<SEC-DOCUMENT>0000900092-11-000327.txt : 20110706
<SEC-HEADER>0000900092-11-000327.hdr.sgml : 20110706
<ACCEPTANCE-DATETIME>20110706125554
ACCESSION NUMBER:		0000900092-11-000327
CONFORMED SUBMISSION TYPE:	N-CSR
PUBLIC DOCUMENT COUNT:		8
CONFORMED PERIOD OF REPORT:	20110430
FILED AS OF DATE:		20110706
DATE AS OF CHANGE:		20110706
EFFECTIVENESS DATE:		20110706

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			BLACKROCK MUNICIPAL INCOME TRUST
		CENTRAL INDEX KEY:			0001137393
		IRS NUMBER:				510409115
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1031

	FILING VALUES:
		FORM TYPE:		N-CSR
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-10339
		FILM NUMBER:		11952426

	BUSINESS ADDRESS:	
		STREET 1:		100 BELLEVUE PARKWAY
		STREET 2:		MUTUAL FUND DEPARTMENT
		CITY:			WILMINGTON
		STATE:			DE
		ZIP:			19809
		BUSINESS PHONE:		888-825-2257

	MAIL ADDRESS:	
		STREET 1:		100 BELLEVUE PARKWAY
		STREET 2:		MUTUAL FUND DEPARTMENT
		CITY:			WILMINGTON
		STATE:			DE
		ZIP:			19809
</SEC-HEADER>
<DOCUMENT>
<TYPE>N-CSR
<SEQUENCE>1
<FILENAME>bfkfinalrev.htm
<DESCRIPTION>BR MUNICIPAL INCOME TRUST
<TEXT>

<HTML>
<HEAD>
   <TITLE>bfkfinalrev.htm - Generated by SEC Publisher for SEC Filing</TITLE>
</HEAD>

<BODY bgcolor="#ffffff">


<!--$$/page=-->
<A name="page_1"></A><BR>

<P style="text-align: center;">
<FONT size=3 face="ArialMT,Arial,Helvetica,sans-serif">UNITEDSTATES</FONT><BR>
<FONT size=3 face="ArialMT,Arial,Helvetica,sans-serif">SECURITIESANDEXCHANGECOMMISSION</FONT><BR>
<FONT size=3 face="ArialMT,Arial,Helvetica,sans-serif">Washington,D.C.20549</FONT><BR>
<BR>
<B><FONT size=3 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">FORM N-CSR</FONT></B><BR>
<BR>
<B><FONT size=3 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT</FONT></B><BR>
<B><FONT size=3 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">INVESTMENT COMPANIES</FONT></B></P>
<P style="text-align: left;">
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Investment Company Act file number 811-10339</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Name of Fund: BlackRock Municipal Income Trust (BFK)</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Fund Address: 100 Bellevue Parkway, Wilmington, DE 19809</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Name and address of agent for service: John M. Perlowski, Chief Executive Officer, BlackRock</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Municipal Income Trust, 55 East 52</FONT><SUP><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">nd </FONT></SUP><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Street, New York, NY 10055</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Registrant&#146;s telephone number, including area code: (800) 882-0052, Option 4</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Date of fiscal year end: 04/30/2011</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Date of reporting period: 04/30/2011</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Item 1 &#150; Report to Stockholders</FONT></P>

<HR noshade align="center" width="100%" size=2><DIV STYLE="page-break-before: always"></div>



<!--$$/page=-->
<A name="page_2"></A><BR>

<IMG src="muni6arx1x1.jpg" border=0>
<BR>
<P style="text-align: left;">
<B><FONT color="#231f20" size=3 face="CorporateS-Medium,Arial,Helvetica,sans-serif">April 30, 2011</FONT></B></P>
<P style="text-align: left;">
<FONT size=5 face="CorporateE-Regular,Times New Roman,Times,serif">Annual Report</FONT><BR>
<BR>
<FONT color="#231f20" size=2 face="CorporateS-Regular,Arial,Helvetica,sans-serif">BlackRock Investment Quality Municipal Trust Inc. (BKN)</FONT><BR>
<BR>
<FONT color="#231f20" size=2 face="CorporateS-Regular,Arial,Helvetica,sans-serif">BlackRock Long-Term Municipal Advantage Trust (BTA)</FONT><BR>
<BR>
<FONT color="#231f20" size=2 face="CorporateS-Regular,Arial,Helvetica,sans-serif">BlackRock Municipal 2020 Term Trust (BKK)</FONT><BR>
<BR>
<FONT color="#231f20" size=2 face="CorporateS-Regular,Arial,Helvetica,sans-serif">BlackRock Municipal Income Trust (BFK)</FONT><BR>
<BR>
<FONT color="#231f20" size=2 face="CorporateS-Regular,Arial,Helvetica,sans-serif">BlackRock Pennsylvania Strategic Municipal Trust (BPS)</FONT><BR>
<BR>
<FONT color="#231f20" size=2 face="CorporateS-Regular,Arial,Helvetica,sans-serif">BlackRock Strategic Municipal Trust (BSD)</FONT></P>
<P style="text-align: left;">
<B><FONT color="#231f20" size=1 face="CorporateE-Bold,Times New Roman,Times,serif">Not FDIC Insured &#149; No Bank Guarantee &#149; May Lose Value</FONT></B></P>

<HR noshade align="center" width="100%" size=2><DIV STYLE="page-break-before: always"></div>



<!--$$/page=-->
<A name="page_3"></A><BR>

<DIV align="left">
<TABLE border=0 cellspacing=0>
<TR>
     <TD width=67%></TD>
     <TD width=32%></TD></TR>
<TR valign="bottom">
	<TD align=left style="border-bottom:1px solid #000000;">
<FONT color="#394c87" size=4 face="FranklinGothic-Book,Arial,Helvetica,sans-serif">Table of Contents</FONT>&nbsp;</TD>
	<TD align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD bgcolor="#e3e3ef" align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD bgcolor="#e3e3ef" align=right style="border-bottom:1px solid #000000;">
<B><FONT color="#394c87" size=1 face="FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif">Page</FONT></B>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT color="#231f20" size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">Dear Shareholder</FONT>&nbsp;</TD>
	<TD align=right>
<FONT color="#231f20" size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">3</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<B><FONT color="#231f20" size=2 face="FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif">Annual Report:</FONT></B>&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT color="#231f20" size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">Municipal Market Overview</FONT>&nbsp;</TD>
	<TD align=right>
<FONT color="#231f20" size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">4</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT color="#231f20" size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">Trust Summaries</FONT>&nbsp;</TD>
	<TD align=right>
<FONT color="#231f20" size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">5</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT color="#231f20" size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">The Benefits and Risks of Leveraging</FONT>&nbsp;</TD>
	<TD align=right>
<FONT color="#231f20" size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">11</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT color="#231f20" size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">Derivative Financial Instruments</FONT>&nbsp;</TD>
	<TD align=right>
<FONT color="#231f20" size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">11</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT color="#231f20" size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">Financial Statements</FONT>&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:4.000000px">
<FONT color="#231f20" size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">Schedules of Investments</FONT>&nbsp;</TD>
	<TD align=right>
<FONT color="#231f20" size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">12</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:4.000000px">
<FONT color="#231f20" size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">Statements of Assets and Liabilities</FONT>&nbsp;</TD>
	<TD align=right>
<FONT color="#231f20" size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">37</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:4.000000px">
<FONT color="#231f20" size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">Statements of Operations</FONT>&nbsp;</TD>
	<TD align=right>
<FONT color="#231f20" size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">38</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:4.000000px">
<FONT color="#231f20" size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">Statements of Changes in Net Assets</FONT>&nbsp;</TD>
	<TD align=right>
<FONT color="#231f20" size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">39</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:4.000000px">
<FONT color="#231f20" size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">Statement of Cash Flows</FONT>&nbsp;</TD>
	<TD align=right>
<FONT color="#231f20" size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">41</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT color="#231f20" size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">Financial Highlights</FONT>&nbsp;</TD>
	<TD align=right>
<FONT color="#231f20" size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">42</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT color="#231f20" size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">Notes to Financial Statements</FONT>&nbsp;</TD>
	<TD align=right>
<FONT color="#231f20" size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">48</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT color="#231f20" size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">Report of Independent Registered Public Accounting Firm</FONT>&nbsp;</TD>
	<TD align=right>
<FONT color="#231f20" size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">55</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT color="#231f20" size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">Important Tax Information</FONT>&nbsp;</TD>
	<TD align=right>
<FONT color="#231f20" size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">55</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT color="#231f20" size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">Automatic Dividend Reinvestment Plans</FONT>&nbsp;</TD>
	<TD align=right>
<FONT color="#231f20" size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">56</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT color="#231f20" size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">Officers and Trustees</FONT>&nbsp;</TD>
	<TD align=right>
<FONT color="#231f20" size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">57</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT color="#231f20" size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">Additional Information</FONT>&nbsp;</TD>
	<TD align=right>
<FONT color="#231f20" size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">60</FONT>&nbsp;</TD>
</TR>
</TABLE>
</DIV>
<P style="MARGIN:0px">&nbsp;</P>
<DIV align="left">
<TABLE border=0 cellspacing=0>
<TR>
     <TD width=12%></TD>
     <TD width=49%></TD>
     <TD width=37%></TD></TR>
<TR valign="bottom">
	<TD align=left>
<FONT color="#231f20" size=1 face="FranklinGothic-Book,Arial,Helvetica,sans-serif">2</FONT>&nbsp;</TD>
	<TD align=left>
<FONT color="#231f20" size=1 face="FranklinGothic-Book,Arial,Helvetica,sans-serif">ANNUAL REPORT</FONT>&nbsp;</TD>
	<TD align=left>
<FONT color="#231f20" size=1 face="FranklinGothic-Book,Arial,Helvetica,sans-serif">APRIL 30, 2011</FONT>&nbsp;</TD>
</TR>
</TABLE>
</DIV>
<P style="MARGIN:0px">&nbsp;</P>

<HR noshade align="center" width="100%" size=2><DIV STYLE="page-break-before: always"></div>


<!--$$/page=--><A name="page_4"></A><BR>

<P style="TEXT-ALIGN: left"><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif color=#394c87 size=4>Dear Shareholder</FONT><BR><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>Time and again, we have seen how various global events and developing trends can have significant influence on financial markets. I hope you find</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>that the following review of recent market conditions provides additional perspective on the performance of your investments as you read this</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>shareholder report.</FONT><BR><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>Over the past 12 months, we have seen a sluggish, stimulus-driven economic recovery at long last gain real traction, accelerate, and transition into</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>a consumption-driven expansion. For the most part, 2010 was plagued with widely fluctuating economic data, but as the year drew to a close, it</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>became clear that cyclical stimulus had beaten out structural problems as economic data releases generally became more positive and financial</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>markets showed signs of continuing improvement. Although the sovereign debt crisis in Europe and high inflation in developing markets that troubled</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>the global economy in 2010 remain challenges today, overall investor confidence has improved considerably. During the first four months of 2011,</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>that confidence was shaken by political turmoil in the Middle East/North Africa region, soaring prices of oil and other commodities, tremendous natural</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>disasters in Japan and a change in the ratings outlook for US debt. However, strong corporate earnings prevailed and financial markets resumed their</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>course while the global economy continued to garner strength.</FONT><BR><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>Equity markets experienced uneven growth and high volatility in 2010, but ended the year with gains. Following a strong start to 2011, the series of</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>confidence-shaking events brought spurts of heightened volatility to markets worldwide, but was not enough to derail the bull market. Overall, global</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>equities posted strong returns over the past 12 months. Emerging market equities, which had outperformed developed markets earlier in the period,</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>fell prey to heightened inflationary pressures and underperformed developed markets later in the period. In the United States, strong corporate earnings</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>and positive signals from the labor market were sources of encouragement for equity investors, although the housing market did not budge from its slump.</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>Early in 2011, the US Federal Reserve announced that it would continue its Treasury purchase program (&#8220;QE2&#8221;) through to completion and keep interest</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>rates low for an extended period. This compelled investors to continue buying riskier assets, furthering the trend of small cap stocks outperforming</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>large caps.</FONT><BR><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>While fixed income markets saw yields trend lower (pushing bond prices higher) through most of 2010, the abrupt reversal in investor sentiment and risk</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>tolerance in the fourth quarter drove yields sharply upward. Global credit markets were surprisingly resilient in the face of recent headwinds and yields</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>regained relative stability as the period came to a close. Yield curves globally remained steep by historical standards and higher-risk sectors continued to</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>outperform higher-quality assets. The tax-exempt municipal market enjoyed a powerful rally during the period of low yields in 2010, but when that trend</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>reversed, the market was dealt an additional blow as it became evident that the Build America Bond program would not be extended. Meanwhile, munici-</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>pal finance troubles raised credit concerns among investors and tax-exempt mutual funds experienced heavy outflows, resulting in wider spreads and</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>falling prices. The new year brought relief from these headwinds and a steady rebound in the tax-exempt municipal market.</FONT><BR><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>Cash investments, as represented by the 3-month Treasury bill, returned only a fraction over 0% for the 12-month period as short-term interest rates</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>remained low. Yields on money market securities remain near all-time lows.</FONT></P>

<DIV align=left>

<TABLE cellSpacing=0 border=0>



<TR>

   <TD width="64%"></TD>

   <TD width="26%"></TD>

   <TD width="9%"></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Risk Assets Rallied on Growing Investor Confidence: Total Returns as of April 30, 2011</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=middle><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>6-month</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=middle><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>12-month</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>US large cap equities (S&amp;P </FONT><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>500</FONT></SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>&#174; </FONT><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>Index)</FONT></SUP>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=middle><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>16.36%</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=middle><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>17.22%</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>US small cap equities (Russell </FONT><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>2000</FONT></SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>&#174; </FONT><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>Index)</FONT></SUP>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=middle><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>23.73</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=middle><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>22.20</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>International equities (MSCI Europe, Australasia, Far East Index)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=middle><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>12.71</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=middle><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>19.18</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Emerging market equities (MSCI Emerging Markets Index)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=middle><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>9.74</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=middle><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>20.67</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>3-month Treasury bill (BofA Merrill Lynch 3-Month Treasury Bill Index)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=middle><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>0.09</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=middle><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>0.17</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>US Treasury securities (BofA Merrill Lynch 10-Year US Treasury Index)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=middle><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(3.85)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=middle><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>6.37</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>US investment grade bonds (Barclays Capital US Aggregate Bond Index)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=middle><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>0.02</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=middle><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5.36</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Tax-exempt municipal bonds (Barclays Capital Municipal Bond Index)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=middle><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(1.68)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=middle><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2.20</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>US high yield bonds (Barclays Capital US Corporate High Yield 2% Issuer Capped Index)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=middle><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>6.18</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=middle><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>13.32</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 4px" align=left colSpan=2><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Past performance is no guarantee of future results. Index performance shown for illustrative purposes only. You cannot invest directly in an index.</FONT>&nbsp;</TD>

   <TD align=middle>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<P style="TEXT-ALIGN: left"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>While no one can peer into a crystal ball and eliminate the uncertainties presented by the economic landscape and financial markets, BlackRock can</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>offer investors the next best thing: partnership with the world&#8217;s largest asset management firm that delivers consistent long-term investment results with</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>fewer surprises. For additional market perspective and investment insight, visit </FONT><FONT face=FranklinGothic-MedCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>www.blackrock.com/shareholdermagazine</FONT><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>, where you&#8217;ll find the most</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>recent issue of our award-winning </FONT><FONT face=FranklinGothic-MedCndItal,Arial,Helvetica,sans-serif color=#231f20 size=2>Shareholder&#174; </FONT><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>magazine, as well as its quarterly companion newsletter, </FONT><FONT face=FranklinGothic-MedCndItal,Arial,Helvetica,sans-serif color=#231f20 size=2>Shareholder Perspectives</FONT><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>.</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>As always, we thank you for entrusting BlackRock with your investments, and we look forward to your continued partnership in the months and</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>years ahead.</FONT></P>
<IMG src="muni6arx3x1.jpg" border=0> <BR>

<DIV align=left>

<TABLE cellSpacing=0 border=0>



<TR>

   <TD width="71%"></TD>

   <TD width="28%"></TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif color=#6d6e70 size=2>THIS PAGE NOT PART OF YOUR FUND REPORT</FONT>&nbsp;</TD>

   <TD align=left><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif color=#231f20 size=1>3</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<HR align=center width="100%" noShade SIZE=2>



<DIV style="PAGE-BREAK-BEFORE: always"></DIV>


<!--$$/page=-->
<A name="page_5"></A><BR>

<P style="text-align: left;">
<FONT color="#394c87" size=4 face="FranklinGothic-Book,Arial,Helvetica,sans-serif">Municipal Market Overview</FONT><BR>
<BR>
<B><FONT color="#394c87" size=1 face="FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif">For the Period Ended April 30, 2011</FONT></B><BR>
<BR>
<FONT color="#231f20" size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">Twelve months ago, the municipal yield curve was much flatter than it is today, as investor concerns were focused on the possibility of deflation and a</FONT><BR>
<FONT color="#231f20" size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">double-dip in the US economy. From April through September 2010, rates moved lower (and prices higher) across the curve, reaching historic lows in</FONT><BR>
<FONT color="#231f20" size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">August when the yield on 5-year issues touched 1.06%, the 10-year reached 2.18%, and the 30-year was 3.67%. The market took a turn in October, with</FONT><BR>
<FONT color="#231f20" size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">yields drifting higher (and prices lower) amid a &#147;perfect storm&#148; of events that ultimately resulted in the worst quarterly performance the municipal market</FONT><BR>
<FONT color="#231f20" size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">had seen since the Fed tightening cycle of 1994. Treasury yields lost their support as concerns over the US deficit raised the question whether foreign</FONT><BR>
<FONT color="#231f20" size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">investors would continue to purchase Treasury securities at historically low yields. Municipal valuations also suffered a quick and severe setback as it</FONT><BR>
<FONT color="#231f20" size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">became evident that the Build America Bond (&#147;BAB&#148;) program would expire at the end of 2010. The program opened the taxable market to municipal</FONT><BR>
<FONT color="#231f20" size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">issuers, which had successfully alleviated supply pressure in the traditional tax-exempt marketplace, bringing down yields in that space.</FONT></P>
<IMG src="muni6arx4x1.jpg" border=0>
<BR>
<P style="text-align: left;">
<FONT color="#231f20" size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">The financial media has been replete with interviews, articles and presentations depicting the stress experienced in municipal finance. This has resulted in a</FONT><BR>
<FONT color="#231f20" size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">loss of confidence among retail investors, the traditional buyers of individual municipal bonds and mutual funds. From the middle of November through</FONT><BR>
<FONT color="#231f20" size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">year-end, mutual funds specializing in tax-exempt bonds witnessed weekly outflows averaging over &#36;2.5 billion. Long-term and high-yield funds saw the</FONT><BR>
<FONT color="#231f20" size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">greatest redemptions, followed by state-specific funds at a slower, yet still significant, pace. Political uncertainty surrounding the midterm elections and the</FONT><BR>
<FONT color="#231f20" size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">approach taken by the new Congress on issues such as income tax rates, alternative minimum tax and the previously mentioned BAB expiration exacer-</FONT><BR>
<FONT color="#231f20" size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">bated the situation. All these conditions, combined with the seasonal illiquidity surrounding year-end holidays and dealers closing their fiscal books, sapped</FONT><BR>
<FONT color="#231f20" size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">willing market participation from the trading community. December brought declining demand for municipal securities with no comparable reduction in sup-</FONT><BR>
<FONT color="#231f20" size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">ply. As it became evident that the BAB program would be retired, issuers rushed deals to market in the taxable and, to a lesser degree, traditional tax-</FONT><BR>
<FONT color="#231f20" size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">exempt space. This imbalance in the supply/demand technicals provided the classic market reaction: wider quality spreads and higher bond yields.</FONT><BR>
<BR>
<FONT color="#231f20" size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">Demand usually is strong at the beginning of a new year, but retail investors continued to move away from municipal mutual funds, with AMG Data Services</FONT><BR>
<FONT color="#231f20" size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">showing &#36;19.9 billion of redemptions in the first four months of 2011. Since mid-November, outflows persisted for 24 consecutive weeks, totaling &#36;33.4</FONT><BR>
<FONT color="#231f20" size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">billion. Fortunately, lower supply in 2011 is offsetting the decline in demand. According to Thomson Reuters, through April, year-to-date new issuance was</FONT><BR>
<FONT color="#231f20" size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">down 53% compared to the same period last year. Issuers have been reluctant to bring new deals to the market due to a number of factors, including</FONT><BR>
<FONT color="#231f20" size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">higher interest rates, fiscal policy changes and a reduced need for municipal borrowing given the acceleration of some issuance into 2010 prior to the BAB</FONT><BR>
<FONT color="#231f20" size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">program&#146;s expiration. Accordingly, estimates for 2011 issuance have ratcheted down more than &#36;100 billion since the beginning of the year, when the initial</FONT><BR>
<FONT color="#231f20" size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">consensus was &#36;350 billion.</FONT><BR>
<BR>
<FONT color="#231f20" size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">Overall, the municipal yield curve steepened during the period from April 30, 2010 to April 30, 2011. As measured by Thomson Municipal Market Data, 30-</FONT><BR>
<FONT color="#231f20" size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">year yields on AAA-rated municipals rose 53 basis points (&#147;bps&#148;) to 4.58%, while yields for 5-year maturities rallied by 22 bps to 1.50%, and 10-year</FONT><BR>
<FONT color="#231f20" size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">maturities rallied by 9 bps to 2.85%. With the exception of the 2- to 5-year range, the spread between maturities increased over the past year, with the</FONT><BR>
<FONT color="#231f20" size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">greatest increase seen in the 5- to 30-year range, where the spread widened by 75 bps, while overall the slope between 2- and 30-year maturities</FONT><BR>
<FONT color="#231f20" size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">increased by 66 bps to 402 bps.</FONT><BR>
<BR>
<FONT color="#231f20" size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">The fundamental picture for municipalities will be subject to scrutiny for months to come, as the challenges to state and local budgets are real and need to</FONT><BR>
<FONT color="#231f20" size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">be addressed with significant cuts to expenses and tax revenue increases. The debates around austerity measures needed to succeed in balancing these</FONT><BR>
<FONT color="#231f20" size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">budgets are not over whether action needs to be taken, but over the magnitude, approach and political will to accomplish these needs. The heightened</FONT><BR>
<FONT color="#231f20" size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">attention on municipal finance has the potential to improve this market for the future, especially if these efforts result in greater means toward disclosure</FONT><BR>
<FONT color="#231f20" size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">and accuracy (and timeliness) of reporting. Progress toward these fundamental changes may be tested in the near future, as California, Illinois and Puerto</FONT><BR>
<FONT color="#231f20" size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">Rico will soon need to take austerity measures and access financing in the municipal market to address immediate-term fiscal imbalances before their new</FONT><BR>
<FONT color="#231f20" size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">fiscal year begins in July. As the economy improves, tax receipts for states are rising and have begun to exceed budget projections. BlackRock maintains a</FONT><BR>
<FONT color="#231f20" size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">constructive view of the municipal market as we look beyond the interim challenges faced by states working to close their June 30 year-end shortfalls.</FONT></P>
<DIV align="left">
<TABLE border=0 cellspacing=0>
<TR>
     <TD width=12%></TD>
     <TD width=49%></TD>
     <TD width=37%></TD></TR>
<TR valign="bottom">
	<TD align=left>
<FONT color="#231f20" size=1 face="FranklinGothic-Book,Arial,Helvetica,sans-serif">4</FONT>&nbsp;</TD>
	<TD align=left>
<FONT color="#231f20" size=1 face="FranklinGothic-Book,Arial,Helvetica,sans-serif">ANNUAL REPORT</FONT>&nbsp;</TD>
	<TD align=left>
<FONT color="#231f20" size=1 face="FranklinGothic-Book,Arial,Helvetica,sans-serif">APRIL 30, 2011</FONT>&nbsp;</TD>
</TR>
</TABLE>
</DIV>
<P style="MARGIN:0px">&nbsp;</P>

