MES?>?&D#LNDJ\Y^C76LXZ>B:Z0RF7V);?D>=U-XHK1@+%V582MM_[3;"XZU-
M$:?S&ELD*U\=DH7-6F$VHQHWP,A\FW&/F+\CS?1;W/.>Z$@\'K1?8KW"N=:9
M[^L:*3ZN.@GN-@CU+=565=(8`TMSV7`%FECLV1R-)T3AK:W7^[*_L+$)`2PL
MWQF^36JTW+,QXX\G-XW#8U43R-/-UP7O&[G<="VG%FJ$'-3LW!0TK!1217I4
M[_"J$@>7=2`Q*,W8W+2XE.HP)_\`&G1,N[;H"SJ]Z*IZ64+T%`5$KH+J&OOX
MS*FZ%M4W5HE38L=*9G<M1_2DK"Z-1J5[:G%"<Y$EHW)$6J,,&+U-"(W.#_Y<
M.4Z:J+D)+X_Z*O5IYVK2'T;#.FP=T-]70^SXC5T73PV#3V45LZP5_DK*XKFY
M&E,>T!6G<LISVKVA4G(Q$BT&[DG9'D=KY8M/Z`\4CR[0ILV'2V9\:]:U7T6[
M[3_.$HYU3U3:S75S^H)`$6S/K-1;NZC`'?PMYIG^G@2CYU[PY4ZG>'^'5':[
M>9:<-T5J?45/6:1U-T#79QFOT1/*,L](TREK_>MZ"<J:@)CM?YISSBA`&()>
MX#`KJO#Q'^,OI&:KK(NGA[G2:S]W/5*G^8CKQI89'*5JPX!ZA?,':+Z1'/"C
M8BP;TH<Q*S@>GH`8=;WK82(H/C_E/E=N"U\V\X4C1:?\<%I/.JRLHA"W-R0:
M&`T13T],:0E8NV,PLLTTQ8>>:<:`)IHQF:]V!(W`8#`Z:0QV/RUE<8W*V)FD
M\=>$XD;NP2%L1/3*Z)!"T(25Q:G(!A!Y>]ZUO8#`"#ZZU^OU@5YV9X=O%;;R
MLA?._'UR:N<21JQ[<F.E85"G-4)9Z_.)S<80E;CU?[WL0/M#.^(P0C"O8,0A
M;"4M/\I<S\_U>STK2M"U-6E4,3P"1ML!B<%CS9&RY.#X_P#NM2@+(]%#L+9)
M6S'53\K@:(L`C%(A!UO02`P&`P&`P&`P&!BLX@L(LV(R"`63#HK84#EC:>S2
MJ$SB/-$LB,E:%/\`]EJD$;?B3T:Q,9Z:]Y"@DPH7I_D'>!4"_P#@<XP*D#HY
MT;879W'46D3@K<I547'O7MQ492LC-<EWY!V2CK!E6G-C8E5#_P#E1,132C#_
M`.1!))G^>!:!SUSS3'*=.02@>?8`QUE4M;LQ;)%(BPEF_`E(T/9ZM>XKU8S5
M2]P6GC,5N+FN/4.#DM./6KE)ZHXTT8;HP(GV'P9PW;JS\C:_&7*5G.'Y%2\;
M76%SQ44S6;=EIPU*QS$ID;.I'M0::8888=O?R#,&(8A;%O>\"1,/A,,KU@11
M2`Q&,0>+MH=A;HW#V%JC+`@#O];"B9V4HE.5K]:_0"P_\8&J^B^7.=>NJ\4U
M1TU2]>W?7RE0%<"-V%&T#\G;G,LO913RPJU`?LMJX`!"`6N0')EA8!C``X(1
MBUL(W<;>*K@O@"6S&><F40"KY=.H^3$I`]J;(MNP5&XFE<BW=/&&8NS7YX*;
M$(5)11VT[<!*`P916S??\8/:%AF`P&`P&`P&`P&`P&`P&`P&`P&`P&!$[NOE
M_7:G'O1'*.YKNN?Z]5C(*[_G(8Z1+/XQMZ+"$+IN.*%*,*O0-A]-EZ5IA^F]
MB*/*,"`>@DO&XZRQ".L,3C;>4TQV,,K7'6!J3[,$0V,K*A`VM;>3LX0A;`20
M4`L.Q"$+T#^Q;W^\#7E_F[(H>[#]`&9LFH[(-"646,XTS9<-6CT`LDO_`"$+
M?_&@A_8M_K7[P(?>'HM*5XHO&X%(:,TK?#_,)@A#T(.]*CJ=:#EQ6M#`7^@'
M;,`'_'>MA#K81F!]#!!G/D:4TY#..[_OVWX7$)3KF2F+IO"!.TDCL9>WN%3J
M-U&]H&Y]KM7)0;`A?U!*L]K0*$YI"@P:_P"H$WT4;UL*?X(%6B\+'BU\;\&3
M)2[F\B7)=,4NH;G9)I<=7U(RRD4$][(N-R;#RE`-:CT8<'!`U[4:`3_+WV,)
M3/T?LO`W_P"5OD7DSGKQG=;.%(<T4/4DQGM)UWR898,"I^`LL^_IS:]F1BDV
M^.NLS1)"798W(BUZ4_XE"XW8!(R5)>A*B"18%[J1&E0D%)D:<E,G())3E%$@
M"`!9"8K1"<K6M?\`H`-:"'7_`*UKTP.3@,!@,!@,!@1[O7D[FCIL<-/Z!HJL
M+=7US(FV65^\3F(M#T_PB1M*X#DA=XE(#R_NMQH3BP#%]0\K1WMT$[0P?K`D
M)@,!@,!@,!@,!@,!@,!@,!@,!@,!@,!@,!@,!@,!@,!@,!@,!@,!@,!@,!@,
M!@,!@,!@,!@=/(6-OD[`^1IV`(UJD+.Y,;F46+XQF-[LC&@6%@'^_3>RS!:U
MOTWZ;_?I@52^"F2/#IXLN685*O\`0G%`LDUY=G;08WFM:Z.2GFNQW>EU,?=4
M)PA["J3IV9-H\>M^P\>_L%:"6:`.@LAN:EJKZ'K:14]=D(9[&K"7#9!2F$2(
M!YS%("X](4DJ:DCPE3F%_83!7(4QIJ4S8DRH!>TRHHY,8:2,*V^9_2\_*CWQ
M<BY(@417CF#4;P92AJ8Q&:D:7B40IOZBZ45MZ4LT0TIZM0_P9E6;^L0$P,6(
M)`8=H@82PR/S"N3B7RM6<3:CM)UMF=[>-BO2S!(TZXK87?O&OG$TI0G5;T7L
MLP*/8#`C"8`T`A$#![#1""%J6`P&`P&`P&`P&`P&`P&`P&`P&`P&`P&`P&`P
M&`P&`P&`P&`P&`P&`P&`P&`P&`P&`P&`P&`P&`P&`P&`P&`P&!`OD;D-_P"7
M;T[YF*"2L"FG^M.BV+I6"01N(=]/<(G\CJ9DB-[+G]6KWI(9^??6<+LE`C*U
MLH!IGV3C1C``@)Z8%0?CF7_P7KGR]4)*TA[/8)W;+%U,R)EVU`/Y725_\VP>
M,P68QL2DHL*IO*=H?(6=4:D$>2D=F]8B/$!26+WAV/D$<E%N=5^,_D&)&C5R
M!3TTE[7M@I'[%08K0_(#&J?&]ZD:<`O<02[6$ZPMI;##0Z">KTJV3L0T1N@A
M;7@,!@,!@,!@,!@,!@,!@,!@,!@,!@,!@,!@,!@,!@,!@,!@,!@,!@,!@,!@
M,!@,!@,!@,!@,!@,!@,!@,!@,!@,!@12Z,XPHKIY?&Y-/&Z9Q2S860)!#+NI
M6RIY1MXQ5E/<"W-RB[7:U5N#6\"95II81KF-4I4LZHS05!R$2HH@\H/[YGXU
MI'E,J5+Z\1S"3V'8)R,^R[NN*>RNX;SLD37LS\(DF5J3U2L=%"%N":8!M:2C
;B&ENT8=M"A(&H4#-"56`P&`P&`P&`P&`P/_9
`
end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.CERT
<SEQUENCE>5
<FILENAME>c43931_ex99cert.htm
<TEXT>