<HR noshade align="center" width="100%" size=2><DIV STYLE="page-break-before: always"></div>


<!--$$/page=--><A name="page_6"></A><BR>

<P style="TEXT-ALIGN: left"><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif color=#394c87 size=4>Trust Summary </FONT><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif color=#394c87 size=2>as of April 30, 2011 </FONT><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#394c87 size=2>BlackRock Investment Quality Municipal Trust Inc</FONT></B><BR><BR><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#394c87 size=1>Trust Overview</FONT></B><BR><BR><FONT face=FranklinGothic-MedCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>BlackRock Investment Quality Municipal Trust Inc.&#8217;s (BKN) (the &#8220;Trust&#8221;) </FONT><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>investment objective is to provide high current income exempt from regular federal</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>income tax consistent with the preservation of capital. The Trust seeks to achieve its investment objective by investing at least 80% of its assets in municipal</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>obligations exempt from federal income taxes (except that the interest may be subject to the federal alternative minimum tax). Under normal market condi-</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>tions, the Trust invests at least 80% of its assets in securities rated investment grade at the time of investment. The Trust may invest directly in such securi-</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>ties or synthetically through the use of derivatives.<BR></FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>No assurance can be given that the Trust&#8217;s investment objective will be achieved.</FONT><BR><BR><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#394c87 size=1>Performance</FONT></B><BR><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>For the 12 months ended April 30, 2011, the Trust returned (0.61)% based on market price and 0.49% based on net asset value (&#8220;NAV&#8221;). For the same</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>period, the closed-end Lipper General Municipal Debt Funds (Leveraged) category posted an average return of (0.60)% based on market price and 0.10%</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>based on NAV. All returns reflect reinvestment of dividends. The Trust's premium to NAV, which narrowed during the period, accounts for the difference</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>between performance based on price and performance based on NAV. The following discussion relates to performance based on NAV. The Trust&#8217;s largest</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>exposure was in the tax-backed sector, which was among the strongest performing sectors during the period, driving the Trust&#8217;s positive performance. Also</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>beneficial were the Trust&#8217;s significant allocations to the corporate sector and pre-refunded debt, as those sectors exhibited strength. Detracting from perform</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>ance was the Trust&#8217;s exposure to the long end of the yield curve as interest rates rose during the period. While the Trust&#8217;s holdings of long duration bonds</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>(those with greater sensitivity to interest rates) and longer maturity bonds provided a higher level of yield, they underperformed shorter-dated securities in</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>the rising interest rate environment. The Trust&#8217;s overexposure to the underperforming health care sector and underexposure to the strong-performing housing</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>sector also had a negative impact. The Trust uses interest rate futures contracts to hedge portfolio risk related to movements in interest rates. This strategy</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>had a modestly negative impact on performance during the period.<BR></FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>views are not intended to be a forecast of future events and are no guarantee of future results.</FONT></P>

<DIV align=left>

<TABLE cellSpacing=0 border=0>



<TR>

   <TD width="63%"></TD>

   <TD width="36%"></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3px; BORDER-BOTTOM: #000000 1px solid" align=left bgColor=#e3e3ef><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#394c87 size=1>Trust Information</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left bgColor=#e3e3ef>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>Symbol on New York Stock Exchange (&#8220;NYSE&#8221;)</FONT>&nbsp;</TD>

   <TD style="TEXT-INDENT: 6px" align=middle><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>BKN</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>Initial Offering Date</FONT>&nbsp;</TD>

   <TD align=middle><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>February 19, 1993</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>Yield on Closing Market Price as of April 30, 2011 ($13.08)</FONT><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>1</FONT></SUP>&nbsp;</TD>

   <TD align=middle><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>7.71%</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>Tax Equivalent Yield</FONT><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>2</FONT></SUP>&nbsp;</TD>

   <TD align=middle><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>11.86%</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>Current Monthly Distribution per Common Share</FONT><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>3</FONT></SUP>&nbsp;</TD>

   <TD align=middle><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>$0.084</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>Current Annualized Distribution per Common Share</FONT><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>3</FONT></SUP>&nbsp;</TD>

   <TD align=middle><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>$1.008</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>Leverage as of April 30, 2011</FONT><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>4</FONT></SUP>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=middle><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>39%</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px"><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1 </FONT></SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Yield on closing market price is calculated by dividing the current annualized distribution per share by the closing market price. Past performance does not guarantee future results.</FONT><BR><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2 </FONT></SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Tax equivalent yield assumes the maximum federal tax rate of 35%.</FONT><BR><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>3 </FONT></SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>The distribution rate is not constant and is subject to change.</FONT><BR><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>4 </FONT></SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Represents Auction Market Preferred Shares (&#8220;Preferred Shares&#8221;) and tender option bond trusts (&#8220;TOBs&#8221;) as a percentage of total managed assets, which is the total assets of the</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Trust, including any assets attributable to Preferred Shares and TOBs, minus the sum of accrued liabilities. For a discussion of leveraging techniques utilized by the Trust, please see</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>The Benefits and Risks of Leveraging on page 11.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>The table below summarizes the changes in the Trust&#8217;s market price and NAV per share:</FONT></P>

<DIV align=left>

<TABLE cellSpacing=0 border=0>



<TR>

   <TD width="33%"></TD>

   <TD width="31%"></TD>

   <TD width="9%"></TD>

   <TD width="9%"></TD>

   <TD width="9%"></TD>

   <TD width="7%"></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=middle><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>4/30/11</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=middle><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>4/30/10</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=middle><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Change</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=middle><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>High</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=middle><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Low</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>Market Price</FONT>&nbsp;</TD>

   <TD align=middle><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>$13.08</FONT>&nbsp;</TD>

   <TD align=middle><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>$14.19</FONT>&nbsp;</TD>

   <TD align=middle><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>(7.82)%</FONT>&nbsp;</TD>

   <TD align=middle><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>$15.31</FONT>&nbsp;</TD>

   <TD align=middle><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>$12.05</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>Net Asset Value</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=middle><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>$12.75</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=middle><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>$13.68</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=middle><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>(6.80)%</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=middle><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>$14.45</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=middle><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>$11.94</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<P style="TEXT-ALIGN: left"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>The following charts show the sector and credit quality allocations of the Trust&#8217;s long-term investments:</FONT></P>

<DIV align=left>

<TABLE cellSpacing=0 border=0>



<TR>

   <TD width="64%"></TD>

   <TD width="21%"></TD>

   <TD width="14%"></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3px; BORDER-BOTTOM: #000000 1px solid" align=left bgColor=#e3e3ef><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#394c87 size=1>Sector Allocations</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left bgColor=#e3e3ef>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left bgColor=#e3e3ef>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=middle><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>4/30/11</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=middle><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>4/30/10</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>Health</FONT>&nbsp;</TD>

   <TD style="TEXT-INDENT: 3px" align=middle><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>27%</FONT>&nbsp;</TD>

   <TD align=middle><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>25%</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>County/City/Special District/School District</FONT>&nbsp;</TD>

   <TD align=middle><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>15</FONT>&nbsp;</TD>

   <TD align=middle><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>17</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>State</FONT>&nbsp;</TD>

   <TD align=middle><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>14</FONT>&nbsp;</TD>

   <TD align=middle><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>13</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>Education</FONT>&nbsp;</TD>

   <TD align=middle><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>12</FONT>&nbsp;</TD>

   <TD align=middle><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>10</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>Transportation</FONT>&nbsp;</TD>

   <TD align=middle><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>11</FONT>&nbsp;</TD>

   <TD align=middle><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>9</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>Utilities</FONT>&nbsp;</TD>

   <TD align=middle><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>7</FONT>&nbsp;</TD>

   <TD align=middle><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>9</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>Corporate</FONT>&nbsp;</TD>

   <TD align=middle><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>6</FONT>&nbsp;</TD>

   <TD align=middle><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>7</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>Housing</FONT>&nbsp;</TD>

   <TD align=middle><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>4</FONT>&nbsp;</TD>

   <TD align=middle><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>8</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>Tobacco</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=middle><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>4</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=middle><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>2</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<DIV align=left>

<TABLE cellSpacing=0 border=0>



<TR>

   <TD width="52%"></TD>

   <TD width="32%"></TD>

   <TD width="14%"></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3px; BORDER-BOTTOM: #000000 1px solid" align=left bgColor=#e3e3ef><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#394c87 size=1>Credit Quality Allocations</FONT></B><B><SUP><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#394c87 size=1>5</FONT></SUP></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left bgColor=#e3e3ef>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left bgColor=#e3e3ef>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=middle><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>4/30/11</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=middle><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>4/30/10</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>AAA/Aaa</FONT>&nbsp;</TD>

   <TD align=middle><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>3%</FONT>&nbsp;</TD>

   <TD align=middle><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>18%</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>AA/Aa</FONT>&nbsp;</TD>

   <TD align=middle><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>36</FONT>&nbsp;</TD>

   <TD align=middle><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>24</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>A</FONT>&nbsp;</TD>

   <TD align=middle><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>29</FONT>&nbsp;</TD>

   <TD align=middle><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>33</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>BBB/Baa</FONT>&nbsp;</TD>

   <TD align=middle><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>19</FONT>&nbsp;</TD>

   <TD align=middle><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>14</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>BB/Ba</FONT>&nbsp;</TD>

   <TD align=middle><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>2</FONT>&nbsp;</TD>

   <TD align=middle><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>1</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>B</FONT>&nbsp;</TD>

   <TD align=middle><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>1</FONT>&nbsp;</TD>

   <TD align=middle><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>3</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>CCC/Caa</FONT>&nbsp;</TD>

   <TD align=middle><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>1</FONT>&nbsp;</TD>

   <TD align=middle><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>&#8212;</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>Not Rated</FONT><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>6</FONT></SUP>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=middle><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>9</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=middle><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>7</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px"><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5 </FONT></SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Using the higher of Standard &amp; Poor&#8217;s (&#8220;S&amp;P&#8217;s&#8221;) or Moody&#8217;s Investors Service</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(&#8220;Moody&#8217;s&#8221;) ratings.</FONT><BR><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>6 </FONT></SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>The investment advisor has deemed certain of these securities to be of investment</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>grade quality. As of April 30, 2011 and April 30, 2010, the market value of these</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>securities was $8,694,533 representing 2% and $17,071,058 representing 5%,</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>respectively, of the Trust&#8217;s long-term investments.</FONT></P>

<DIV align=left>

<TABLE cellSpacing=0 border=0>



<TR>

   <TD width="37%"></TD>

   <TD width="49%"></TD>

   <TD width="13%"></TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif color=#231f20 size=1>ANNUAL REPORT</FONT>&nbsp;</TD>

   <TD align=left><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif color=#231f20 size=1>APRIL 30, 2011</FONT>&nbsp;</TD>

   <TD align=left><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif color=#231f20 size=1>5</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<HR align=center width="100%" noShade SIZE=2>



<DIV style="PAGE-BREAK-BEFORE: always"></DIV>

<!--$$/page=--><A name="page_7"></A><BR>

<P style="TEXT-ALIGN: left"><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif color=#394c87 size=4>Trust Summary </FONT><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif color=#394c87 size=2>as of April 30, 2011 </FONT><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#394c87 size=2>BlackRock Long-Term Municipal Advantage Trust</FONT></B><BR><BR><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#394c87 size=1>Trust Overview</FONT></B><BR><BR><FONT face=FranklinGothic-MedCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>BlackRock Long-Term Municipal Advantage Trust&#8217;s (BTA) (the &#8220;Trust&#8221;) </FONT><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>investment objective is to provide current income exempt from regular federal income</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>tax. The Trust seeks to achieve its investment objective by investing, under normal market conditions, at least 80% of its assets in municipal obligations and</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>derivative instruments with exposure to such municipal obligations, in each case that are exempt from federal income tax (except that the interest may be</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>subject to the federal alternative minimum tax). The Trust has economic exposure to additional municipal bonds through its ownership of residential interest</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>in tender option bonds, which are rated investment quality. The Trust invests, under normal market conditions, primarily in long-term municipal bonds with a</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>maturity of more than ten years at the time of investment and, under normal market conditions, the Trust's municipal bond portfolio will have a dollar-</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>weighted average maturity of greater than 10 years. The Trust may invest directly in such securities or synthetically through the use of derivatives.<BR></FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>No assurance can be given that the Trust&#8217;s investment objective will be achieved.</FONT><BR><BR><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#394c87 size=1>Performance</FONT></B><BR><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>For the 12 months ended April 30, 2011, the Trust returned 1.37% based on market price and (0.18)% based on NAV. For the same period, the closed-</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>end Lipper General Municipal Debt Funds (Leveraged) category posted an average return of (0.60)% based on market price and 0.10% based on NAV.</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>All returns reflect reinvestment of dividends. The Trust's discount to NAV, which narrowed during the period, accounts for the difference between performance</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>based on price and performance based on NAV. The following discussion relates to performance based on NAV. As interest rates rose and the yield curve</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>steepened in the later part of the reporting period, the Trust&#8217;s holdings of longer-dated bonds had a negative impact on performance. The Trust&#8217;s high expo-</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>sure to the health care sector and low exposure to tax-backed issues in the Far West and Mid-Atlantic regions also detracted. Contributing positively to</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>performance were security selection and sector allocation among corporates and transportation as well as tax-backed issues in the Great Lakes region.</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>Additional benefits were derived from portfolio holdings with shorter remaining terms to their maturity, which exhibited lower price volatility compared to</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>longer-dated bonds during the period. The Trust uses interest rate futures contracts to hedge portfolio risk related to movements in interest rates. This strat-</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>egy had a modestly negative impact on performance during the period.<BR></FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>views are not intended to be a forecast of future events and are no guarantee of future results.</FONT></P>

<DIV align=left>

<TABLE cellSpacing=0 border=0>



<TR>

   <TD width="63%"></TD>

   <TD width="36%"></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3px; BORDER-BOTTOM: #000000 1px solid" align=left bgColor=#e3e3ef><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#394c87 size=1>Trust Information</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left bgColor=#e3e3ef>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>Symbol on NYSE</FONT>&nbsp;</TD>

   <TD style="TEXT-INDENT: 7px" align=middle><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>BTA</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>Initial Offering Date</FONT>&nbsp;</TD>

   <TD align=middle><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>February 28, 2006</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>Yield on Closing Market Price as of April 30, 2011 ($10.20)</FONT><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>1</FONT></SUP>&nbsp;</TD>

   <TD align=middle><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>7.35%</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>Tax Equivalent Yield</FONT><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>2</FONT></SUP>&nbsp;</TD>

   <TD align=middle><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>11.31%</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>Current Monthly Distribution per Common Share</FONT><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>3</FONT></SUP>&nbsp;</TD>

   <TD align=middle><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>$0.0625</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>Current Annualized Distribution per Common Share</FONT><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>3</FONT></SUP>&nbsp;</TD>

   <TD align=middle><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>$0.7500</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>Leverage as of April 30, 2011</FONT><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>4</FONT></SUP>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=middle><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>38%</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px"><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1 </FONT></SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Yield on closing market price is calculated by dividing the current annualized distribution per share by the closing market price. Past performance does not guarantee future results</FONT><BR><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2 </FONT></SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Tax equivalent yield assumes the maximum federal tax rate of 35%.</FONT><BR><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>3 </FONT></SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>The distribution rate is not constant and is subject to change.</FONT><BR><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>4 </FONT></SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Represents TOBs as a percentage of total managed assets, which is the total assets of the Trust, including any assets attributable to TOBs, minus the sum of accrued liabilities.</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>For a discussion of leveraging techniques utilized by the Trust, please see The Benefits and Risks of Leveraging on page 11.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>The table below summarizes the changes in the Trust&#8217;s market price and NAV per share:</FONT></P>

<DIV align=left>

<TABLE cellSpacing=0 border=0>



<TR>

   <TD width="33%"></TD>

   <TD width="31%"></TD>

   <TD width="9%"></TD>

   <TD width="9%"></TD>

   <TD width="9%"></TD>

   <TD width="6%"></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=middle><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>4/30/11</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=middle><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>4/30/10</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=middle><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Change</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=middle><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>High</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=middle><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Low</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>Market Price</FONT>&nbsp;</TD>

   <TD align=middle><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>$10.20</FONT>&nbsp;</TD>

   <TD align=middle><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>$10.77</FONT>&nbsp;</TD>

   <TD align=middle><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>(5.29)%</FONT>&nbsp;</TD>

   <TD align=middle><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>$12.09</FONT>&nbsp;</TD>

   <TD align=middle><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>$9.16</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>Net Asset Value</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=middle><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>$10.51</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=middle><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>$11.27</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=middle><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>(6.74)%</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=middle><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>$11.75</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=middle><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>$9.71</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<P style="TEXT-ALIGN: left"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>The following charts show the sector and credit quality allocations of the Trust&#8217;s long-term investments:</FONT></P>

<DIV align=left>

<TABLE cellSpacing=0 border=0>



<TR>

   <TD width="64%"></TD>

   <TD width="21%"></TD>

   <TD width="14%"></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3px; BORDER-BOTTOM: #000000 1px solid" align=left bgColor=#e3e3ef><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#394c87 size=1>Sector Allocations</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left bgColor=#e3e3ef>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left bgColor=#e3e3ef>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=middle><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>4/30/11</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=middle><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>4/30/10</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>Health</FONT>&nbsp;</TD>

   <TD style="TEXT-INDENT: 3px" align=middle><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>18%</FONT>&nbsp;</TD>

   <TD style="TEXT-INDENT: 2px" align=middle><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>19%</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>Education</FONT>&nbsp;</TD>

   <TD align=middle><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>15</FONT>&nbsp;</TD>

   <TD align=middle><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>16</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>County/City/Special District/School District</FONT>&nbsp;</TD>

   <TD align=middle><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>14</FONT>&nbsp;</TD>

   <TD align=middle><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>14</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>Transportation</FONT>&nbsp;</TD>

   <TD align=middle><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>13</FONT>&nbsp;</TD>

   <TD align=middle><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>11</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>Utilities</FONT>&nbsp;</TD>

   <TD align=middle><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>12</FONT>&nbsp;</TD>

   <TD align=middle><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>10</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>Housing</FONT>&nbsp;</TD>

   <TD align=middle><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>9</FONT>&nbsp;</TD>

   <TD align=middle><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>9</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>State</FONT>&nbsp;</TD>

   <TD align=middle><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>9</FONT>&nbsp;</TD>

   <TD align=middle><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>10</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>Corporate</FONT>&nbsp;</TD>

   <TD align=middle><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>5</FONT>&nbsp;</TD>

   <TD align=middle><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>4</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>Tobacco</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=middle><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>5</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=middle><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>7</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<DIV align=left>

<TABLE cellSpacing=0 border=0>



<TR>

   <TD width="52%"></TD>

   <TD width="32%"></TD>

   <TD width="14%"></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3px; BORDER-BOTTOM: #000000 1px solid" align=left bgColor=#e3e3ef><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#394c87 size=1>Credit Quality Allocations</FONT></B><B><SUP><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#394c87 size=1>5</FONT></SUP></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left bgColor=#e3e3ef>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left bgColor=#e3e3ef>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=middle><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>4/30/11</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=middle><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>4/30/10</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>AAA/Aaa</FONT><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>6</FONT></SUP>&nbsp;</TD>

   <TD align=middle><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>22%</FONT>&nbsp;</TD>

   <TD align=middle><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>16%</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>AA/Aa</FONT><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>6</FONT></SUP>&nbsp;</TD>

   <TD align=middle><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>40</FONT>&nbsp;</TD>

   <TD align=middle><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>45</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>A</FONT><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>6</FONT></SUP>&nbsp;</TD>

   <TD align=middle><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>9</FONT>&nbsp;</TD>

   <TD align=middle><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>9</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>BBB/Baa</FONT><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>6</FONT></SUP>&nbsp;</TD>

   <TD align=middle><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>12</FONT>&nbsp;</TD>

   <TD align=middle><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>8</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>BB/Ba</FONT>&nbsp;</TD>

   <TD align=middle><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>1</FONT>&nbsp;</TD>

   <TD align=middle><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>2</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>B</FONT>&nbsp;</TD>

   <TD align=middle><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>2</FONT>&nbsp;</TD>

   <TD align=middle><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>2</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>CCC/Caa</FONT>&nbsp;</TD>

   <TD align=middle><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>&#8212;</FONT>&nbsp;</TD>

   <TD align=middle><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>1</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>Not Rated</FONT><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>7</FONT></SUP>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=middle><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>14</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=middle><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>17</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px"><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5 </FONT></SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Using the higher of S&amp;P&#8217;s or Moody&#8217;s ratings.</FONT><BR><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>6 </FONT></SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Through its investment in TOBs, the Trust has economic exposure to investment</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>grade bonds.</FONT><BR><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>7 </FONT></SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>The investment advisor has deemed certain of these securities to be of investment</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>grade quality. As of April 30, 2011 and April 30, 2010, the market value of these</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>securities was $3,226,983 representing 1% and $5,264,180 representing 2%,</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>respectively, of the Trust&#8217;s long-term investments.</FONT></P>

<DIV align=left>

<TABLE cellSpacing=0 border=0>



<TR>

   <TD width="12%"></TD>

   <TD width="49%"></TD>

   <TD width="37%"></TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif color=#231f20 size=1>6</FONT>&nbsp;</TD>

   <TD align=left><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif color=#231f20 size=1>ANNUAL REPORT</FONT>&nbsp;</TD>

   <TD align=left><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif color=#231f20 size=1>APRIL 30, 2011</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<HR align=center width="100%" noShade SIZE=2>



<DIV style="PAGE-BREAK-BEFORE: always"></DIV>

<!--$$/page=--><A name="page_8"></A><BR>

<P style="TEXT-ALIGN: left"><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif color=#394c87 size=4>Trust Summary </FONT><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif color=#394c87 size=2>as of April 30, 2011 </FONT><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#394c87 size=2>BlackRock Municipal 2020 Term Trust</FONT></B><BR><BR><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#394c87 size=1>Trust Overview</FONT></B><BR><BR><FONT face=FranklinGothic-MedCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>BlackRock Municipal 2020 Term Trust&#8217;s (BKK) (the &#8220;Trust&#8221;) </FONT><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>investment objectives are to provide current income exempt from regular federal income tax</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>and to return $15 per Common Share (the initial offering price per Common Share) to holders of Common Shares on or about December 31, 2020. The</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>Trust seeks to achieve its investment objectives by investing, under normal market conditions, at least 80% of its assets in municipal bonds exempt from</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>federal income taxes (except that the interest may be subject to the federal alternative minimum tax). The Trust invests, under normal market conditions, at</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>least 80% of its assets in municipal bonds that are investment grade quality at the time of investment. The Trust may invest directly in such securities or syn-</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>thetically through the use of derivatives.<BR></FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>No assurance can be given that the Trust&#8217;s investment objective will be achieved.</FONT><BR><BR><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#394c87 size=1>Performance</FONT></B><BR><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>For the 12 months ended April 30, 2011, the Trust returned 6.29% based on market price and 5.96% based on NAV. For the same period, the closed-end</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>Lipper General Municipal Debt Funds (Leveraged) category posted an average return of (0.60)% based on market price and 0.10% based on NAV. All returns</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>reflect reinvestment of dividends. The Trust's premium to NAV, which widened during the period, accounts for the difference between performance based on</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>price and performance based on NAV. The following discussion relates to performance based on NAV. The Trust is managed to a 2020 termination date and</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>therefore maintains a shorter maturity profile than its Lipper category competitors, generally. This shorter maturity profile was the primary driver of the Trust&#8217;s</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>strong performance for the period as interest rates declined in the intermediate range and short end of the yield curve. The Trust has limited exposure to the</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>long end of the curve, where interest rates rose during the period, and therefore did not experience price declines of the same magnitude as did its Lipper cat-</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>egory competitors with longer maturity profiles. Detracting from performance was the Trust&#8217;s overexposure to the transportation sector, which was among the</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>weaker performing sectors during the period.<BR></FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>views are not intended to be a forecast of future events and are no guarantee of future results.</FONT></P>

<DIV align=left>

<TABLE cellSpacing=0 border=0>



<TR>

   <TD width="62%"></TD>

   <TD width="37%"></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3px; BORDER-BOTTOM: #000000 1px solid" align=left bgColor=#e3e3ef><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#394c87 size=1>Trust Information</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left bgColor=#e3e3ef>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>Symbol on NYSE</FONT>&nbsp;</TD>

   <TD style="TEXT-INDENT: 8px" align=middle><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>BKK</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>Initial Offering Date</FONT>&nbsp;</TD>

   <TD align=middle><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>September 30, 2003</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>Termination Date (on or about)</FONT>&nbsp;</TD>

   <TD align=middle><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>December 31, 2020</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>Yield on Closing Market Price as of April 30, 2011 ($15.06)</FONT><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>1</FONT></SUP>&nbsp;</TD>

   <TD align=middle><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>4.96%</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>Tax Equivalent Yield</FONT><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>2</FONT></SUP>&nbsp;</TD>

   <TD align=middle><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>7.63%</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>Current Monthly Distribution per Common Share</FONT><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>3</FONT></SUP>&nbsp;</TD>

   <TD align=middle><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>$0.06225</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>Current Annualized Distribution per Common Share</FONT><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>3</FONT></SUP>&nbsp;</TD>

   <TD align=middle><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>$0.74700</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>Leverage as of April 30, 2011</FONT><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>4</FONT></SUP>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=middle><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>37%</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px"><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1 </FONT></SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Yield on closing market price is calculated by dividing the current annualized distribution per share by the closing market price. Past performance does not guarantee future results.</FONT><BR><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2 </FONT></SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Tax equivalent yield assumes the maximum federal tax rate of 35%.</FONT><BR><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>3 </FONT></SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>The distribution rate is not constant and is subject to change.</FONT><BR><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>4 </FONT></SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Represents Preferred Shares and TOBs as a percentage of total managed assets, which is the total assets of the Trust, including any assets attributable to Preferred Shares and</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>TOBs, minus the sum of accrued liabilities. For a discussion of leveraging techniques utilized by the Trust, please see The Benefits and Risks of Leveraging on page 11.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>The table below summarizes the changes in the Trust&#8217;s market price and NAV per share:</FONT></P>

<DIV align=left>

<TABLE cellSpacing=0 border=0>



<TR>

   <TD width="33%"></TD>

   <TD width="31%"></TD>

   <TD width="9%"></TD>

   <TD width="8%"></TD>

   <TD width="9%"></TD>

   <TD width="7%"></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=middle><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>4/30/11</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=middle><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>4/30/10</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=middle><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Change</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=middle><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>High</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=middle><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Low</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>Market Price</FONT>&nbsp;</TD>

   <TD align=middle><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>$15.06</FONT>&nbsp;</TD>

   <TD align=middle><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>$14.89</FONT>&nbsp;</TD>

   <TD align=middle><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>1.14%</FONT>&nbsp;</TD>

   <TD align=middle><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>$15.61</FONT>&nbsp;</TD>

   <TD align=middle><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>$13.89</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>Net Asset Value</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=middle><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>$14.63</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=middle><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>$14.51</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=middle><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>0.83%</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=middle><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>$15.36</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=middle><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>$14.01</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<P style="TEXT-ALIGN: left"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>The following charts show the sector and credit quality allocations of the Trust&#8217;s long-term investments:</FONT></P>

<DIV align=left>

<TABLE cellSpacing=0 border=0>



<TR>

   <TD width="64%"></TD>

   <TD width="21%"></TD>

   <TD width="14%"></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3px; BORDER-BOTTOM: #000000 1px solid" align=left bgColor=#e3e3ef><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#394c87 size=1>Sector Allocations</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left bgColor=#e3e3ef>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left bgColor=#e3e3ef>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=middle><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>4/30/11</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=middle><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>4/30/10</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>Corporate</FONT>&nbsp;</TD>

   <TD style="TEXT-INDENT: 3px" align=middle><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>19%</FONT>&nbsp;</TD>

   <TD align=middle><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>19%</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>Health</FONT>&nbsp;</TD>

   <TD align=middle><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>15</FONT>&nbsp;</TD>

   <TD align=middle><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>15</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>Transportation</FONT>&nbsp;</TD>

   <TD align=middle><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>13</FONT>&nbsp;</TD>

   <TD align=middle><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>11</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>Utilities</FONT>&nbsp;</TD>

   <TD align=middle><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>10</FONT>&nbsp;</TD>

   <TD align=middle><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>9</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>State</FONT>&nbsp;</TD>

   <TD align=middle><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>10</FONT>&nbsp;</TD>

   <TD align=middle><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>10</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>County/City/Special District/School District</FONT>&nbsp;</TD>

   <TD align=middle><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>10</FONT>&nbsp;</TD>

   <TD align=middle><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>15</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>Education</FONT>&nbsp;</TD>

   <TD align=middle><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>9</FONT>&nbsp;</TD>

   <TD align=middle><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>9</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>Tobacco</FONT>&nbsp;</TD>

   <TD align=middle><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>9</FONT>&nbsp;</TD>

   <TD align=middle><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>7</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>Housing</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=middle><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>5</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=middle><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>5</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<DIV align=left>

<TABLE cellSpacing=0 border=0>



<TR>

   <TD width="53%"></TD>

   <TD width="32%"></TD>

   <TD width="14%"></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3px; BORDER-BOTTOM: #000000 1px solid" align=left bgColor=#e3e3ef><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#394c87 size=1>Credit Quality Allocations</FONT></B><B><SUP><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#394c87 size=1>5</FONT></SUP></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left bgColor=#e3e3ef>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left bgColor=#e3e3ef>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=middle><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>4/30/11</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=middle><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>4/30/10</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>AAA/Aaa</FONT>&nbsp;</TD>

   <TD align=middle><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>12%</FONT>&nbsp;</TD>

   <TD style="TEXT-INDENT: 2px" align=middle><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>19%</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>AA/Aa</FONT>&nbsp;</TD>

   <TD align=middle><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>16</FONT>&nbsp;</TD>

   <TD align=middle><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>10</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>A</FONT>&nbsp;</TD>

   <TD align=middle><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>28</FONT>&nbsp;</TD>

   <TD align=middle><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>23</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>BBB/Baa</FONT>&nbsp;</TD>

   <TD align=middle><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>27</FONT>&nbsp;</TD>

   <TD align=middle><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>29</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>BB/Ba</FONT>&nbsp;</TD>

   <TD align=middle><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>4</FONT>&nbsp;</TD>

   <TD align=middle><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>3</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>B</FONT>&nbsp;</TD>

   <TD align=middle><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>4</FONT>&nbsp;</TD>

   <TD align=middle><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>4</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>CCC/Caa</FONT>&nbsp;</TD>

   <TD align=middle><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>1</FONT>&nbsp;</TD>

   <TD align=middle><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>&#8212;</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>Not Rated</FONT><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>6</FONT></SUP>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=middle><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>8</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=middle><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>12</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px"><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5 </FONT></SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Using the higher of S&amp;P&#8217;s or Moody&#8217;s ratings.</FONT><BR><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>6 </FONT></SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>The investment advisor has deemed certain of these securities to be of investment</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>grade quality. As of April 30, 2011 and April 30, 2010, the market value of these</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>securities was $11,262,007 representing 2% and $11,978,514 representing 3%,</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>respectively, of the Trust&#8217;s long-term investments.</FONT></P>

<DIV align=left>

<TABLE cellSpacing=0 border=0>



<TR>

   <TD width="37%"></TD>

   <TD width="49%"></TD>

   <TD width="13%"></TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif color=#231f20 size=1>ANNUAL REPORT</FONT>&nbsp;</TD>

   <TD align=left><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif color=#231f20 size=1>APRIL 30, 2011</FONT>&nbsp;</TD>

   <TD align=left><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif color=#231f20 size=1>7</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<HR align=center width="100%" noShade SIZE=2>



<DIV style="PAGE-BREAK-BEFORE: always"></DIV>

<!--$$/page=--><A name="page_9"></A><BR>

<P style="TEXT-ALIGN: left"><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif color=#394c87 size=4>Trust Summary </FONT><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif color=#394c87 size=2>as of April 30, 2011 </FONT><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#394c87 size=2>BlackRock Municipal Income Trust</FONT></B><BR><BR><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#394c87 size=1>Trust Overview</FONT></B><BR><BR><FONT face=FranklinGothic-MedCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>BlackRock Municipal Income Trust&#8217;s (BFK) (the &#8220;Trust&#8221;) </FONT><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>investment objective is to provide current income exempt from regular federal income tax. The Trust</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>seeks to achieve its investment objective by investing primarily in municipal bonds exempt from federal income taxes (except that the interest may be sub-</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>ject to the federal alternative minimum tax). The Trust invests, under normal market conditions, at least 80% of its assets in municipal bonds that are invest-</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>ment grade quality at the time of investment. The Trust may invest directly in such securities or synthetically through the use of derivatives.</FONT><BR><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>No assurance can be given that the Trust&#8217;s investment objective will be achieved.</FONT><BR><BR><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#394c87 size=1>Performance</FONT></B><BR><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>For the 12 months ended April 30, 2011, the Trust returned (1.07)% based on market price and (1.04)% based on NAV. For the same period, the closed-</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>end Lipper General Municipal Debt Funds (Leveraged) category posted an average return of (0.60)% based on market price and 0.10% based on NAV. All</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>returns reflect reinvestment of dividends. The Trust's premium to NAV, which narrowed during the period, accounts for the difference between performance</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>based on price and performance based on NAV. The following discussion relates to performance based on NAV. As interest rates rose and the yield curve</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>steepened in the later part of the reporting period, the Trust&#8217;s holdings of longer-dated bonds had a negative impact on performance. The Trust&#8217;s high expo-</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>sure to the health care sector and low exposure to tax-backed issues in the Far West and Mid-Atlantic regions also detracted. Contributing positively to per-</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>formance were security selection and sector allocation among corporates and housing as well as tax-backed issues in the South East region. Additional</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>benefits were derived from seasoned portfolio holdings with shorter remaining terms to their maturity, which exhibited lower price volatility compared to</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>longer-dated bonds during the period. The Trust uses interest rate futures contracts to hedge portfolio risk related to movements in interest rates. This strat-</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>egy had a modestly negative impact on performance during the period.</FONT><BR><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>views are not intended to be a forecast of future events and are no guarantee of future results.</FONT></P>

<DIV align=left>

<TABLE cellSpacing=0 border=0>



<TR>

   <TD width="65%"></TD>

   <TD width="34%"></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3px; BORDER-BOTTOM: #000000 1px solid" align=left bgColor=#e3e3ef><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#394c87 size=1>Trust Information</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left bgColor=#e3e3ef>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>Symbol on NYSE</FONT>&nbsp;</TD>

   <TD style="TEXT-INDENT: 4px" align=middle><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>BFK</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>Initial Offering Date</FONT>&nbsp;</TD>

   <TD align=middle><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>July 27, 2001</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>Yield on Closing Market Price as of April 30, 2011 ($12.35)</FONT><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>1</FONT></SUP>&nbsp;</TD>

   <TD align=middle><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>7.78%</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>Tax Equivalent Yield</FONT><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>2</FONT></SUP>&nbsp;</TD>

   <TD align=middle><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>11.97%</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>Current Monthly Distribution per Common Share</FONT><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>3</FONT></SUP>&nbsp;</TD>

   <TD align=middle><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>$0.0801</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>Current Annualized Distribution per Common Share</FONT><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>3</FONT></SUP>&nbsp;</TD>

   <TD align=middle><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>$0.9612</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>Leverage as of April 30, 2011</FONT><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>4</FONT></SUP>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=middle><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>39%</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px"><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1 </FONT></SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Yield on closing market price is calculated by dividing the current annualized distribution per share by the closing market price. Past performance does not guarantee future results.</FONT><BR><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2 </FONT></SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Tax equivalent yield assumes the maximum federal tax rate of 35%.</FONT><BR><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>3 </FONT></SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>The distribution rate is not constant and is subject to change.</FONT><BR><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>4 </FONT></SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Represents Preferred Shares and TOBs as a percentage of total managed assets, which is the total assets of the Trust, including any assets attributable to Preferred Shares and</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>TOBs, minus the sum of accrued liabilities. For a discussion of leveraging techniques utilized by the Trust, please see The Benefits and Risks of Leveraging on page 11.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>The table below summarizes the changes in the Trust&#8217;s market price and NAV per share:</FONT></P>

<DIV align=left>

<TABLE cellSpacing=0 border=0>



<TR>

   <TD width="33%"></TD>

   <TD width="31%"></TD>

   <TD width="9%"></TD>

   <TD width="9%"></TD>

   <TD width="9%"></TD>

   <TD width="7%"></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=middle><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>4/30/11</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=middle><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>4/30/10</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=middle><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Change</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=middle><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>High</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=middle><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Low</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>Market Price</FONT>&nbsp;</TD>

   <TD align=middle><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>$12.35</FONT>&nbsp;</TD>

   <TD align=middle><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>$13.44</FONT>&nbsp;</TD>

   <TD align=middle><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>(8.11)%</FONT>&nbsp;</TD>

   <TD align=middle><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>$14.65</FONT>&nbsp;</TD>

   <TD align=middle><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>$11.15</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>Net Asset Value</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=middle><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>$12.16</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=middle><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>$13.23</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=middle><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>(8.09)%</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=middle><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>$13.79</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=middle><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>$11.51</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<P style="TEXT-ALIGN: left"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>The following charts show the sector and credit quality allocations of the Trust&#8217;s long-term investments:</FONT></P>

<DIV align=left>

<TABLE cellSpacing=0 border=0>



<TR>

   <TD width="64%"></TD>

   <TD width="21%"></TD>

   <TD width="14%"></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3px; BORDER-BOTTOM: #000000 1px solid" align=left bgColor=#e3e3ef><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#394c87 size=1>Sector Allocations</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left bgColor=#e3e3ef>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left bgColor=#e3e3ef>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=middle><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>4/30/11</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=middle><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>4/30/10</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>Health</FONT>&nbsp;</TD>

   <TD style="TEXT-INDENT: 3px" align=middle><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>20%</FONT>&nbsp;</TD>

   <TD style="TEXT-INDENT: 2px" align=middle><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>18%</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>Transportation</FONT>&nbsp;</TD>

   <TD align=middle><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>16</FONT>&nbsp;</TD>

   <TD align=middle><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>13</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>State</FONT>&nbsp;</TD>

   <TD align=middle><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>13</FONT>&nbsp;</TD>

   <TD align=middle><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>14</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>Corporate</FONT>&nbsp;</TD>

   <TD align=middle><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>12</FONT>&nbsp;</TD>

   <TD align=middle><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>12</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>Utilities</FONT>&nbsp;</TD>

   <TD align=middle><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>11</FONT>&nbsp;</TD>

   <TD align=middle><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>11</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>County/City/Special District/School District</FONT>&nbsp;</TD>

   <TD align=middle><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>10</FONT>&nbsp;</TD>

   <TD align=middle><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>11</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>Education</FONT>&nbsp;</TD>

   <TD align=middle><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>9</FONT>&nbsp;</TD>

   <TD align=middle><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>11</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>Housing</FONT>&nbsp;</TD>

   <TD align=middle><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>5</FONT>&nbsp;</TD>

   <TD align=middle><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>6</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>Tobacco</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=middle><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>4</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=middle><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>4</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<DIV align=left>

<TABLE cellSpacing=0 border=0>



<TR>

   <TD width="53%"></TD>

   <TD width="32%"></TD>

   <TD width="14%"></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3px; BORDER-BOTTOM: #000000 1px solid" align=left bgColor=#e3e3ef><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#394c87 size=1>Credit Quality Allocations</FONT></B><B><SUP><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#394c87 size=1>5</FONT></SUP></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left bgColor=#e3e3ef>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left bgColor=#e3e3ef>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=middle><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>4/30/11</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=middle><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>4/30/10</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>AAA/Aaa</FONT>&nbsp;</TD>

   <TD align=middle><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>11%</FONT>&nbsp;</TD>

   <TD align=middle><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>18%</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>AA/Aa</FONT>&nbsp;</TD>

   <TD align=middle><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>33</FONT>&nbsp;</TD>

   <TD align=middle><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>25</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>A</FONT>&nbsp;</TD>

   <TD align=middle><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>24</FONT>&nbsp;</TD>

   <TD align=middle><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>27</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>BBB/Baa</FONT>&nbsp;</TD>