<HTML>
<HEAD>
   <TITLE></TITLE>
</HEAD>

<BODY bgcolor="#ffffff">
<P>
<B><FONT face="serif">EX-99.CERT</FONT></B></P><P>
<B><FONT face="serif">CERTIFICATION OF PRINCIPAL EXECUTIVE OFFICER</FONT></B></P>
<P>
<B><U><FONT face="serif">CERTIFICATIONS</FONT></U></B><B><FONT face="serif"> </FONT></B></P>
<P>
<FONT face="serif">I, Robert Kapito, certify that:</FONT></P>
<P>
<FONT face="serif">1. I have reviewed this report on Form N-CSR of BlackRock Long-Term Municipal Advantage Trust; </FONT></P>
<P>
<FONT face="serif">2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were
made, not misleading with respect to the period covered by this report; </FONT></P>
<P>
<FONT face="serif">3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash
flows (if the financial statements are required to include a statement of cash flows) of the Registrant as of, and for, the periods presented in this report; </FONT></P>
<P>
<FONT face="serif">4. The Registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control
over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the Registrant and have: </FONT></P>
<P>
<FONT face="serif">(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the Registrant, including its
consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; </FONT></P>
<P>
<FONT face="serif">(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial
reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; </FONT></P>
<P>
<FONT face="serif">(c) Evaluated the effectiveness of the Registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days
prior to the filing date of this report based on such evaluation; and</FONT><FONT size=2 face="sans-serif"> </FONT></P>
<P align="left">
  <FONT face="serif">(d) Disclosed in this report any change in the Registrant's
  internal control over financial reporting that occurred during the Registrant&#146;s
  second fiscal quarter of the period covered by this report that has materially
  affected, or is reasonably likely to materially affect, the Registrant's internal
control over financial reporting; and </FONT></P>

<P>
<FONT face="serif">5. The Registrant's other certifying officer(s) and I have disclosed to the Registrant's auditors and the audit committee of the Registrant's board of directors (or persons performing the equivalent functions): </FONT></P>
<P>
<FONT face="serif">(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Registrant's ability to record, process,
summarize, and report financial information; and </FONT></P>
<P>
<FONT face="serif">(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the Registrant's internal control over financial reporting. </FONT></P>
<P><FONT face="serif">Date: September 1, 2006</FONT></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD width=60% align=center><center>
        </center></TD>
    <TD width="7%"><center>
    </center></TD>
    <TD width="33%" align=center><center>
      <div style="border-bottom:1px solid #000000"> <font face="serif">/s/ Robert
          S. Kapito</font> </div>
    </center></TD>
  </TR>
  <TR valign="bottom">
    <TD align=right>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=right><center>
      <FONT face="serif">Robert S. Kapito </FONT>
    </center></TD>
  </TR>
  <TR valign="bottom">
    <TD align=right><center>
    </center></TD>
    <TD><center>
    </center></TD>
    <TD align=right><center>
        <FONT face="serif">Principal Executive Office</FONT>
    </center></TD>
  </TR>
</TABLE>
<P><BR>
</P>
<P align="center">&nbsp;</P>