   <TD align=middle><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>15</FONT>&nbsp;</TD>

   <TD align=middle><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>16</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>BB/Ba</FONT>&nbsp;</TD>

   <TD align=middle><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>4</FONT>&nbsp;</TD>

   <TD align=middle><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>1</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>B</FONT>&nbsp;</TD>

   <TD align=middle><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>6</FONT>&nbsp;</TD>

   <TD align=middle><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>7</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>CCC/Caa</FONT>&nbsp;</TD>

   <TD align=middle><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>1</FONT>&nbsp;</TD>

   <TD align=middle><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>1</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>Not Rated</FONT><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>6</FONT></SUP>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=middle><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>6</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=middle><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>5</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px"><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5 </FONT></SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Using the higher of S&amp;P&#8217;s or Moody&#8217;s ratings.</FONT><BR><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>6 </FONT></SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>The investment advisor has deemed certain of these securities to be of investment</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>grade quality. As of April 30, 2011 and April 30, 2010, the market value of these</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>securities was $28,787,350 representing 3% and $16,636,260 representing 2%,</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>respectively, of the Trust&#8217;s long-term investments.</FONT></P>

<DIV align=left>

<TABLE cellSpacing=0 border=0>



<TR>

   <TD width="12%"></TD>

   <TD width="49%"></TD>

   <TD width="37%"></TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif color=#231f20 size=1>8</FONT>&nbsp;</TD>

   <TD align=left><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif color=#231f20 size=1>ANNUAL REPORT</FONT>&nbsp;</TD>

   <TD align=left><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif color=#231f20 size=1>APRIL 30, 2011</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<HR align=center width="100%" noShade SIZE=2>



<DIV style="PAGE-BREAK-BEFORE: always"></DIV>

<!--$$/page=--><A name="page_10"></A><BR>

<P style="TEXT-ALIGN: left"><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif color=#394c87 size=4>Trust Summary </FONT><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif color=#394c87 size=2>as of April 30, 2011 </FONT><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#394c87 size=2>BlackRock Pennsylvania Strategic Municipal Trust</FONT></B><BR><BR><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#394c87 size=1>Trust Overview</FONT></B><BR><BR><FONT face=FranklinGothic-MedCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>BlackRock Pennsylvania Strategic Municipal Trust&#8217;s (BPS) (the &#8220;Trust&#8221;) </FONT><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>investment objectives are to provide current income that is exempt from regular</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>federal and Pennsylvania income taxes and to invest in municipal bonds that over time will perform better than the broader Pennsylvania municipal bond</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>market. The Trust seeks to achieve its investment objectives by investing, under normal market conditions, primarily in municipal bonds exempt from federal</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>income taxes (except that the interest may be subject to the federal alternative minimum tax) and Pennsylvania income taxes. The Trust invests, under nor-</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>mal market conditions, at least 80% of its assets in municipal bonds that are investment grade quality at the time of investment. The Trust may invest</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>directly in such securities or synthetically through the use of derivatives.</FONT><BR><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>No assurance can be given that the Trust&#8217;s investment objective will be achieved.</FONT><BR><BR><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#394c87 size=1>Performance</FONT></B><BR><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>For the 12 months ended April 30, 2011, the Trust returned 0.00% based on market price and 1.07% based on NAV. For the same period, the closed-end</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>Lipper Pennsylvania Municipal Debt Funds category posted an average return of (0.27)% based on market price and 0.86% based on NAV. All returns</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>reflect reinvestment of dividends. The Trust moved from a premium to NAV to a discount by period-end, which accounts for the difference between perform-</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>ance based on price and performance based on NAV. The following discussion relates to performance based on NAV. The Trust&#8217;s holdings generated a high</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>level of income accrual during the period by maintaining a high coupon structure and low level of cash reserves. In addition, the Trust sought investments</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>with valuations that remain attractive relative to their level of credit risk. Also contributing to performance was capital appreciation in the Trust&#8217;s holdings in</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>the short end and intermediate range of the yield curve, where interest rates declined during the period. Conversely, the Trust&#8217;s overall longer duration stance</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>(greater sensitivity to interest rates) detracted from performance as the municipal market saw long-term interest rates rise and the yield curve steepen due</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>to credit concerns, the expiration of the Build America Bond program and the general perception among investors that improving economic growth may lead</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>to higher inflation expectations. The Trust uses interest rate futures contracts to hedge portfolio risk related to movements in interest rates. This strategy had</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>a modestly negative impact on performance during the period.<BR></FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>views are not intended to be a forecast of future events and are no guarantee of future results.</FONT></P>

<DIV align=left>

<TABLE cellSpacing=0 border=0>



<TR>

   <TD width="64%"></TD>

   <TD width="35%"></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left bgColor=#e3e3ef><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#394c87 size=1>Trust Information</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left bgColor=#e3e3ef>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>Symbol on NYSE Amex</FONT>&nbsp;</TD>

   <TD style="TEXT-INDENT: 6px" align=middle><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>BPS</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>Initial Offering Date</FONT>&nbsp;</TD>

   <TD align=middle><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>August 25, 1999</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>Yield on Closing Market Price as of April 30, 2011 ($12.99)</FONT><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>1</FONT></SUP>&nbsp;</TD>

   <TD align=middle><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>7.02%</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>Tax Equivalent Yield</FONT><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>2</FONT></SUP>&nbsp;</TD>

   <TD align=middle><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>10.80%</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>Current Monthly Distribution per Common Share</FONT><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>3</FONT></SUP>&nbsp;</TD>

   <TD align=middle><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>$0.076</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>Current Annualized Distribution per Common Share</FONT><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>3</FONT></SUP>&nbsp;</TD>

   <TD align=middle><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>$0.912</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>Leverage as of April 30, 2011</FONT><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>4</FONT></SUP>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=middle><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>43%</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px"><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1 </FONT></SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Yield on closing market price is calculated by dividing the current annualized distribution per share by the closing market price. Past performance does not guarantee future results.</FONT><BR><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2 </FONT></SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Tax equivalent yield assumes the maximum federal tax rate of 35%.</FONT><BR><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>3 </FONT></SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>The distribution rate is not constant and is subject to change.</FONT><BR><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>4 </FONT></SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Represents Preferred Shares and TOBs as a percentage of total managed assets, which is the total assets of the Trust, including any assets attributable to Preferred Shares and</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>TOBs, minus the sum of accrued liabilities. For a discussion of leveraging techniques utilized by the Trust, please see The Benefits and Risks of Leveraging on page 11.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>The table below summarizes the changes in the Trust&#8217;s market price and NAV per share:</FONT></P>

<DIV align=left>

<TABLE cellSpacing=0 border=0>



<TR>

   <TD width="33%"></TD>

   <TD width="31%"></TD>

   <TD width="9%"></TD>

   <TD width="9%"></TD>

   <TD width="9%"></TD>

   <TD width="7%"></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=middle><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>4/30/11</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=middle><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>4/30/10</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=middle><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Change</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=middle><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>High</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=middle><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Low</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>Market Price</FONT>&nbsp;</TD>

   <TD align=middle><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>$12.99</FONT>&nbsp;</TD>

   <TD align=middle><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>$13.88</FONT>&nbsp;</TD>

   <TD align=middle><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>(6.41)%</FONT>&nbsp;</TD>

   <TD align=middle><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>$15.02</FONT>&nbsp;</TD>

   <TD align=middle><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>$11.50</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>Net Asset Value</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=middle><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>$13.11</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=middle><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>$13.86</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=middle><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>(5.41)%</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=middle><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>$14.50</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=middle><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>$12.28</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<P style="TEXT-ALIGN: left"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>The following charts show the sector and credit quality allocations of the Trust&#8217;s long-term investments:</FONT></P>

<DIV align=left>

<TABLE cellSpacing=0 border=0>



<TR>

   <TD width="64%"></TD>

   <TD width="20%"></TD>

   <TD width="14%"></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3px; BORDER-BOTTOM: #000000 1px solid" align=left bgColor=#e3e3ef><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#394c87 size=1>Sector Allocations</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left bgColor=#e3e3ef>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left bgColor=#e3e3ef>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=middle><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>4/30/11</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=middle><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>4/30/10</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>Health</FONT>&nbsp;</TD>

   <TD style="TEXT-INDENT: 3px" align=middle><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>32%</FONT>&nbsp;</TD>

   <TD style="TEXT-INDENT: 2px" align=middle><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>31%</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>Housing</FONT>&nbsp;</TD>

   <TD align=middle><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>15</FONT>&nbsp;</TD>

   <TD align=middle><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>16</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>State</FONT>&nbsp;</TD>

   <TD align=middle><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>15</FONT>&nbsp;</TD>

   <TD align=middle><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>15</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>Transportation</FONT>&nbsp;</TD>

   <TD align=middle><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>12</FONT>&nbsp;</TD>

   <TD align=middle><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>10</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>Education</FONT>&nbsp;</TD>

   <TD align=middle><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>12</FONT>&nbsp;</TD>

   <TD align=middle><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>14</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>County/City/Special District/School District</FONT>&nbsp;</TD>

   <TD align=middle><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>8</FONT>&nbsp;</TD>

   <TD align=middle><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>8</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>Utilities</FONT>&nbsp;</TD>

   <TD align=middle><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>3</FONT>&nbsp;</TD>

   <TD align=middle><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>5</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>Corporate</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=middle><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>3</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=middle><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>1</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<DIV align=left>

<TABLE cellSpacing=0 border=0>



<TR>

   <TD width="52%"></TD>

   <TD width="32%"></TD>

   <TD width="14%"></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3px; BORDER-BOTTOM: #000000 1px solid" align=left bgColor=#e3e3ef><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#394c87 size=1>Credit Quality Allocations</FONT></B><B><SUP><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#394c87 size=1>5</FONT></SUP></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left bgColor=#e3e3ef>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left bgColor=#e3e3ef>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=middle><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>4/30/11</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=middle><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>4/30/10</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>AAA/Aaa</FONT>&nbsp;</TD>

   <TD align=middle><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>9%</FONT>&nbsp;</TD>

   <TD style="TEXT-INDENT: 2px" align=middle><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>18%</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>AA/Aa</FONT>&nbsp;</TD>

   <TD align=middle><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>48</FONT>&nbsp;</TD>

   <TD align=middle><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>40</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>A</FONT>&nbsp;</TD>

   <TD align=middle><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>25</FONT>&nbsp;</TD>

   <TD align=middle><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>21</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>BBB/Baa</FONT>&nbsp;</TD>

   <TD align=middle><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>6</FONT>&nbsp;</TD>

   <TD align=middle><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>15</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>BB/Ba</FONT>&nbsp;</TD>

   <TD align=middle><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>8</FONT>&nbsp;</TD>

   <TD align=middle><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>1</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>Not Rated</FONT><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>6</FONT></SUP>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=middle><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>4</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=middle><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>5</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px"><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5 </FONT></SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Using the higher of S&amp;P&#8217;s or Moody&#8217;s ratings.</FONT><BR><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>6 </FONT></SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>The investment advisor has deemed certain of these securities to be of investment</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>grade quality. As of April 30, 2011 and April 30, 2010, the market value of these</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>securities was $486,340 representing 1% and $2,069,225 representing 5%, respec-</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>tively, of the Trust&#8217;s long-term investments.</FONT></P>

<DIV align=left>

<TABLE cellSpacing=0 border=0>



<TR>

   <TD width="37%"></TD>

   <TD width="49%"></TD>

   <TD width="13%"></TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif color=#231f20 size=1>ANNUAL REPORT</FONT>&nbsp;</TD>

   <TD align=left><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif color=#231f20 size=1>APRIL 30, 2011</FONT>&nbsp;</TD>

   <TD align=left><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif color=#231f20 size=1>9</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<HR align=center width="100%" noShade SIZE=2>



<DIV style="PAGE-BREAK-BEFORE: always"></DIV>

<!--$$/page=--><A name="page_11"></A><BR>

<P style="TEXT-ALIGN: left"><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif color=#394c87 size=4>Trust Summary </FONT><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif color=#394c87 size=2>April 30, 2011 </FONT><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#394c87 size=2>BlackRock Strategic Municipal Trust</FONT></B><BR><BR><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#394c87 size=1>Trust Overview</FONT></B><BR><BR><FONT face=FranklinGothic-MedCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>BlackRock Strategic Municipal Trust&#8217;s (BSD) (the &#8220;Trust&#8221;) </FONT><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>investment objective is to provide current income that is exempt from regular federal income tax</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>and to invest in municipal bonds that over time will perform better than the broader municipal bond market. The Trust seeks to achieve its investment objec-</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>tive by investing, primarily in municipal bonds exempt from federal income taxes (except that the interest may be subject to the federal alternative minimum</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>tax). The Trust invests at least 80% of its assets in investment grade quality securities at the time of investment and, under normal market conditions, prima-</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>rily invests in municipal bonds with long-term maturities in order to maintain a weighted average maturity of 15 years or more. The Trust may invest directly</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>in such securities or synthetically through the use of derivatives.</FONT><BR><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>No assurance can be given that the Trust&#8217;s investment objective will be achieved.</FONT><BR><BR><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#394c87 size=1>Performance</FONT></B><BR><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>For the 12 months ended April 30, 2011, the Trust returned (1.65)% based on market price and 1.19% based on NAV. For the same period, the closed-</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>end Lipper General Municipal Debt Funds (Leveraged) category posted an average return of (0.60)% based on market price and 0.10% based on NAV. All</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>returns reflect reinvestment of dividends. The Trust's discount to NAV, which widened during the period, accounts for the difference between performance</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>based on price and performance based on NAV. The following discussion relates to performance based on NAV. Security selection and sector allocation</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>among corporates, housing and transportation as well as tax-backed issues in the Great Lakes region drove the Trust&#8217;s positive performance. Additional</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>benefits were derived from seasoned portfolio holdings with shorter remaining terms to their maturity, which exhibited lower price volatility compared to</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>longer-dated bonds during the period. As interest rates rose and the yield curve steepened in the later part of the period, holdings of longer-dated bonds</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>detracted from performance. In addition, the Trust&#8217;s high exposure to the health care sector and low exposure to tax-backed issues in the Far West and</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>Mid-Atlantic regions had a negative impact on performance. The Trust uses interest rate futures contracts to hedge portfolio risk related to movements in</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>interest rates. This strategy had a modestly negative impact on performance during the period.<BR></FONT><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1><BR>The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>views are not intended to be a forecast of future events and are no guarantee of future results.</FONT></P>

<DIV align=left>

<TABLE cellSpacing=0 border=0>



<TR>

   <TD width="64%"></TD>

   <TD width="35%"></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3px; BORDER-BOTTOM: #000000 1px solid" align=left bgColor=#e3e3ef><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#394c87 size=1>Trust Information</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left bgColor=#e3e3ef>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>Symbol on NYSE</FONT>&nbsp;</TD>

   <TD style="TEXT-INDENT: 6px" align=middle><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>BSD</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>Initial Offering Date</FONT>&nbsp;</TD>

   <TD align=middle><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>August 25, 1999</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>Yield on Closing Market Price as of April 30, 2011 ($11.88)</FONT><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>1</FONT></SUP>&nbsp;</TD>

   <TD align=middle><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>7.47%</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>Tax Equivalent Yield</FONT><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>2</FONT></SUP>&nbsp;</TD>

   <TD align=middle><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>11.49%</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>Current Monthly Distribution per Common Share</FONT><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>3</FONT></SUP>&nbsp;</TD>

   <TD align=middle><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>$0.074</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>Current Annualized Distribution per Common Share</FONT><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>3</FONT></SUP>&nbsp;</TD>

   <TD align=middle><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>$0.888</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>Leverage as of April 30, 2011</FONT><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>4</FONT></SUP>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=middle><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>39%</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px"><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1 </FONT></SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Yield on closing market price is calculated by dividing the current annualized distribution per share by the closing market price. Past performance does not guarantee future results.</FONT><BR><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2 </FONT></SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Tax equivalent yield assumes the maximum federal tax rate of 35%.</FONT><BR><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>3 </FONT></SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>The distribution rate is not constant and is subject to change.</FONT><BR><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>4 </FONT></SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Represents Preferred Shares and TOBs as a percentage of total managed assets, which is the total assets of the Trust, including any assets attributable to Preferred Shares and</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>TOBs, minus the sum of accrued liabilities. For a discussion of leveraging techniques utilized by the Trust, please see The Benefits and Risks of Leveraging on page 11.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>The table below summarizes the changes in the Trust&#8217;s market price and NAV per share:</FONT></P>

<DIV align=left>

<TABLE cellSpacing=0 border=0>



<TR>

   <TD width="33%"></TD>

   <TD width="31%"></TD>

   <TD width="9%"></TD>

   <TD width="9%"></TD>

   <TD width="9%"></TD>

   <TD width="7%"></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=middle><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>4/30/11</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=middle><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>4/30/10</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=middle><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Change</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=middle><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>High</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=middle><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Low</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>Market Price</FONT>&nbsp;</TD>

   <TD align=middle><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>$11.88</FONT>&nbsp;</TD>

   <TD align=middle><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>$12.95</FONT>&nbsp;</TD>

   <TD align=middle><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>(8.26)%</FONT>&nbsp;</TD>

   <TD align=middle><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>$13.94</FONT>&nbsp;</TD>

   <TD align=middle><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>$11.18</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>Net Asset Value</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=middle><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>$12.27</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=middle><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>$13.00</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=middle><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>(5.62)%</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=middle><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>$13.60</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=middle><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>$11.49</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<P style="TEXT-ALIGN: left"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>The following charts show the sector and credit quality allocations of the Trust&#8217;s long-term investments:</FONT></P>

<DIV align=left>

<TABLE cellSpacing=0 border=0>



<TR>

   <TD width="64%"></TD>

   <TD width="20%"></TD>

   <TD width="14%"></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3px; BORDER-BOTTOM: #000000 1px solid" align=left bgColor=#e3e3ef><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#394c87 size=1>Sector Allocations</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left bgColor=#e3e3ef>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left bgColor=#e3e3ef>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=middle><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>4/30/11</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=middle><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>4/30/10</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>Health</FONT>&nbsp;</TD>

   <TD style="TEXT-INDENT: 3px" align=middle><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>24%</FONT>&nbsp;</TD>

   <TD align=middle><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>21%</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>Transportation</FONT>&nbsp;</TD>

   <TD align=middle><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>18</FONT>&nbsp;</TD>

   <TD align=middle><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>16</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>Education</FONT>&nbsp;</TD>

   <TD align=middle><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>12</FONT>&nbsp;</TD>

   <TD align=middle><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>12</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>County/City/Special District/School District</FONT>&nbsp;</TD>

   <TD align=middle><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>12</FONT>&nbsp;</TD>

   <TD align=middle><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>12</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>State</FONT>&nbsp;</TD>

   <TD align=middle><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>10</FONT>&nbsp;</TD>

   <TD align=middle><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>11</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>Corporate</FONT>&nbsp;</TD>

   <TD align=middle><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>9</FONT>&nbsp;</TD>

   <TD align=middle><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>9</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>Utilities</FONT>&nbsp;</TD>

   <TD align=middle><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>8</FONT>&nbsp;</TD>

   <TD align=middle><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>9</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>Housing</FONT>&nbsp;</TD>

   <TD align=middle><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>6</FONT>&nbsp;</TD>

   <TD align=middle><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>7</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>Tobacco</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=middle><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>1</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=middle><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>3</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<DIV align=left>

<TABLE cellSpacing=0 border=0>



<TR>

   <TD width="52%"></TD>

   <TD width="32%"></TD>

   <TD width="14%"></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3px; BORDER-BOTTOM: #000000 1px solid" align=left bgColor=#e3e3ef><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#394c87 size=1>Credit Quality Allocations</FONT></B><B><SUP><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#394c87 size=1>5</FONT></SUP></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left bgColor=#e3e3ef>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left bgColor=#e3e3ef>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=middle><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>4/30/11</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=middle><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>4/30/10</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>AAA/Aaa</FONT>&nbsp;</TD>

   <TD align=middle><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>16%</FONT>&nbsp;</TD>

   <TD align=middle><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>27%</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>AA/Aa</FONT>&nbsp;</TD>

   <TD align=middle><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>35</FONT>&nbsp;</TD>

   <TD align=middle><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>26</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>A</FONT>&nbsp;</TD>

   <TD align=middle><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>17</FONT>&nbsp;</TD>

   <TD align=middle><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>22</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>BBB/Baa</FONT>&nbsp;</TD>

   <TD align=middle><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>17</FONT>&nbsp;</TD>

   <TD align=middle><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>14</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>BB/Ba</FONT>&nbsp;</TD>

   <TD align=middle><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>5</FONT>&nbsp;</TD>

   <TD align=middle><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>1</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>B</FONT>&nbsp;</TD>

   <TD align=middle><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>3</FONT>&nbsp;</TD>

   <TD align=middle><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>4</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>CCC/Caa</FONT>&nbsp;</TD>

   <TD align=middle><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>1</FONT>&nbsp;</TD>

   <TD align=middle><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>1</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>Not Rated</FONT><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>6</FONT></SUP>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=middle><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>6</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=middle><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>5</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px"><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5 </FONT></SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Using the higher of S&amp;P&#8217;s or Moody&#8217;s ratings.</FONT><BR><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>6 </FONT></SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>The investment advisor has deemed certain of these securities to be of investment</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>grade quality. As of April 30, 2011 and April 30, 2010, the market value of these</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>securities was $3,150,431 representing 2% and $2,354,758 representing 2%,</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>respectively, of the Trust&#8217;s long-term investments.</FONT></P>

<DIV align=left>

<TABLE cellSpacing=0 border=0>



<TR>

   <TD width="13%"></TD>

   <TD width="49%"></TD>

   <TD width="37%"></TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif color=#231f20 size=1>10</FONT>&nbsp;</TD>

   <TD align=left><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif color=#231f20 size=1>ANNUAL REPORT</FONT>&nbsp;</TD>

   <TD align=left><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif color=#231f20 size=1>APRIL 30, 2011</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<HR align=center width="100%" noShade SIZE=2>



<DIV style="PAGE-BREAK-BEFORE: always"></DIV>

<!--$$/page=--><A name="page_12"></A><BR>

<P style="TEXT-ALIGN: left"><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif color=#394c87 size=4>The Benefits and Risks of Leveraging</FONT><BR><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>The Trusts may utilize leverage to seek to enhance the yield and NAV of</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>their common shares (&#8220;Common Shares&#8221;). However, these objectives can-</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>not be achieved in all interest rate environments.</FONT><BR><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>To leverage, all the Trusts, except for BTA, issue preferred shares (&#8220;Preferred</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>Shares&#8221;), which pay dividends at prevailing short-term interest rates,</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>and invest the proceeds in long-term municipal bonds. In general, the</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>concept of leveraging is based on the premise that the cost of assets</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>to be obtained from leverage will be based on short-term interest rates,</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>will normally be lower than the income earned by each Trust on its longer-</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>term portfolio investments. To the extent that the total assets of each</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>Trust (including the assets obtained from leverage) are invested in higher-</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>yielding portfolio investments, each Trust&#8217;s holders of Common Shares</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>(&#8220;Common Shareholders&#8221;) will benefit from the incremental net income.</FONT><BR><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>To illustrate these concepts, assume a Trust&#8217;s Common Shares capitalization</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>is $100 million and it issues Preferred Shares for an additional $50 million,</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>creating a total value of $150 million available for investment in long-term</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>municipal bonds. If prevailing short-term interest rates are 3% and long-</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>term interest rates are 6%, the yield curve has a strongly positive slope.</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>In this case, the Trust pays dividends on the $50 million of Preferred</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>Shares based on the lower short-term interest rates. At the same time,</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>the securities purchased by the Trust with assets received from Preferred</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>Shares issuance earn the income based on long-term interest rates. In</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>this case, the dividends paid to holders of Preferred Shares (&#8220;Preferred</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>Shareholders&#8221;) are significantly lower than the income earned on the</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>Trust&#8217;s long-term investments, and therefore the Common Shareholders</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>are the beneficiaries of the incremental net income.</FONT><BR><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>If short-term interest rates rise, narrowing the differential between short-</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>term and long-term interest rates, the incremental net income pickup on</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>the Common Shares will be reduced or eliminated completely. Furthermore,</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>if prevailing short-term interest rates rise above long-term interest rates of</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>6%, the yield curve has a negative slope. In this case, the Trust pays divi-</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>dends on the higher short-term interest rates whereas the Trust&#8217;s total port-</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>folio earns income based on lower long-term interest rates.</FONT><BR><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>Furthermore, the value of the Trusts&#8217; portfolio investments generally varies</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>inversely with the direction of long-term interest rates, although other factors</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>can influence the value of portfolio investments. In contrast, the redemption</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>values of the Trusts&#8217; Preferred Shares do not fluctuate in relation to interest</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>rates. As a result, changes in interest rates can influence the Trusts&#8217; NAVs</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>positively or negatively in addition to the impact on Trust performance from</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>leverage from Preferred Shares discussed above.</FONT><BR><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>The Trusts may also leverage their assets through the use of TOBs, as</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>described in Note 1 of the Notes to Financial Statements. TOB investments<BR></FONT><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>generally will provide the Trusts with economic benefits in periods of</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>declining short-term interest rates, but expose the Trusts to risks during</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>periods of rising short-term interest rates similar to those associated with</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>Preferred Shares issued by the Trusts, as described above. Additionally, fluc-</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>tuations in the market value of municipal bonds deposited into the TOB</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>trust may adversely affect each Trust&#8217;s NAV per share.</FONT><BR><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>The use of leverage may enhance opportunities for increased returns to the</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>Trusts and Common Shareholders, but as described above, it also creates</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>risks as short or long-term interest rates fluctuate. Leverage also will gener-</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>ally cause greater changes in the Trusts&#8217; NAVs, market prices and dividend</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>rates than comparable portfolios without leverage. If the income derived</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>from securities purchased with assets received from leverage exceeds the</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>cost of leverage, the Trusts&#8217; net income will be greater than if leverage had</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>not been used. Conversely, if the income from the securities purchased is</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>not sufficient to cover the cost of leverage, the Trusts&#8217; net income will be</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>less than if leverage had not been used, and therefore the amount avail-</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>able for distribution to Common Shareholders will be reduced. Each Trust</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>may be required to sell portfolio securities at inopportune times or at dis-</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>tressed values in order to comply with regulatory requirements applicable</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>to the use of leverage or as required by the terms of leverage instruments,</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>which may cause a Trust to incur losses. The use of leverage may limit each</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>Trust&#8217;s ability to invest in certain types of securities or use certain types of</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>hedging strategies, such as in the case of certain restrictions imposed by</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>ratings agencies that rate Preferred Shares issued by the Trusts. Each Trust</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>will incur expenses in connection with the use of leverage, all of which</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>are borne by Common Shareholders and may reduce income to the</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>Common Shares.</FONT><BR><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>Under the Investment Company Act of 1940, the Trusts are permitted to</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>issue Preferred Shares in an amount of up to 50% of their total managed</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>assets at the time of issuance. Under normal circumstances, each Trust</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>anticipates that the total economic leverage from Preferred Shares and/or</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>TOBs will not exceed 50% of its total managed assets at the time such</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>leverage is incurred. As of April 30, 2011, the Trusts had economic leverage</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>from Preferred Shares and/or TOBs as a percentage of their total managed</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>assets as follows:</FONT></P>

<DIV align=left>

<TABLE cellSpacing=0 border=0>



<TR>

   <TD width="46%"></TD>

   <TD width="53%"></TD></TR>

<TR vAlign=bottom>

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

   <TD align=right><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Percent of</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Leverage</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>BKN</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>39%</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>BTA</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>38%</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>BKK</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>37%</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>BFK</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>39%</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>BPS</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>43%</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>BSD</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>39%</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<P style="TEXT-ALIGN: left"><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif color=#394c87 size=4>Derivative Financial Instruments</FONT><BR><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>The Trusts may invest in various derivative financial instruments, including</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>financial futures contracts, as specified in Note 2 of the Notes to Financial</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>Statements, which may constitute forms of economic leverage. Such instru-</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>ments are used to obtain exposure to a market without owning or taking</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>physical custody of securities or to hedge market and/or interest rate risks.</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>Such derivative financial instruments involve risks, including the imperfect</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>correlation between the value of a derivative instrument and the underlying</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>asset, possible default of the counterparty to the transaction or illiquidity of</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>the derivative instrument. The Trusts&#8217; ability to use a derivative instrument<BR></FONT><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>successfully depends on the investment advisor&#8217;s ability to predict pertinent</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>market movements accurately, which cannot be assured. The use of deriva-</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>tive financial instruments may result in losses greater than if they had not</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>been used, may require a Trust to sell or purchase portfolio investments at</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>inopportune times or for distressed values, may limit the amount of appre-</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>ciation a Trust can realize on an investment, may result in lower dividends</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>paid to shareholders or may cause a Trust to hold an investment that it</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>might otherwise sell. The Trusts&#8217; investments in these instruments are dis-</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>cussed in detail in the Notes to Financial Statements.</FONT></P>

<DIV align=left>

<TABLE cellSpacing=0 border=0>



<TR>

   <TD width="37%"></TD>

   <TD width="48%"></TD>

   <TD width="13%"></TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif color=#231f20 size=1>ANNUAL REPORT</FONT>&nbsp;</TD>

   <TD align=left><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif color=#231f20 size=1>APRIL 30, 2011</FONT>&nbsp;</TD>

   <TD align=left><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif color=#231f20 size=1>11</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<HR align=center width="100%" noShade SIZE=2>



<DIV style="PAGE-BREAK-BEFORE: always"></DIV>

<!--$$/page=--><A name="page_13"></A><BR>

<P style="TEXT-ALIGN: left"><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif color=#394c87 size=4><STRONG><FONT size=2>BlackRock Investment Quality Municipal Trust Inc. (BKN)</FONT></STRONG><BR>Schedule of Investments </FONT><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif color=#394c87 size=2>April 30, 2011 <BR></FONT><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#394c87 size=1>(Percentages shown are based on Net Assets)</FONT></B></P>

<DIV align=left>

<TABLE cellSpacing=0 border=0>



<TR>

   <TD width="63%"></TD>

   <TD width="6%"></TD>

   <TD width="10%"></TD>

   <TD width="18%"></TD></TR>

<TR vAlign=bottom>

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

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

   <TD align=middle><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Par</FONT></B>&nbsp;</TD>

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

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Municipal Bonds</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=middle><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(000)</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=middle><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Value</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#394c87 size=1>Alabama &#8212; 2.8%</FONT></B>&nbsp;</TD>

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

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

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

<TR vAlign=bottom>

   <TD align=left colSpan=2><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Birmingham Special Care Facilities Financing Authority, RB,</FONT>&nbsp;</TD>

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

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

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Children&#8217;s Hospital (AGC):</FONT>&nbsp;</TD>

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

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

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

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>6.00%, 6/01/34</FONT>&nbsp;</TD>

   <TD align=right colSpan=2><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 1,745</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 1,834,955</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>6.00%, 6/01/39</FONT>&nbsp;</TD>

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

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>500</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>522,955</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Hoover City Board of Education, GO, Refunding,</FONT>&nbsp;</TD>

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

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

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

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>4.25%, 2/15/40</FONT>&nbsp;</TD>

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

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>4,300</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>3,653,581</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>6,011,491</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#394c87 size=1>Arizona &#8212; 5.5%</FONT></B>&nbsp;</TD>

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

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

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

<TR vAlign=bottom>

   <TD align=left colSpan=2><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Arizona State University, RB, Series D, 5.50%, 7/01/26</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>475</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>509,604</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left colSpan=2><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Mohave County Unified School District No. 20 Kingman,</FONT>&nbsp;</TD>

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

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

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>GO, School Improvement Project of 2006, Series C</FONT>&nbsp;</TD>

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

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

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

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(AGC), 5.00%, 7/01/26</FONT>&nbsp;</TD>

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

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,800</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,870,848</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left colSpan=2><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Pima County IDA, Refunding IDRB, Tucson Electric Power,</FONT>&nbsp;</TD>

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

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

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5.75%, 9/01/29</FONT>&nbsp;</TD>

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

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,375</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,370,861</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Salt Verde Financial Corp., RB, Senior:</FONT>&nbsp;</TD>

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

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

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

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5.00%, 12/01/32</FONT>&nbsp;</TD>

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

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,035</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>891,539</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5.00%, 12/01/37</FONT>&nbsp;</TD>

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

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>4,585</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>3,800,002</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>San Luis Facility Development Corp., RB, Senior Lien,</FONT>&nbsp;</TD>

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

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

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

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Regional Detention Center Project:</FONT>&nbsp;</TD>

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

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

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

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>6.25%, 5/01/15</FONT>&nbsp;</TD>

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

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>405</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>390,712</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>7.00%, 5/01/20</FONT>&nbsp;</TD>

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

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>490</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>478,779</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>7.25%, 5/01/27</FONT>&nbsp;</TD>

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

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>980</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>872,337</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>State of Arizona, COP, Department of Administration,</FONT>&nbsp;</TD>

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

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

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

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Series A (AGM), 5.00%, 10/01/29</FONT>&nbsp;</TD>

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

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,100</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,104,455</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>University Medical Center Corp. Arizona, RB,</FONT>&nbsp;</TD>

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

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

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

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>6.50%, 7/01/39</FONT>&nbsp;</TD>

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

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>750</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>766,582</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>12,055,719</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#394c87 size=1>California &#8212; 24.6%</FONT></B>&nbsp;</TD>

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

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

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

<TR vAlign=bottom>

   <TD align=left colSpan=2><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>California County Tobacco Securitization Agency, RB, CAB,</FONT>&nbsp;</TD>

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

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

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Stanislaus, Sub-Series C, 6.30%, 6/01/55 (a)</FONT>&nbsp;</TD>

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

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>7,090</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>51,686</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>California Health Facilities Financing Authority,</FONT>&nbsp;</TD>

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

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

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

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" align=left colSpan=2><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Refunding RB, Sutter Health, Series B, 5.88%, 8/15/31</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2,300</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2,355,154</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left colSpan=2><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Carlsbad Unified School District, GO, Election of 2006,</FONT>&nbsp;</TD>

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

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

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Series B, 6.09%, 5/01/34 (b)</FONT>&nbsp;</TD>

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

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,500</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>888,150</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>County of Sacramento California, RB, Senior Series A</FONT>&nbsp;</TD>

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

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

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

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(AGM), 5.00%, 7/01/41</FONT>&nbsp;</TD>

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

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2,000</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,767,960</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Dinuba Unified School District, GO, Election</FONT>&nbsp;</TD>

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

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

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

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>of 2006 (AGM):</FONT>&nbsp;</TD>

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

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

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

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5.63%, 8/01/31</FONT>&nbsp;</TD>

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

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>250</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>261,647</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5.75%, 8/01/33</FONT>&nbsp;</TD>

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

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>535</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>562,189</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left colSpan=2><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Foothill Eastern Transportation Corridor Agency California,</FONT>&nbsp;</TD>

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

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

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Refunding RB:</FONT>&nbsp;</TD>

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

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

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

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5.75%, 1/15/40</FONT>&nbsp;</TD>

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

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>3,495</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2,833,047</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>CAB, 5.88%, 1/15/28</FONT>&nbsp;</TD>

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

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>7,000</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>6,208,370</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left colSpan=2><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Hartnell Community College District California, GO, CAB,</FONT>&nbsp;</TD>

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

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

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Election of 2002, Series D, 7.53%, 8/01/34 (b)</FONT>&nbsp;</TD>

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

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2,475</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,213,542</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<DIV align=left>

<TABLE cellSpacing=0 border=0>



<TR>

   <TD width="64%"></TD>

   <TD width="4%"></TD>

   <TD width="11%"></TD>

   <TD width="18%"></TD></TR>

<TR vAlign=bottom>

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

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

   <TD align=middle><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Par</FONT></B>&nbsp;</TD>

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

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Municipal Bonds</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=middle><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(000)</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=middle><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Value</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#394c87 size=1>California (concluded)</FONT></B>&nbsp;</TD>

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

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

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

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Los Altos Elementary School District, GO, CAB, Election</FONT>&nbsp;</TD>

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

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

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

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>of 1998, Series B (NPFGC), 5.93%, 8/01/13 (a)(c)</FONT>&nbsp;</TD>

   <TD align=right colSpan=2><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 10,945</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 5,724,673</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left colSpan=2><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Norwalk-La Mirada Unified School District California, GO,</FONT>&nbsp;</TD>

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

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

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Refunding, CAB, Election of 2002, Series E (AGC),</FONT>&nbsp;</TD>

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

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

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

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>6.47%, 8/01/38 (a)</FONT>&nbsp;</TD>

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

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>12,000</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,787,280</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Palomar Community College District, GO, CAB, Election</FONT>&nbsp;</TD>

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

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

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

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>of 2006, Series B:</FONT>&nbsp;</TD>

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

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

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

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>6.09%, 8/01/30 (a)</FONT>&nbsp;</TD>

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

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2,270</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>613,672</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>6.36%, 8/01/39 (b)</FONT>&nbsp;</TD>

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

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>3,000</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,101,960</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left colSpan=2><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>San Diego Community College District California, GO, CAB,</FONT>&nbsp;</TD>

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

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

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Election of 2002, 6.37%, 8/01/19 (b)</FONT>&nbsp;</TD>

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

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>4,200</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2,485,728</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>State of California, GO:</FONT>&nbsp;</TD>

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

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

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

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Refunding (CIFG), 4.50%, 8/01/28</FONT>&nbsp;</TD>

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

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,000</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>912,300</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Various Purpose, 5.75%, 4/01/31</FONT>&nbsp;</TD>

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

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>3,000</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>3,143,550</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Various Purpose, 6.00%, 3/01/33</FONT>&nbsp;</TD>

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

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>3,220</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>3,440,409</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Various Purpose, 6.50%, 4/01/33</FONT>&nbsp;</TD>

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

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2,900</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>3,185,505</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Various Purpose, 5.50%, 3/01/40</FONT>&nbsp;</TD>

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

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>3,650</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>3,652,226</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Various Purpose (CIFG), 5.00%, 3/01/33</FONT>&nbsp;</TD>

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

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5,000</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>4,806,900</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Various Purpose (NPFGC), 5.00%, 6/01/37</FONT>&nbsp;</TD>

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

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5,000</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>4,662,100</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>University of California, RB, Limited Project, Series B,</FONT>&nbsp;</TD>

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

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

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

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>4.75%, 5/15/38</FONT>&nbsp;</TD>

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

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2,050</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,869,723</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>53,527,771</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#394c87 size=1>Colorado &#8212; 1.8%</FONT></B>&nbsp;</TD>

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

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

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

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Park Creek Metropolitan District, RB, Senior Limited</FONT>&nbsp;</TD>

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

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

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

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Property Tax (AGM), 6.00%, 12/01/38 (d)</FONT>&nbsp;</TD>

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

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,500</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,464,360</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Sand Creek Metropolitan District, GO, Refunding,</FONT>&nbsp;</TD>

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

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

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

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Limited Tax, Series B:</FONT>&nbsp;</TD>

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

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

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

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>4.75%, 12/01/35</FONT>&nbsp;</TD>

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

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,400</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,275,106</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5.00%, 12/01/40</FONT>&nbsp;</TD>

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

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,200</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,111,104</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>3,850,570</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#394c87 size=1>Connecticut &#8212; 0.3%</FONT></B>&nbsp;</TD>

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

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

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

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Connecticut State Health &amp; Educational Facility</FONT>&nbsp;</TD>

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

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

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

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" align=left colSpan=2><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Authority, RB, Fairfield University, New Money, Series O,</FONT>&nbsp;</TD>

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

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

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px; BORDER-BOTTOM: #000000 1px solid" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5.00%, 7/01/35</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>600</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>573,222</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#394c87 size=1>Delaware &#8212; 0.8%</FONT></B>&nbsp;</TD>

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

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

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

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>County of Sussex Delaware, RB, NRG Energy, Inc.,</FONT>&nbsp;</TD>

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

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

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

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px; BORDER-BOTTOM: #000000 1px solid" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Indian River Project, 6.00%, 10/01/40</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,800</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,756,206</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#394c87 size=1>District of Columbia &#8212; 1.6%</FONT></B>&nbsp;</TD>

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

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

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

<TR vAlign=bottom>

   <TD align=left colSpan=2><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>District of Columbia Tobacco Settlement Financing Corp.,</FONT>&nbsp;</TD>

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

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

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px; BORDER-BOTTOM: #000000 1px solid" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Refunding RB, Asset-Backed, 6.50%, 5/15/33</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>3,500</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>3,419,815</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<DIV align=left>

<TABLE cellSpacing=0 border=0>



<TR>

   <TD width="31%"></TD>

   <TD width="9%"></TD>

   <TD width="27%"></TD>

   <TD width="8%"></TD>

   <TD width="23%"></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3px; BORDER-BOTTOM: #000000 1px solid" align=left bgColor=#e3e3ef><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#394c87 size=1>Portfolio Abbreviations</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left bgColor=#e3e3ef>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left bgColor=#e3e3ef>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left bgColor=#e3e3ef>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left bgColor=#e3e3ef>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>To simplify the listings of portfolio holdings</FONT>&nbsp;</TD>

   <TD align=left><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>ACA</FONT></B>&nbsp;</TD>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>American Capital Access Corp.</FONT>&nbsp;</TD>

   <TD align=left><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>HDA</FONT></B>&nbsp;</TD>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Housing Development Authority</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>in the Schedules of Investments, the names and</FONT>&nbsp;</TD>

   <TD align=left><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>AGC</FONT></B>&nbsp;</TD>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Assured Guaranty Corp.</FONT>&nbsp;</TD>

   <TD align=left><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>HFA</FONT></B>&nbsp;</TD>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Housing Finance Agency</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>descriptions of many of the securities have been</FONT>&nbsp;</TD>

   <TD align=left><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>AGM</FONT></B>&nbsp;</TD>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Assured Guaranty Municipal Corp.</FONT>&nbsp;</TD>

   <TD align=left><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>HRB</FONT></B>&nbsp;</TD>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Housing Revenue Bonds</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>abbreviated according to the following list:</FONT>&nbsp;</TD>

   <TD align=left><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>AMBAC</FONT></B>&nbsp;</TD>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>American Municipal Bond Assurance Corp.</FONT>&nbsp;</TD>

   <TD align=left><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>IDA</FONT></B>&nbsp;</TD>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Industrial Development Authority</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

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

   <TD align=left><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>AMT</FONT></B>&nbsp;</TD>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Alternative Minimum Tax (subject to)</FONT>&nbsp;</TD>

   <TD align=left><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>IDB</FONT></B>&nbsp;</TD>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Industrial Development Board</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

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

   <TD align=left><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>ARS</FONT></B>&nbsp;</TD>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Auction Rate Securities</FONT>&nbsp;</TD>

   <TD align=left><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>IDRB</FONT></B>&nbsp;</TD>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Industrial Development Revenue Bonds</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