<HR noshade  width="100%" size=4>

<P align="left" style="page-break-before:always"></P>
<PAGE>


<P>
<B><FONT face="serif">EX-99.CERT</FONT></B></P>
<P>
<B><FONT face="serif">CERTIFICATION OF PRINCIPAL FINANCIAL OFFICER</FONT></B></P>
<P>
<B><U><FONT face="serif">CERTIFICATIONS</FONT></U></B><B><FONT face="serif"> </FONT></B></P>
<P>
<FONT face="serif">I, Henry Gabbay, certify that:</FONT></P>
<P>
<FONT face="serif">1. I have reviewed this report on Form N-CSR of BlackRock Long-Term Municipal Advantage Trust; </FONT></P>
<P>
<FONT face="serif">2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were
made, not misleading with respect to the period covered by this report; </FONT></P>
<P>
<FONT face="serif">3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash
flows (if the financial statements are required to include a statement of cash flows) of the Registrant as of, and for, the periods presented in this report; </FONT></P>
<P>
<FONT face="serif">4. The Registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control
over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the Registrant and have: </FONT></P>
<P>
<FONT face="serif">(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the Registrant, including its
consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; </FONT></P>
<P>
<FONT face="serif">(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial
reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; </FONT></P>
<P>
<FONT face="serif">(c) Evaluated the effectiveness of the Registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days
prior to the filing date of this report based on such evaluation; and</FONT><FONT size=2 face="sans-serif"> </FONT></P>
<P align="left"><FONT face="serif">(d) Disclosed in this report any change
    in the Registrant's internal control over financial reporting that occurred
    during the Registrant&#146;s second fiscal quarter of the period covered
    by this report that has materially affected, or is reasonably likely to materially
affect, the Registrant's internal control over financial reporting; and </FONT></P>

<P>
<FONT face="serif">5. The Registrant's other certifying officer(s) and I have disclosed to the Registrant's auditors and the audit committee of the Registrant's board of directors (or persons performing the equivalent functions): </FONT></P>
<P>
<FONT face="serif">(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Registrant's ability to record, process,
summarize, and report financial information; and </FONT></P>
<P>
<FONT face="serif">(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the Registrant's internal control over financial reporting. </FONT></P>
<P><FONT face="serif">Date: September 1, 2006</FONT></P>

<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD width=60% align=center><center>
    </center></TD>
    <TD width="7%"><center>
    </center></TD>
    <TD width="33%" align=center><center>
      <div style="border-bottom:1px solid #000000"> <font face="serif">/s/ </font><font face="serif">Henry
          Gabbay</font> </div>
    </center></TD>
  </TR>
  <TR valign="bottom">
    <TD align=right>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=right><center>
        <FONT face="serif">Henry Gabbay</FONT>    </center></TD>
  </TR>
  <TR valign="bottom">
    <TD align=right><center>
    </center></TD>
    <TD><center>
    </center></TD>
    <TD align=right><center>
        <FONT face="serif">Principal Financial Officer </FONT>    </center></TD>
  </TR>
</TABLE>
<P>&nbsp;</P>
<BR>
<HR noshade  width="100%" size=4>

</BODY>

</HTML>

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.906CERT
<SEQUENCE>6
<FILENAME>c43931_ex906cert.htm
<TEXT>

<HTML>
<HEAD>
   <TITLE></TITLE>
</HEAD>

<BODY bgcolor="#ffffff">


<P>
<B><U><FONT face="serif">SECTION 906 CERTIFICATION</FONT></U></B><FONT face="serif"> </FONT></P>
<P>
<FONT face="serif">Pursuant to 18 U.S.C. &sect; 1350, the undersigned officers of BlackRock Long-Term Municipal Advantage Trust (the "Company"), hereby certify, to the best of their knowledge, that the Company's Report on Form N-CSR for the
period ended June 30, 2006 (the "Report") fully complies with the requirements of Section 13(a) or 15(d), as applicable, of the Securities Exchange Act of 1934 and that the information contained in the Report fairly presents, in all material
respects, the financial condition and results of operations of the Company. </FONT></P>
<P>
<FONT face="serif">Dated: September 1, 2006<br>
<br>
<u><br>
/s/ Robert S. Kapito&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> </FONT><BR>
<FONT face="serif">Name: Robert S. Kapito<br>
Title: Principal Executive Officer</FONT></P>
<p><BR>
    <FONT face="serif"><u>/s/ Henry Gabbay&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> </FONT><BR>
    <FONT face="serif">Name: Henry Gabbay<br>
  </FONT><FONT face="serif">Title: Principal Financial Officer </FONT></p>
<P><BR>
</P>
<HR noshade  width="100%" size=4>

</BODY>

</HTML>

</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----