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

   <TD align=left><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>CAB</FONT></B>&nbsp;</TD>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Capital Appreciation Bonds</FONT>&nbsp;</TD>

   <TD align=left><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>ISD</FONT></B>&nbsp;</TD>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Independent School District</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

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

   <TD align=left><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>CIFG</FONT></B>&nbsp;</TD>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>CDC IXIS Financial Guaranty</FONT>&nbsp;</TD>

   <TD align=left><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>MRB</FONT></B>&nbsp;</TD>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Mortgage Revenue Bonds</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

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

   <TD align=left><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>COP</FONT></B>&nbsp;</TD>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Certificates of Participation</FONT>&nbsp;</TD>

   <TD align=left><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>NPFGC</FONT></B>&nbsp;</TD>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>National Public Finance Guarantee Corp.</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

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

   <TD align=left><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>EDA</FONT></B>&nbsp;</TD>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Economic Development Authority</FONT>&nbsp;</TD>

   <TD align=left><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>PILOT</FONT></B>&nbsp;</TD>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Payment in Lieu of Taxes</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

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

   <TD align=left><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>EDC</FONT></B>&nbsp;</TD>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Economic Development Corp.</FONT>&nbsp;</TD>

   <TD align=left><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>PSF-GTD</FONT></B>&nbsp;</TD>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Permanent School Fund Guaranteed</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

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

   <TD align=left><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>ERB</FONT></B>&nbsp;</TD>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Economic Revenue Bonds</FONT>&nbsp;</TD>

   <TD align=left><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>RB</FONT></B>&nbsp;</TD>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Revenue Bonds</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

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

   <TD align=left><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>FGIC</FONT></B>&nbsp;</TD>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Financial Guaranty Insurance Co.</FONT>&nbsp;</TD>

   <TD align=left><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>S/F</FONT></B>&nbsp;</TD>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Single Family</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

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

   <TD align=left><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>FHA</FONT></B>&nbsp;</TD>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Federal Housing Administration</FONT>&nbsp;</TD>

   <TD align=left><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>TE</FONT></B>&nbsp;</TD>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Tax Exempt</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

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

   <TD align=left><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>GO</FONT></B>&nbsp;</TD>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>General Obligation Bonds</FONT>&nbsp;</TD>

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

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

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>See Notes to Financial Statements.</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<DIV align=left>

<TABLE cellSpacing=0 border=0>



<TR>

   <TD width="13%"></TD>

   <TD width="49%"></TD>

   <TD width="37%"></TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif color=#231f20 size=1>12</FONT>&nbsp;</TD>

   <TD align=left><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif color=#231f20 size=1>ANNUAL REPORT</FONT>&nbsp;</TD>

   <TD align=left><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif color=#231f20 size=1>APRIL 30, 2011</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<HR align=center width="100%" noShade SIZE=2>



<DIV style="PAGE-BREAK-BEFORE: always"></DIV>

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

<P style="TEXT-ALIGN: left"><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif color=#394c87 size=4><STRONG><FONT size=2>BlackRock Investment Quality Municipal Trust Inc. (BKN)</FONT></STRONG><BR>Schedule of Investments (continued) <BR></FONT><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#394c87 size=1>(Percentages shown are based on Net Assets)</FONT></B></P>

<DIV align=left>

<TABLE cellSpacing=0 border=0>



<TR>

   <TD width="66%"></TD>

   <TD width="15%"></TD>

   <TD width="18%"></TD></TR>

<TR vAlign=bottom>

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

   <TD align=middle><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Par</FONT></B>&nbsp;</TD>

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

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Municipal Bonds</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=middle><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(000)</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=middle><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Value</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#394c87 size=1>Florida &#8212; 11.5%</FONT></B>&nbsp;</TD>

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

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

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>County of Miami-Dade Florida, RB, CAB, Sub-Series A</FONT>&nbsp;</TD>

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

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

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(NPFGC) (a):</FONT>&nbsp;</TD>

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

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

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5.20%, 10/01/32</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 4,225</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 930,725</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5.21%, 10/01/33</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>4,000</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>816,120</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5.21%, 10/01/34</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>4,580</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>864,612</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5.22%, 10/01/35</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5,000</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>875,150</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5.23%, 10/01/36</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>10,000</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,618,600</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5.24%, 10/01/37</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>10,000</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,503,200</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>County of Orange Florida, Refunding RB (Syncora),</FONT>&nbsp;</TD>

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

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

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>4.75%, 10/01/32</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5,000</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>4,575,300</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Hillsborough County IDA, RB, National Gypsum Co.,</FONT>&nbsp;</TD>

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

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

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Series A, AMT, 7.13%, 4/01/30</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>3,700</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>3,239,387</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Miami Beach Health Facilities Authority, RB, Mount Sinai</FONT>&nbsp;</TD>

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

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

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Medical Center of Florida, 6.75%, 11/15/21</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,845</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,881,457</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Sumter Landing Community Development District Florida,</FONT>&nbsp;</TD>

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

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

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>RB, Sub-Series B, 5.70%, 10/01/38</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>3,585</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2,724,959</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Village Community Development District No. 6, Special</FONT>&nbsp;</TD>

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

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

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Assessment Bonds, 5.63%, 5/01/22</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>6,220</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5,913,914</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>24,943,424</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#394c87 size=1>Georgia &#8212; 0.8%</FONT></B>&nbsp;</TD>

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

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

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Milledgeville &amp; Baldwin County Development Authority,</FONT>&nbsp;</TD>

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

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

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>RB, Georgia College &amp; State University Foundation,</FONT>&nbsp;</TD>

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

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

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px; BORDER-BOTTOM: #000000 1px solid" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>6.00%, 9/01/14 (c)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,500</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,755,285</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#394c87 size=1>Idaho &#8212; 1.5%</FONT></B>&nbsp;</TD>

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

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

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Idaho Health Facilities Authority, RB, St. Luke&#8217;s Regional</FONT>&nbsp;</TD>

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

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

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Medical Center (AGM), 5.00%, 7/01/35</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>650</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>632,184</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Idaho Health Facilities Authority, Refunding RB, Trinity</FONT>&nbsp;</TD>

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

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

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Health Group, Series B, 6.25%, 12/01/33</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2,500</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2,637,100</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>3,269,284</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#394c87 size=1>Illinois &#8212; 12.5%</FONT></B>&nbsp;</TD>

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

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

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Chicago Public Building Commission Building Illinois, RB,</FONT>&nbsp;</TD>

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

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

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Series A (NPFGC), 7.00%, 1/01/20 (e)</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5,000</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>6,387,550</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Illinois Finance Authority, RB:</FONT>&nbsp;</TD>

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

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

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>MJH Education Assistance IV LLC, Sub-Series B,</FONT>&nbsp;</TD>

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

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

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5.38%, 6/01/35 (f)(g)</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>700</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>187,908</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Navistar International, Recovery Zone,</FONT>&nbsp;</TD>

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

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

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>6.50%, 10/15/40</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,925</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,933,432</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Northwestern Memorial Hospital, Series A,</FONT>&nbsp;</TD>

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

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

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5.50%, 8/15/14 (c)</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5,800</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>6,625,398</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Roosevelt University Project, 6.50%, 4/01/44</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,500</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,493,835</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Rush University Medical Center, Series C,</FONT>&nbsp;</TD>

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

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

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>6.63%, 11/01/39</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,200</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,231,800</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Illinois Finance Authority, Refunding RB, Series A:</FONT>&nbsp;</TD>

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

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

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Friendship Village Schaumburg, 5.63%, 2/15/37</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>345</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>263,045</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>OSF Healthcare System, 6.00%, 5/15/39</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,535</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,482,503</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Railsplitter Tobacco Settlement Authority, RB:</FONT>&nbsp;</TD>

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

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

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>6.25%, 6/01/24</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>6,000</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>6,020,280</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>6.00%, 6/01/28</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,700</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,634,958</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>27,260,709</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#394c87 size=1>Indiana &#8212; 0.6%</FONT></B>&nbsp;</TD>

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

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

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Indiana Finance Authority, Refunding RB, Improvement,</FONT>&nbsp;</TD>

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

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

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px; BORDER-BOTTOM: #000000 1px solid" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>U.S. Steel Corp., 6.00%, 12/01/26</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,350</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,316,075</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#394c87 size=1>Iowa &#8212; 1.1%</FONT></B>&nbsp;</TD>

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

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

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Iowa Higher Education Loan Authority, Refunding RB,</FONT>&nbsp;</TD>

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

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

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Private College Facility:</FONT>&nbsp;</TD>

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

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

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5.75%, 9/01/30</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>965</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>976,734</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>6.00%, 9/01/39</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,500</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,514,805</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2,491,539</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<DIV align=left>

<TABLE cellSpacing=0 border=0>



<TR>

   <TD width="64%"></TD>

   <TD width="5%"></TD>

   <TD width="10%"></TD>

   <TD width="18%"></TD></TR>

<TR vAlign=bottom>

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

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

   <TD align=middle><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Par</FONT></B>&nbsp;</TD>

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

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Municipal Bonds</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=middle><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(000)</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=middle><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Value</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#394c87 size=1>Kansas &#8212; 0.9%</FONT></B>&nbsp;</TD>

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

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

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

<TR vAlign=bottom>

   <TD align=left colSpan=2><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Kansas Development Finance Authority, RB, University of</FONT>&nbsp;</TD>

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

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

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Kansas Tenant, Series O, 4.75%, 6/15/41</FONT>&nbsp;</TD>

   <TD align=right colSpan=2><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 1,000</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 909,260</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Kansas Development Finance Authority, Refunding RB,</FONT>&nbsp;</TD>

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

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

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

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Sisters of Leavenworth, Series A, 5.00%, 1/01/28</FONT>&nbsp;</TD>

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

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,155</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,149,745</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2,059,005</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#394c87 size=1>Kentucky &#8212; 3.2%</FONT></B>&nbsp;</TD>

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

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

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

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Kentucky Economic Development Finance Authority,</FONT>&nbsp;</TD>

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

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

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

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>RB, Louisville Arena, Sub-Series A-1 (AGC),</FONT>&nbsp;</TD>

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

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

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

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>6.00%, 12/01/38</FONT>&nbsp;</TD>

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

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>700</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>708,001</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Kentucky Economic Development Finance Authority,</FONT>&nbsp;</TD>

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

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

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

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" align=left colSpan=2><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Refunding RB, Norton Healthcare Inc., Series B (NPFGC),</FONT>&nbsp;</TD>

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

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

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>6.19%, 10/01/23 (a)</FONT>&nbsp;</TD>

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

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>8,500</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>4,046,510</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Louisville/Jefferson County Metropolitan Government,</FONT>&nbsp;</TD>

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

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

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

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" align=left colSpan=2><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Refunding RB, Jewish Hospital &amp; St. Mary&#8217;s HealthCare,</FONT>&nbsp;</TD>

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

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

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>6.13%, 2/01/37</FONT>&nbsp;</TD>

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

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2,250</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2,202,682</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>6,957,193</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#394c87 size=1>Louisiana &#8212; 2.6%</FONT></B>&nbsp;</TD>

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

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

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

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Louisiana Local Government Environmental Facilities</FONT>&nbsp;</TD>

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

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

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

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>&amp; Community Development Authority, RB:</FONT>&nbsp;</TD>

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

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

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

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Southeastern Louisiana University, Series A (AGM),</FONT>&nbsp;</TD>

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

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

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

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5.00%, 10/01/40</FONT>&nbsp;</TD>

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

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,025</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,012,505</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Westlake Chemical Corp., Series A-1,</FONT>&nbsp;</TD>

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

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

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

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>6.50%, 11/01/35</FONT>&nbsp;</TD>

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

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,565</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,571,041</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Louisiana Public Facilities Authority, Refunding RB,</FONT>&nbsp;</TD>

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

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

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

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Entergy Gulf States Louisiana, LLC Project, Series A,</FONT>&nbsp;</TD>

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

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

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

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5.00%, 9/01/28</FONT>&nbsp;</TD>

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

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>3,000</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2,992,890</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5,576,436</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#394c87 size=1>Maryland &#8212; 2.0%</FONT></B>&nbsp;</TD>

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

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

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

<TR vAlign=bottom>

   <TD align=left colSpan=2><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Maryland EDC, Refunding RB, CNX Marine Terminals, Inc.,</FONT>&nbsp;</TD>

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

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

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5.75%, 9/01/25</FONT>&nbsp;</TD>

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

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>780</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>746,327</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Maryland Health &amp; Higher Educational Facilities</FONT>&nbsp;</TD>

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

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

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

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" align=left colSpan=2><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Authority, Refunding RB, Doctor&#8217;s Community Hospital,</FONT>&nbsp;</TD>

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

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

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5.63%, 7/01/30</FONT>&nbsp;</TD>

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

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>4,100</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>3,494,184</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>4,240,511</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#394c87 size=1>Michigan &#8212; 3.8%</FONT></B>&nbsp;</TD>

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

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

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

<TR vAlign=bottom>

   <TD align=left colSpan=2><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Michigan State Building Authority, Refunding RB, Facilities</FONT>&nbsp;</TD>

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

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

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Program, Series I, 6.25%, 10/15/38</FONT>&nbsp;</TD>

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

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,875</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,980,000</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left colSpan=2><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Michigan State Hospital Finance Authority, Refunding RB:</FONT>&nbsp;</TD>

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

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

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3px" align=left colSpan=2><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Henry Ford Health System, Series A, 5.25%, 11/15/46</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,670</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,393,381</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Hospital, Henry Ford Health, 5.75%, 11/15/39</FONT>&nbsp;</TD>

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

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2,000</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,862,540</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Royal Oak Hospital Finance Authority Michigan,</FONT>&nbsp;</TD>

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

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

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

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Refunding RB, William Beaumont Hospital,</FONT>&nbsp;</TD>

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

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

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

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>8.25%, 9/01/39</FONT>&nbsp;</TD>

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

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2,750</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>3,117,868</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>8,353,789</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#394c87 size=1>Minnesota &#8212; 1.7%</FONT></B>&nbsp;</TD>

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

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

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

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>City of Minneapolis Minnesota, Refunding RB, Fairview</FONT>&nbsp;</TD>

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

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

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

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px; BORDER-BOTTOM: #000000 1px solid" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Health Services, Series B (AGC), 6.50%, 11/15/38</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>3,500</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>3,729,180</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#394c87 size=1>Mississippi &#8212; 3.9%</FONT></B>&nbsp;</TD>

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

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

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

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Mississippi Development Bank Special Obligation, RB,</FONT>&nbsp;</TD>

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

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

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

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" align=left colSpan=2><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Jackson County Limited Tax Note (AGC), 5.50%, 7/01/32</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2,655</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2,723,260</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Mississippi Development Bank, RB, Hinds Community</FONT>&nbsp;</TD>

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

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

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

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>College District, Capital Improvement Project (AGM),</FONT>&nbsp;</TD>

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

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

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

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5.00%, 4/01/36</FONT>&nbsp;</TD>

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

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,910</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,862,097</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left colSpan=2><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>University of Southern Mississippi, RB, Campus Facilities</FONT>&nbsp;</TD>

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

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

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Improvements Project, 5.38%, 9/01/36</FONT>&nbsp;</TD>

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

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>3,750</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>3,821,625</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>8,406,982</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#394c87 size=1>Missouri &#8212; 1.0%</FONT></B>&nbsp;</TD>

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

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

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

<TR vAlign=bottom>

   <TD align=left colSpan=2><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Missouri Joint Municipal Electric Utility Commission, RB,</FONT>&nbsp;</TD>

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

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

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px; BORDER-BOTTOM: #000000 1px solid" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Plum Point Project (NPFGC), 4.60%, 1/01/36</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2,790</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2,274,157</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#394c87 size=1>Montana &#8212; 1.5%</FONT></B>&nbsp;</TD>

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

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

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

<TR vAlign=bottom>

   <TD align=left colSpan=2><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Montana Facility Finance Authority, Refunding RB, Sisters</FONT>&nbsp;</TD>

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

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

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px; BORDER-BOTTOM: #000000 1px solid" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>of Leavenworth, Series A, 4.75%, 1/01/40</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>3,450</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>3,147,987</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<P style="TEXT-ALIGN: left"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>See Notes to Financial Statements.</FONT></P>

<DIV align=left>

<TABLE cellSpacing=0 border=0>



<TR>

   <TD width="37%"></TD>

   <TD width="48%"></TD>

   <TD width="13%"></TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif color=#231f20 size=1>ANNUAL REPORT</FONT>&nbsp;</TD>

   <TD align=left><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif color=#231f20 size=1>APRIL 30, 2011</FONT>&nbsp;</TD>

   <TD align=left><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif color=#231f20 size=1>13</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<HR align=center width="100%" noShade SIZE=2>



<DIV style="PAGE-BREAK-BEFORE: always"></DIV>

<!--$$/page=--><A name="page_15"></A><BR>

<P style="TEXT-ALIGN: left"><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif color=#394c87 size=4><STRONG><FONT size=2>BlackRock Investment Quality Municipal Trust Inc. (BKN)</FONT></STRONG><BR>Schedule of Investments (continued) <BR></FONT><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#394c87 size=1>(Percentages shown are based on Net Assets)</FONT></B></P>

<DIV align=left>

<TABLE cellSpacing=0 border=0>



<TR>

   <TD width="70%"></TD>

   <TD width="10%"></TD>

   <TD width="18%"></TD></TR>

<TR vAlign=bottom>

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

   <TD align=middle><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Par</FONT></B>&nbsp;</TD>

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

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Municipal Bonds</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=middle><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(000)</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=middle><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Value</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#394c87 size=1>Nebraska &#8212; 1.8%</FONT></B>&nbsp;</TD>

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

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

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Douglas County Hospital Authority No. 2, RB, Health</FONT>&nbsp;</TD>

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

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

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Facilities, Immanuel Obligation Group, 5.50%, 1/01/30 $</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>575</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 565,731</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Nebraska Investment Finance Authority, Refunding RB,</FONT>&nbsp;</TD>

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

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

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Series A:</FONT>&nbsp;</TD>

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

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

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5.90%, 9/01/36</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,700</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,755,267</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>6.05%, 9/01/41</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,585</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,619,188</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>3,940,186</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#394c87 size=1>Nevada &#8212; 0.5%</FONT></B>&nbsp;</TD>

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

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

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>County of Clark Nevada, Refunding RB, Alexander Dawson</FONT>&nbsp;</TD>

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

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

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px; BORDER-BOTTOM: #000000 1px solid" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>School Nevada Project, 5.00%, 5/15/29</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,065</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,012,709</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#394c87 size=1>New Jersey &#8212; 5.1%</FONT></B>&nbsp;</TD>

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

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

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Middlesex County Improvement Authority, RB, Subordinate,</FONT>&nbsp;</TD>

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

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

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Heldrich Center Hotel, Series B, 6.25%, 1/01/37 (f)(g)</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,510</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>151,000</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>New Jersey EDA, RB, Cigarette Tax, 5.75%, 6/15/29</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>7,000</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>6,361,950</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>New Jersey Educational Facilities Authority, Refunding RB:</FONT>&nbsp;</TD>

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

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

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>College of New Jersey, Series D (AGM),</FONT>&nbsp;</TD>

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

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

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5.00%, 7/01/35</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,225</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,204,665</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>University of Medicine &amp; Dentistry, Series B,</FONT>&nbsp;</TD>

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

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

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>7.13%, 12/01/23</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>950</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,082,696</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>University of Medicine &amp; Dentistry, Series B,</FONT>&nbsp;</TD>

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

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

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>7.50%, 12/01/32</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,225</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,354,691</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>New Jersey State Housing &amp; Mortgage Finance Agency,</FONT>&nbsp;</TD>

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

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

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>RB, Series AA, 6.50%, 10/01/38</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>875</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>945,131</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>11,100,133</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#394c87 size=1>New Mexico &#8212; 1.4%</FONT></B>&nbsp;</TD>

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

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

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Village of Los Ranchos de Albuquerque New Mexico,</FONT>&nbsp;</TD>

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

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

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Refunding RB, Albuquerque Academy Project,</FONT>&nbsp;</TD>

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

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

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px; BORDER-BOTTOM: #000000 1px solid" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>4.50%, 9/01/40</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>3,500</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>3,001,985</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#394c87 size=1>New York &#8212; 8.3%</FONT></B>&nbsp;</TD>

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

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

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Albany Industrial Development Agency, RB, New Covenant</FONT>&nbsp;</TD>

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

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

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Charter School Project, Series A, 7.00%, 5/01/35 (f)(g)</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>725</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>181,272</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Hudson Yards Infrastructure Corp., RB, Series A,</FONT>&nbsp;</TD>

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

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

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5.00%, 2/15/47</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2,500</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2,096,400</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Long Island Power Authority, Refunding RB, Series A,</FONT>&nbsp;</TD>

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

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

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5.75%, 4/01/39</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2,475</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2,591,795</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Metropolitan Transportation Authority, Refunding RB,</FONT>&nbsp;</TD>

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

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

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Transportation, Series B (AGM), 4.50%, 11/15/36</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,155</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,039,881</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>New York City Industrial Development Agency, RB:</FONT>&nbsp;</TD>

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

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

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>American Airlines Inc., JFK International Airport, AMT,</FONT>&nbsp;</TD>

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

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

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>7.63%, 8/01/25 (h)</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2,600</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2,623,686</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Queens Baseball Stadium, PILOT (AGC),</FONT>&nbsp;</TD>

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

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

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>6.50%, 1/01/46</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,100</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,147,718</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>New York Liberty Development Corp., Refunding RB,</FONT>&nbsp;</TD>

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

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

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Second Priority, Bank of America Tower at One Bryant</FONT>&nbsp;</TD>

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

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

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Park Project, 6.38%, 7/15/49</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,250</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,251,175</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>New York State Dormitory Authority, RB:</FONT>&nbsp;</TD>

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

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

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5.83%, 7/01/39 (b)</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,000</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>852,860</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Rochester Institute of Technology, Series A,</FONT>&nbsp;</TD>

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

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

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>6.00%, 7/01/33</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,625</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,725,815</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>The New School (AGM), 5.50%, 7/01/43</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2,350</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2,385,321</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>University of Rochester, Series A, 5.13%, 7/01/39</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>550</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>550,143</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>State of New York, GO, Series A, 4.75%, 2/15/37</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,650</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,637,757</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>18,083,823</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#394c87 size=1>North Carolina &#8212; 7.1%</FONT></B>&nbsp;</TD>

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

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

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>City of Charlotte North Carolina, Refunding RB, Series A,</FONT>&nbsp;</TD>

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

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

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5.50%, 7/01/34</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>325</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>332,254</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Gaston County Industrial Facilities &amp; Pollution Control</FONT>&nbsp;</TD>

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

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

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Financing Authority North Carolina, RB, Exempt Facilities,</FONT>&nbsp;</TD>

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

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

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>National Gypsum Co. Project, AMT, 5.75%, 8/01/35</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2,425</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,831,069</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<DIV align=left>

<TABLE cellSpacing=0 border=0>



<TR>

   <TD width="64%"></TD>

   <TD width="5%"></TD>

   <TD width="10%"></TD>

   <TD width="18%"></TD></TR>

<TR vAlign=bottom>

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

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

   <TD align=middle><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Par</FONT></B>&nbsp;</TD>

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

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Municipal Bonds</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=middle><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(000)</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=middle><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Value</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#394c87 size=1>North Carolina (concluded)</FONT></B>&nbsp;</TD>

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

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

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

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>North Carolina Capital Facilities Finance Agency, RB,</FONT>&nbsp;</TD>

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

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

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

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Duke Energy Carolinas, Series B, 4.38%, 10/01/31</FONT>&nbsp;</TD>

   <TD align=right colSpan=2><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 3,775</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 3,488,779</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left colSpan=2><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>North Carolina Medical Care Commission, RB, Series A:</FONT>&nbsp;</TD>

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

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

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Novant Health Obligation, 4.75%, 11/01/43</FONT>&nbsp;</TD>

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

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>6,000</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>4,853,280</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>WakeMed, (AGC), 5.88%, 10/01/38</FONT>&nbsp;</TD>

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

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,000</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,017,730</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left colSpan=2><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>North Carolina Medical Care Commission, Refunding RB:</FONT>&nbsp;</TD>

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

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

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Caromont Health (AGC), 4.50%, 2/15/30</FONT>&nbsp;</TD>

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

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,000</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>914,140</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Caromont Health (AGC), 4.63%, 2/15/35</FONT>&nbsp;</TD>

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

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,400</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,255,170</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3px" align=left colSpan=2><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>University Health System, Series D, 6.25%, 12/01/33</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,750</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,838,183</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>15,530,605</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#394c87 size=1>Ohio &#8212; 4.5%</FONT></B>&nbsp;</TD>

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

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

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

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>County of Cuyahoga Ohio, Refunding RB, Series A,</FONT>&nbsp;</TD>

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

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

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

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>6.00%, 1/01/21</FONT>&nbsp;</TD>

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

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5,000</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5,336,900</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left colSpan=2><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>County of Hancock Ohio, Refunding RB, Blanchard Valley</FONT>&nbsp;</TD>

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

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

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Regional Health Center, 5.75%, 12/01/26</FONT>&nbsp;</TD>

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

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,450</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,422,290</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>State of Ohio, Refunding RB, Kenyon College Project,</FONT>&nbsp;</TD>

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

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

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

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5.00%, 7/01/41</FONT>&nbsp;</TD>

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

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>3,345</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>3,132,459</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>9,891,649</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#394c87 size=1>Oklahoma &#8212; 1.4%</FONT></B>&nbsp;</TD>

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

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

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

<TR vAlign=bottom>

   <TD align=left colSpan=2><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Tulsa Airports Improvement Trust, RB, Series A, Mandatory</FONT>&nbsp;</TD>

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

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

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px; BORDER-BOTTOM: #000000 1px solid" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Put Bonds, AMT, 7.75%, 6/01/35 (h)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2,900</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2,980,156</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#394c87 size=1>Oregon &#8212; 2.8%</FONT></B>&nbsp;</TD>

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

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

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

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Oregon Health &amp; Science University, RB, Series A,</FONT>&nbsp;</TD>

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

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

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

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5.75%, 7/01/39</FONT>&nbsp;</TD>

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

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2,250</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2,304,270</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Oregon State Facilities Authority, Refunding RB, Limited</FONT>&nbsp;</TD>

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

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

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

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>College Project, Series A:</FONT>&nbsp;</TD>

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

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

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

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5.00%, 10/01/34</FONT>&nbsp;</TD>

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

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,150</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,053,527</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5.25%, 10/01/40</FONT>&nbsp;</TD>

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

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>500</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>468,055</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left colSpan=2><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>State of Oregon, GO, Refunding, Alternate Energy, Series B,</FONT>&nbsp;</TD>

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

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

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>AMT, 5.25%, 1/01/32</FONT>&nbsp;</TD>

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

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2,345</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2,344,812</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>6,170,664</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#394c87 size=1>Pennsylvania &#8212; 6.6%</FONT></B>&nbsp;</TD>

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

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

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

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Delaware River Port Authority, RB:</FONT>&nbsp;</TD>

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

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

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

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3px" align=left colSpan=2><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Port District Project, Series B (AGM), 5.70%, 1/01/22</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2,000</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2,002,700</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Series D (AGC), 5.00%, 1/01/40</FONT>&nbsp;</TD>

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

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>3,640</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>3,579,831</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>McKeesport Area School District, GO, CAB (FGIC) (a):</FONT>&nbsp;</TD>

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

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

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

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5.53%, 10/01/31</FONT>&nbsp;</TD>

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

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2,435</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>679,292</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5.53%, 10/01/31 (e)</FONT>&nbsp;</TD>

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

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>870</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>324,362</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Pennsylvania Economic Development Financing</FONT>&nbsp;</TD>

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

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

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

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Authority, RB:</FONT>&nbsp;</TD>

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

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

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

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Amtrak Project, Series A, AMT, 6.25%, 11/01/31</FONT>&nbsp;</TD>

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

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2,000</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2,004,800</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Amtrak Project, Series A, AMT, 6.38%, 11/01/41</FONT>&nbsp;</TD>

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

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>3,100</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>3,102,511</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Aqua Pennsylvania Inc. Project, Series B,</FONT>&nbsp;</TD>

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

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

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

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>4.50%, 12/01/42</FONT>&nbsp;</TD>

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

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>3,000</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2,680,080</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>14,373,576</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#394c87 size=1>Puerto Rico &#8212; 2.7%</FONT></B>&nbsp;</TD>

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

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

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

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Puerto Rico Electric Power Authority, Refunding RB,</FONT>&nbsp;</TD>

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

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

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

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Series UU (AGM), 5.00%, 7/01/23</FONT>&nbsp;</TD>

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

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,900</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,930,609</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Puerto Rico Sales Tax Financing Corp., RB, First</FONT>&nbsp;</TD>

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

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

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

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Sub-Series A, 5.75%, 8/01/37</FONT>&nbsp;</TD>

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

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>3,000</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2,940,000</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left colSpan=2><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Puerto Rico Sales Tax Financing Corp., Refunding RB, CAB,</FONT>&nbsp;</TD>

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

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

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Series A (NPFGC), 5.75%, 8/01/41 (a)</FONT>&nbsp;</TD>

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

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>7,500</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,002,000</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5,872,609</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#394c87 size=1>Rhode Island &#8212; 3.1%</FONT></B>&nbsp;</TD>

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

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

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

<TR vAlign=bottom>

   <TD align=left colSpan=2><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Rhode Island Health &amp; Educational Building Corp., RB,</FONT>&nbsp;</TD>

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

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

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" align=left colSpan=2><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Hospital Financing, LifeSpan Obligation, Series A (AGC),</FONT>&nbsp;</TD>

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

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

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>7.00%, 5/15/39</FONT>&nbsp;</TD>

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

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>3,000</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>3,300,720</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Rhode Island Health &amp; Educational Building Corp.,</FONT>&nbsp;</TD>

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

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

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

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Refunding RB, Hospital, Lifespan (NPFGC),</FONT>&nbsp;</TD>

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

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

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

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5.50%, 5/15/16</FONT>&nbsp;</TD>

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

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>200</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>200,348</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<P style="TEXT-ALIGN: left"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>See Notes to Financial Statements.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif color=#231f20 size=1>14 ANNUAL REPORT APRIL 30, 2011</FONT></P>

<HR align=center width="100%" noShade SIZE=2>



<DIV style="PAGE-BREAK-BEFORE: always"></DIV>

<!--$$/page=--><A name="page_16"></A><BR>

<P style="TEXT-ALIGN: left"><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif color=#394c87 size=4><STRONG><FONT size=2>BlackRock Investment Quality Municipal Trust Inc. (BKN)</FONT></STRONG><BR>Schedule of Investments (continued) <BR></FONT><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#394c87 size=1>(Percentages shown are based on Net Assets)</FONT></B></P>

<DIV align=left>

<TABLE cellSpacing=0 border=0>



<TR>

   <TD width="64%"></TD>

   <TD width="4%"></TD>

   <TD width="11%"></TD>

   <TD width="18%"></TD></TR>

<TR vAlign=bottom>

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

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

   <TD align=middle><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Par</FONT></B>&nbsp;</TD>

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

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Municipal Bonds</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=middle><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(000)</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=middle><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Value</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#394c87 size=1>Rhode Island (concluded)</FONT></B>&nbsp;</TD>

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

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

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

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Rhode Island Housing &amp; Mortgage Finance Corp., RB,</FONT>&nbsp;</TD>

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

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

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

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Homeownership Opportunity, Series 54, AMT,</FONT>&nbsp;</TD>

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

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

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

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>4.85%, 10/01/41</FONT>&nbsp;</TD>

   <TD align=right colSpan=2><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 2,165</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 1,928,971</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left colSpan=2><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>State of Rhode Island, COP, Series C, School for the Deaf</FONT>&nbsp;</TD>

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

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

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(AGC), 5.38%, 4/01/28</FONT>&nbsp;</TD>

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

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,330</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,383,413</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>6,813,452</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#394c87 size=1>South Carolina &#8212; 6.1%</FONT></B>&nbsp;</TD>

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

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

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

<TR vAlign=bottom>

   <TD align=left colSpan=2><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>County of Florence South Carolina, RB, McLeod Regional</FONT>&nbsp;</TD>

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

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

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Medical Center, Series A, 5.00%, 11/01/37</FONT>&nbsp;</TD>

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

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2,700</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2,446,578</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>South Carolina Jobs-EDA, Refunding RB:</FONT>&nbsp;</TD>

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

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

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

<TR vAlign=bottom>

   <TD align=left colSpan=2><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Palmetto Health Alliance, Series A, 6.25%, 8/01/31</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2,185</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2,152,684</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Palmetto Health, Series C, 6.88%, 8/01/13 (c)</FONT>&nbsp;</TD>

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

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>3,560</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>4,025,399</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>South Carolina State Housing Finance &amp; Development</FONT>&nbsp;</TD>

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

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

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

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Authority, Refunding RB, Series A-2, AMT (AMBAC),</FONT>&nbsp;</TD>

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

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

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

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5.15%, 7/01/37</FONT>&nbsp;</TD>

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

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>4,975</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>4,721,324</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>13,345,985</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#394c87 size=1>Tennessee &#8212; 1.1%</FONT></B>&nbsp;</TD>

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

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

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

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Memphis-Shelby County Airport Authority, RB, Series D,</FONT>&nbsp;</TD>

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

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

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

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>AMT (AMBAC), 6.00%, 3/01/24</FONT>&nbsp;</TD>

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

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>260</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>260,335</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Memphis-Shelby County Sports Authority Inc.,</FONT>&nbsp;</TD>

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

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

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

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Refunding RB, Memphis Arena Project, Series A:</FONT>&nbsp;</TD>

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

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

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

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5.25%, 11/01/27</FONT>&nbsp;</TD>

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

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,135</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,153,671</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5.38%, 11/01/28</FONT>&nbsp;</TD>

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

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,000</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,016,020</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2,430,026</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#394c87 size=1>Texas &#8212; 8.2%</FONT></B>&nbsp;</TD>

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

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

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

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Harris County Health Facilities Development Corp.,</FONT>&nbsp;</TD>

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

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

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

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" align=left colSpan=2><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Refunding RB, Memorial Hermann Healthcare System,</FONT>&nbsp;</TD>

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

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

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Series B:</FONT>&nbsp;</TD>

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

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

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

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>7.13%, 12/01/31</FONT>&nbsp;</TD>

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

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,000</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,086,090</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>7.25%, 12/01/35</FONT>&nbsp;</TD>

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

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2,650</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2,874,561</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left colSpan=2><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Harris County-Houston Sports Authority, Refunding RB, CAB,</FONT>&nbsp;</TD>

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

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

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" align=left colSpan=2><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Senior Lien, Series A (NPFGC), 6.18%, 11/15/38 (a)</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5,000</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>466,400</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Love Field Airport Modernization Corp., RB, Southwest</FONT>&nbsp;</TD>

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

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

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

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Airlines Co. Project, 5.25%, 11/01/40</FONT>&nbsp;</TD>

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

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>3,800</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>3,309,230</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left colSpan=2><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Lower Colorado River Authority, Refunding RB (NPFGC) (c):</FONT>&nbsp;</TD>

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

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

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5.00%, 5/15/13</FONT>&nbsp;</TD>

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

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>20</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>21,739</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Series A, 5.00%, 5/15/13</FONT>&nbsp;</TD>

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

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5,435</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Matagorda County Navigation District No. 1 Texas,</FONT>&nbsp;</TD>

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

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

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

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Refunding RB, Central Power &amp; Light Co. Project,</FONT>&nbsp;</TD>

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

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

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

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Series A, 6.30%, 11/01/29</FONT>&nbsp;</TD>

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

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2,200</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2,286,834</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left colSpan=2><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Texas Private Activity Bond Surface Transportation Corp.,</FONT>&nbsp;</TD>

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

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

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>RB, Senior Lien, LBJ Infrastructure Group LLC,</FONT>&nbsp;</TD>

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

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

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

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" align=left colSpan=2><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>LBJ Freeway Managed Lanes Project, 7.00%, 6/30/40</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>3,000</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>3,056,640</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Texas State Turnpike Authority, RB (AMBAC):</FONT>&nbsp;</TD>

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

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

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

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>CAB, 6.05%, 8/15/31 (a)</FONT>&nbsp;</TD>

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

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>15,000</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>3,598,050</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>First Tier, Series A, 5.00%, 8/15/42</FONT>&nbsp;</TD>

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

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,250</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,068,712</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>17,773,691</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#394c87 size=1>Virginia &#8212; 0.5%</FONT></B>&nbsp;</TD>

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

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

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

<TR vAlign=bottom>

   <TD align=left colSpan=2><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Henrico County EDA, RB, Bon Secours Health, Series B-1</FONT>&nbsp;</TD>

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

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

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px; BORDER-BOTTOM: #000000 1px solid" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(AGC), 4.50%, 11/01/42</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,285</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,086,892</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#394c87 size=1>Washington &#8212; 1.0%</FONT></B>&nbsp;</TD>

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

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

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

<TR vAlign=bottom>

   <TD align=left colSpan=2><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Washington Health Care Facilities Authority, RB, MultiCare</FONT>&nbsp;</TD>

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

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

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px; BORDER-BOTTOM: #000000 1px solid" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Health System, Series B (AGC), 6.00%, 8/15/39</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2,100</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2,156,889</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#394c87 size=1>Wisconsin &#8212; 1.5%</FONT></B>&nbsp;</TD>

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

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

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

<TR vAlign=bottom>

   <TD align=left colSpan=2><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Wisconsin Health &amp; Educational Facilities Authority, RB,</FONT>&nbsp;</TD>

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

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

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px; BORDER-BOTTOM: #000000 1px solid" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Aurora Health Care, 6.40%, 4/15/33</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>3,220</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>3,251,073</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#394c87 size=1>Wyoming &#8212; 0.9%</FONT></B>&nbsp;</TD>

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

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

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

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>County of Sweetwater Wyoming, Refunding RB, Idaho</FONT>&nbsp;</TD>

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

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

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

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px; BORDER-BOTTOM: #000000 1px solid" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Power Co. Project, 5.25%, 7/15/26</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,800</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,876,140</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Total Municipal Bonds &#8212; 150.6%</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>327,668,593</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<DIV align=left>

<TABLE cellSpacing=0 border=0>



<TR>

   <TD width="64%"></TD>

   <TD width="15%"></TD>

   <TD width="19%"></TD></TR>

<TR vAlign=bottom>

   <TD align=left><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Municipal Bonds Transferred to</FONT></B>&nbsp;</TD>

   <TD align=right><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Par</FONT></B>&nbsp;</TD>

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

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Tender Option Bond Trusts (i)</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(000)</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=middle><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Value</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#394c87 size=1>Colorado &#8212; 2.3%</FONT></B>&nbsp;</TD>

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

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

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Colorado Health Facilities Authority, RB, Catholic Health,</FONT>&nbsp;</TD>

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

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

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px; BORDER-BOTTOM: #000000 1px solid" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Series C-7 (AGM), 5.00%, 9/01/36</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 5,250</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 4,940,828</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#394c87 size=1>Illinois &#8212; 1.5%</FONT></B>&nbsp;</TD>

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

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

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Chicago Housing Authority, Refunding RB (AGM),</FONT>&nbsp;</TD>

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

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

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px; BORDER-BOTTOM: #000000 1px solid" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5.00%, 7/01/24</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>3,194</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>3,256,954</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#394c87 size=1>Massachusetts &#8212; 1.4%</FONT></B>&nbsp;</TD>

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

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

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Massachusetts Water Resources Authority, Refunding RB,</FONT>&nbsp;</TD>

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

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

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px; BORDER-BOTTOM: #000000 1px solid" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>General, Series A, 5.00%, 8/01/41</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>3,070</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>3,092,319</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#394c87 size=1>New York &#8212; 4.1%</FONT></B>&nbsp;</TD>

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

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

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>New York City Municipal Water Finance Authority, RB:</FONT>&nbsp;</TD>

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

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

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Fiscal 2009, Series A, 5.75%, 6/15/40</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>690</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>740,142</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Series FF-2, 5.50%, 6/15/40</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>810</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>844,192</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>New York City Municipal Water Finance Authority,</FONT>&nbsp;</TD>

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

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

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Refunding RB, Series A, 4.75%, 6/15/30</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>4,000</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>4,018,800</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>New York State Dormitory Authority, RB, New York</FONT>&nbsp;</TD>

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

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

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>University, Series A, 5.00%, 7/01/38</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>3,359</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>3,319,428</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>8,922,562</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#394c87 size=1>Ohio &#8212; 1.9%</FONT></B>&nbsp;</TD>

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

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

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>County of Montgomery Ohio, RB, Catholic Health,</FONT>&nbsp;</TD>

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

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

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Series C-1 (AGM), 5.00%, 10/01/41</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,740</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,508,336</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Ohio Higher Educational Facility Commission,</FONT>&nbsp;</TD>

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

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

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Refunding RB, Hospital, Cleveland Clinic Health,</FONT>&nbsp;</TD>

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

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

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Series A, 5.25%, 1/01/33</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2,600</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2,540,590</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>4,048,926</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Total Municipal Bonds Transferred to</FONT></B>&nbsp;</TD>

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

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

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Tender Option Bond Trusts &#8212; 11.2%</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>24,261,589</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Total Long-Term Investments</FONT></B>&nbsp;</TD>

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

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

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 3px double" align=left><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(Cost &#8212; $364,507,011) &#8212; 161.8%</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>351,930,182</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Short-Term Securities</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=middle><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Shares</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>FFI Institutional Tax-Exempt Fund, 0.23% (j)(k)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,084,525</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,084,525</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Total Short-Term Securities</FONT></B>&nbsp;</TD>

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

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

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(Cost &#8212; $1,084,525) &#8212; 0.5%</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,084,525</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Total Investments (Cost &#8212; $365,591,536*) &#8212; 162.3%</FONT></B>&nbsp;</TD>

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

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>353,014,707</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Other Assets Less Liabilities &#8212; 1.7%</FONT></B>&nbsp;</TD>

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

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>3,639,725</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Liability for Trust Certificates, Including Interest</FONT></B>&nbsp;</TD>

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

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

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2px" align=left><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Expense and Fees Payable &#8212; (6.1)%</FONT></B>&nbsp;</TD>

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

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(13,148,136)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Preferred Shares, at Redemption Value &#8212; (57.9)%</FONT></B>&nbsp;</TD>

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

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(125,964,879)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Net Assets &#8212; 100.0%</FONT></B>&nbsp;</TD>

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

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$217,541,417</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1><BR>* The cost and unrealized appreciation (depreciation) of investments as of April 30,</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2011, as computed for federal income tax purposes, were as follows:</FONT></P>

<DIV align=left>

<TABLE cellSpacing=0 border=0>



<TR>

   <TD width="57%"></TD>

   <TD width="42%"></TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Aggregate cost</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 352,097,987</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Gross unrealized appreciation</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 10,011,126</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Gross unrealized depreciation</FONT>&nbsp;</TD>

   <TD style="TEXT-INDENT: 1px; BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(22,231,807)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Net unrealized depreciation</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ (12,220,681)</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1><BR>(a) Represents a zero-coupon bond. Rate shown reflects the current yield as of</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>report date.</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(b) Represents a step-up bond that pays an initial coupon rate for the first period and</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>then a higher coupon rate for the following periods. Rate shown reflects the current</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>yield as of report date.</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(c) US government securities, held in escrow, are used to pay interest on this security as</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>well as to retire the bond in full at the date indicated, typically at a premium to par.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>See Notes to Financial Statements.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif color=#231f20 size=1>ANNUAL REPORT APRIL 30, 2011 15</FONT></P>

<HR align=center width="100%" noShade SIZE=2>



<DIV style="PAGE-BREAK-BEFORE: always"></DIV>

<!--$$/page=--><A name="page_17"></A><BR>

<P style="TEXT-ALIGN: left"><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif color=#394c87 size=4><STRONG><FONT size=2>BlackRock Investment Quality Municipal Trust Inc. (BKN)<BR></FONT></STRONG>Schedule of Investments (concluded) <BR></FONT></P>

<P style="TEXT-ALIGN: left"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(d) When-issued security. Unsettled when-issued transactions were as follows:</FONT></P>

<DIV align=left>

<TABLE cellSpacing=0 border=0>



<TR>

   <TD width="43%"></TD>

   <TD width="37%"></TD>

   <TD width="19%"></TD></TR>

<TR vAlign=bottom>

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

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

   <TD align=middle><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Unrealized</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Counterparty</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=middle><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Value</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Appreciation</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>RBC Capital Markets</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=middle><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$1,464,360</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 13,425</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1><BR>(e) Security is collateralized by Municipal or US Treasury obligations.</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(f) Issuer filed for bankruptcy and/or is in default of interest payments.</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(g) Non-income producing security.</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(h) Variable rate security. Rate shown is as of report date.</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(i) Securities represent bonds transferred to a TOB in exchange for which the Trust</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>acquired residual interest certificates. These securities serve as collateral in a</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>financing transaction. See Note 1 of the Notes to Financial Statements for details</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>of municipal bonds transferred to TOBs.</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(j) Investments in companies considered to be an affiliate of the Trust during the</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>year, for purposes of Section 2(a)(3) of the Investment Company Act of 1940,</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>as amended, were as follows:</FONT></P>

<DIV align=left>

<TABLE cellSpacing=0 border=0>



<TR>

   <TD width="24%"></TD>

   <TD width="21%"></TD>

   <TD width="18%"></TD>

   <TD width="21%"></TD>

   <TD width="13%"></TD></TR>

<TR vAlign=bottom>

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

   <TD align=middle><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Shares Held at</FONT></B>&nbsp;</TD>

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

   <TD align=middle><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Shares Held at</FONT></B>&nbsp;</TD>

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

<TR vAlign=bottom>

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

   <TD align=middle><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>April 30,</FONT></B>&nbsp;</TD>

   <TD align=middle><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Net</FONT></B>&nbsp;</TD>

   <TD align=middle><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>April 30,</FONT></B>&nbsp;</TD>

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

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Affiliate</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=middle><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2010</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=middle><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Activity</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=middle><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2011</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Income</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>FFI Institutional</FONT>&nbsp;</TD>

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

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

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

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

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2px; BORDER-BOTTOM: #000000 1px solid" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Tax-Exempt Fund</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=middle><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>7,659,95</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=middle><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(6,575,430)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=middle><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,084,525</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 7,690</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1><BR>(k) Represents the current yield as of report date.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face=Frutiger-Roman,Arial,Helvetica,sans-serif color=#231f20 size=2>&#8226; </FONT><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Financial futures contracts sold as of April 30, 2011 were as follows:</FONT></P>

<DIV align=left>

<TABLE cellSpacing=0 border=0>



<TR>

   <TD width="30%"></TD>

   <TD width="19%"></TD>

   <TD width="14%"></TD>

   <TD width="35%"></TD></TR>

<TR vAlign=bottom>

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

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

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

   <TD align=right><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Notional&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unrealized </FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Contracts Issue</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=middle><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Exchange</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=middle><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Expiration</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Value&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Depreciation</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>121 30-Year U.S.</FONT>&nbsp;</TD>

   <TD align=middle><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Chicago Board</FONT>&nbsp;</TD>

   <TD align=middle><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>June</FONT>&nbsp;</TD>

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

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 7px; BORDER-BOTTOM: #000000 1px solid" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Treasury Bonds</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=middle><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>of Trade</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=middle><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2011</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=middle><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$14,415,895&nbsp;&nbsp;&nbsp;&nbsp; $ (391,480)</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px"><FONT face=Frutiger-Roman,Arial,Helvetica,sans-serif color=#231f20 size=2><BR>&#8226; </FONT><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Fair Value Measurements &#8212; Various inputs are used in determining the fair value of</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>investments and derivative financial instruments. These inputs are summarized in</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>three broad levels for financial statement purposes as follows:</FONT><BR><FONT face=Frutiger-Roman,Arial,Helvetica,sans-serif color=#231f20 size=2>&#8226; </FONT><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Level 1 &#8212; price quotations in active markets/exchanges for identical assets</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>and liabilities</FONT><BR><FONT face=Frutiger-Roman,Arial,Helvetica,sans-serif color=#231f20 size=2>&#8226; </FONT><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Level 2 &#8212; other observable inputs (including, but not limited to: quoted prices for</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>similar assets or liabilities in markets that are active, quoted prices for identical</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>or similar assets or liabilities in markets that are not active, inputs other than</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>quoted prices that are observable for the assets or liabilities (such as interest</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>default rates) or other market-corroborated inputs)</FONT><BR><FONT face=Frutiger-Roman,Arial,Helvetica,sans-serif color=#231f20 size=2>&#8226; </FONT><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Level 3 &#8212; unobservable inputs based on the best information available in the</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>circumstances, to the extent observable inputs are not available (including the</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Trust&#8217;s own assumptions used in determining the fair value of investments and</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>derivative financial instruments)<BR></FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>The inputs or methodologies used for valuing securities are not necessarily an</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>indication of the risk associated with investing in those securities. For information</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>about the Trust&#8217;s policy regarding valuation of investments and derivative financial</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>instruments and other significant accounting policies, please refer to Note 1 of the</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Notes to Financial Statements.<BR></FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>The following tables summarize the inputs used as of April 30, 2011 in determining</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>the fair valuation of the Trust&#8217;s investments and derivative financial instruments:</FONT></P>

<DIV align=left>

<TABLE cellSpacing=0 border=0>



<TR>

   <TD width="21%"></TD>

   <TD width="19%"></TD>

   <TD width="22%"></TD>

   <TD width="15%"></TD>

   <TD width="20%"></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Valuation Inputs</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=middle><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Level 1</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=middle><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Level 2</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=middle><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Level 3</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=middle><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Total</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Assets:</FONT></B>&nbsp;</TD>

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

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

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

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

<TR vAlign=bottom>

   <TD align=left colSpan=2><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Investments in Securities:</FONT>&nbsp;</TD>

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

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

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

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Long-Term</FONT>&nbsp;</TD>

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

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

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

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

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Investments</FONT><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1</FONT></SUP>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>&#8212;</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$351,930,182</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>&#8212;</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$351,930,182</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Short-Term</FONT>&nbsp;</TD>

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

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

   <TD align=right>&nbsp;</TD>

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

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Securities</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 1,084,525</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>&#8212;</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>&#8212;</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,084,525</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Total</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 1,084,525</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$351,930,182</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>&#8212;</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$353,014,707</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px"><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1 </FONT></SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>See above Schedule of Investments for values in each state or</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>political subdivision.</FONT></P>

<DIV align=left>

<TABLE cellSpacing=0 border=0>



<TR>

   <TD width="17%"></TD>

   <TD width="6%"></TD>

   <TD width="17%"></TD>

   <TD width="20%"></TD>

   <TD width="17%"></TD>

   <TD width="20%"></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=middle colSpan=6><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Derivative Financial Instruments</FONT></B><B><SUP><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2</FONT></SUP></B></TD></TR>

<TR>

   <TD colSpan=6>

   <HR noShade SIZE=1>

</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left colSpan=2><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Valuation Inputs</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=middle><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Level 1</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=middle><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Level 2</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=middle><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Level 3</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=middle><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Total</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Liabilities:</FONT></B>&nbsp;</TD>

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

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

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

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

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

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Interest</FONT>&nbsp;</TD>

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

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

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

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

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

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>rate</FONT>&nbsp;</TD>

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

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

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

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

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

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2px; BORDER-BOTTOM: #000000 1px solid" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>contracts</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right colSpan=2><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ (391,480)</FONT>&nbsp;</TD>

   <TD style="TEXT-INDENT: 6px; BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>&#8212;</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>&#8212;</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=middle><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ (391,480)</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px"><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2 </FONT></SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Derivative financial instruments are financial futures contracts, which are valued</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>at the unrealized appreciation/depreciation on the instrument.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>See Notes to Financial Statements.</FONT></P>

<DIV align=left>

<TABLE cellSpacing=0 border=0>



<TR>

   <TD width="13%"></TD>

   <TD width="49%"></TD>

   <TD width="37%"></TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif color=#231f20 size=1>16</FONT>&nbsp;</TD>

   <TD align=left><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif color=#231f20 size=1>ANNUAL REPORT</FONT>&nbsp;</TD>

   <TD align=left><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif color=#231f20 size=1>APRIL 30, 2011</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<HR align=center width="100%" noShade SIZE=2>



<DIV style="PAGE-BREAK-BEFORE: always"></DIV>

<!--$$/page=--><A name="page_18"></A><BR>

<P style="TEXT-ALIGN: left"><FONT color=#394c87 size=4 face=FranklinGothic-Book,Arial,Helvetica,sans-serif><STRONG><FONT size=2>BlackRock Long-Term Municipal Advantage Trust (BTA)</FONT></STRONG><BR>Schedule of Investments </FONT><FONT color=#394c87 size=2 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>April 30, 2011 <BR></FONT><B><FONT color=#394c87 size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>(Percentages shown are based on Net Assets)</FONT></B></P>

<DIV align=left>

<TABLE border=0 cellSpacing=0>



<TR>

   <TD width="64%"></TD>

   <TD width="5%"></TD>

   <TD width="10%"></TD>

   <TD width="18%"></TD></TR>

<TR vAlign=bottom>

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

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

   <TD align=middle><B><FONT color=#231f20 size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Par</FONT></B>&nbsp;</TD>

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

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><B><FONT color=#231f20 size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Municipal Bonds</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=middle><B><FONT color=#231f20 size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>(000)</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 5px" align=middle><B><FONT color=#231f20 size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Value</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><B><FONT color=#394c87 size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Arizona &#8212; 2.5%</FONT></B>&nbsp;</TD>

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

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

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

<TR vAlign=bottom>

   <TD align=left><FONT color=#231f20 size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Pima County IDA, RB, Tucson Electric Power Co.,</FONT>&nbsp;</TD>

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

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

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

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" align=left><FONT color=#231f20 size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Series A, 5.25%, 10/01/40</FONT>&nbsp;</TD>

   <TD colSpan=2 align=right><FONT color=#231f20 size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 1,345</FONT>&nbsp;</TD>

   <TD align=right><FONT color=#231f20 size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 1,173,028</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT color=#231f20 size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Salt River Project Agricultural Improvement &amp; Power</FONT>&nbsp;</TD>

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

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

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

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" align=left><FONT color=#231f20 size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>District, RB, Series A, 5.00%, 1/01/38</FONT>&nbsp;</TD>

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

   <TD align=right><FONT color=#231f20 size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>665</FONT>&nbsp;</TD>

   <TD align=right><FONT color=#231f20 size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>670,586</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD colSpan=2 align=left><FONT color=#231f20 size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Salt Verde Financial Corp., RB, Senior, 5.00%, 12/01/37</FONT>&nbsp;</TD>

   <TD align=right><FONT color=#231f20 size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>2,090</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT color=#231f20 size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1,732,171</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT color=#231f20 size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>3,575,785</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><B><FONT color=#394c87 size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Arkansas &#8212; 0.4%</FONT></B>&nbsp;</TD>

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

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

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

<TR vAlign=bottom>

   <TD align=left><FONT color=#231f20 size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>County of Little River Arkansas, Refunding RB, Georgia-</FONT>&nbsp;</TD>

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

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

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

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 1px" align=left><FONT color=#231f20 size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Pacific Corp. Project, AMT, 5.60%, 10/01/26</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT color=#231f20 size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>550</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT color=#231f20 size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>505,472</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><B><FONT color=#394c87 size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>California &#8212; 9.0%</FONT></B>&nbsp;</TD>

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

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

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

<TR vAlign=bottom>

   <TD align=left><FONT color=#231f20 size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>California HFA, RB, AMT, Home Mortgage:</FONT>&nbsp;</TD>

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

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

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

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3px" align=left><FONT color=#231f20 size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Series G, 5.50%, 8/01/42</FONT>&nbsp;</TD>

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

   <TD align=right><FONT color=#231f20 size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>2,135</FONT>&nbsp;</TD>

   <TD align=right><FONT color=#231f20 size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>2,117,899</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3px" align=left><FONT color=#231f20 size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Series K, 5.50%, 2/01/42</FONT>&nbsp;</TD>

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

   <TD align=right><FONT color=#231f20 size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>745</FONT>&nbsp;</TD>

   <TD align=right><FONT color=#231f20 size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>756,763</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT color=#231f20 size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>California Health Facilities Financing Authority,</FONT>&nbsp;</TD>

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

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

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

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" align=left><FONT color=#231f20 size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Refunding RB:</FONT>&nbsp;</TD>

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

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

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

<TR vAlign=bottom>

   <TD colSpan=2 align=left><FONT color=#231f20 size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Catholic Healthcare West, Series A, 6.00%, 7/01/39</FONT>&nbsp;</TD>

   <TD align=right><FONT color=#231f20 size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>680</FONT>&nbsp;</TD>

   <TD align=right><FONT color=#231f20 size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>683,856</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD colSpan=2 align=left><FONT color=#231f20 size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>St. Joseph Health System, Series A, 5.75%, 7/01/39</FONT>&nbsp;</TD>

   <TD align=right><FONT color=#231f20 size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>385</FONT>&nbsp;</TD>

   <TD align=right><FONT color=#231f20 size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>360,083</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3px" align=left><FONT color=#231f20 size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Sutter Health, Series B, 6.00%, 8/15/42</FONT>&nbsp;</TD>

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

   <TD align=right><FONT color=#231f20 size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1,040</FONT>&nbsp;</TD>

   <TD align=right><FONT color=#231f20 size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1,054,674</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD colSpan=2 align=left><FONT color=#231f20 size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>California State Public Works Board, RB, Various Capital</FONT>&nbsp;</TD>

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

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

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" align=left><FONT color=#231f20 size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Projects, Sub-Series I-1, 6.38%, 11/01/34</FONT>&nbsp;</TD>

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

   <TD align=right><FONT color=#231f20 size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>400</FONT>&nbsp;</TD>

   <TD align=right><FONT color=#231f20 size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>413,236</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD colSpan=2 align=left><FONT color=#231f20 size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>California Statewide Communities Development Authority,</FONT>&nbsp;</TD>

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

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

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" align=left><FONT color=#231f20 size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Refunding RB, Senior Living, Southern California:</FONT>&nbsp;</TD>

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

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

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

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3px" align=left><FONT color=#231f20 size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>6.25%, 11/15/19</FONT>&nbsp;</TD>

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

   <TD align=right><FONT color=#231f20 size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1,000</FONT>&nbsp;</TD>

   <TD align=right><FONT color=#231f20 size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1,047,000</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3px" align=left><FONT color=#231f20 size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>6.63%, 11/15/24</FONT>&nbsp;</TD>

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

   <TD align=right><FONT color=#231f20 size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>540</FONT>&nbsp;</TD>

   <TD align=right><FONT color=#231f20 size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>565,078</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT color=#231f20 size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Los Angeles Department of Airports, RB, Series A,</FONT>&nbsp;</TD>

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

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

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

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" align=left><FONT color=#231f20 size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>5.25%, 5/15/39</FONT>&nbsp;</TD>

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

   <TD align=right><FONT color=#231f20 size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>270</FONT>&nbsp;</TD>

   <TD align=right><FONT color=#231f20 size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>268,815</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD colSpan=2 align=left><FONT color=#231f20 size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>San Francisco City &amp; County Public Utilities Commission,</FONT>&nbsp;</TD>

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

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

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" align=left><FONT color=#231f20 size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>RB, Series B, 5.00%, 11/01/39</FONT>&nbsp;</TD>

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

   <TD align=right><FONT color=#231f20 size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>3,225</FONT>&nbsp;</TD>

   <TD align=right><FONT color=#231f20 size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>3,186,364</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD colSpan=2 align=left><FONT color=#231f20 size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>State of California, GO, Various Purpose, 6.50%, 4/01/33</FONT>&nbsp;</TD>

   <TD align=right><FONT color=#231f20 size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>2,000</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT color=#231f20 size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>2,196,900</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT color=#231f20 size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>12,650,668</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><B><FONT color=#394c87 size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Colorado &#8212; 1.2%</FONT></B>&nbsp;</TD>

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

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

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

<TR vAlign=bottom>

   <TD colSpan=2 align=left><FONT color=#231f20 size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Colorado Health Facilities Authority, Refunding RB, Sisters</FONT>&nbsp;</TD>

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

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

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" align=left><FONT color=#231f20 size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>of Leavenworth, Series A, 5.00%, 1/01/40</FONT>&nbsp;</TD>

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

   <TD align=right><FONT color=#231f20 size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>755</FONT>&nbsp;</TD>

   <TD align=right><FONT color=#231f20 size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>689,647</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD colSpan=2 align=left><FONT color=#231f20 size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>North Range Metropolitan District No. 2, GO, Limited Tax,</FONT>&nbsp;</TD>

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

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

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" align=left><FONT color=#231f20 size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>5.50%, 12/15/37</FONT>&nbsp;</TD>

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

   <TD align=right><FONT color=#231f20 size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1,200</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT color=#231f20 size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>950,184</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT color=#231f20 size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1,639,831</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><B><FONT color=#394c87 size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Delaware &#8212; 1.4%</FONT></B>&nbsp;</TD>

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

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

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

<TR vAlign=bottom>

   <TD colSpan=2 align=left><FONT color=#231f20 size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>County of Sussex Delaware, RB, NRG Energy, Inc., Indian</FONT>&nbsp;</TD>

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

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

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" align=left><FONT color=#231f20 size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>River Project, 6.00%, 10/01/40</FONT>&nbsp;</TD>

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

   <TD align=right><FONT color=#231f20 size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>750</FONT>&nbsp;</TD>

   <TD align=right><FONT color=#231f20 size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>731,752</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD colSpan=2 align=left><FONT color=#231f20 size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Delaware State EDA, RB, Exempt Facilities, Indian River</FONT>&nbsp;</TD>

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

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

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" align=left><FONT color=#231f20 size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Power, 5.38%, 10/01/45</FONT>&nbsp;</TD>

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

   <TD align=right><FONT color=#231f20 size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1,415</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT color=#231f20 size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1,215,075</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT color=#231f20 size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1,946,827</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><B><FONT color=#394c87 size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>District of Columbia &#8212; 8.6%</FONT></B>&nbsp;</TD>

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

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

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

<TR vAlign=bottom>

   <TD align=left><FONT color=#231f20 size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>District of Columbia, RB, Methodist Home District</FONT>&nbsp;</TD>

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

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

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

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" align=left><FONT color=#231f20 size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>of Columbia, Series A:</FONT>&nbsp;</TD>

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

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

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

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3px" align=left><FONT color=#231f20 size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>7.38%, 1/01/30</FONT>&nbsp;</TD>

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

   <TD align=right><FONT color=#231f20 size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>550</FONT>&nbsp;</TD>

   <TD align=right><FONT color=#231f20 size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>539,286</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3px" align=left><FONT color=#231f20 size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>7.50%, 1/01/39</FONT>&nbsp;</TD>

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

   <TD align=right><FONT color=#231f20 size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>910</FONT>&nbsp;</TD>

   <TD align=right><FONT color=#231f20 size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>889,143</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD colSpan=2 align=left><FONT color=#231f20 size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>District of Columbia Tobacco Settlement Financing Corp.,</FONT>&nbsp;</TD>

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

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

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" align=left><FONT color=#231f20 size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Refunding RB, Asset-Backed:</FONT>&nbsp;</TD>

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

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

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3px" align=left><FONT color=#231f20 size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>6.25%, 5/15/24</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT color=#231f20 size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>4,845</FONT>&nbsp;</TD>

   <TD align=right><FONT color=#231f20 size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>4,628,815</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3px" align=left><FONT color=#231f20 size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>6.50%, 5/15/33</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT color=#231f20 size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>5,700</FONT>&nbsp;</TD>

   <TD align=right><FONT color=#231f20 size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>5,569,413</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD colSpan=2 align=left><FONT color=#231f20 size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Metropolitan Washington Airports Authority, RB, First Senior</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" align=left><FONT color=#231f20 size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Lien, Series A:</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3px" align=left><FONT color=#231f20 size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>5.00%, 10/01/39</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT color=#231f20 size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>170</FONT>&nbsp;</TD>

   <TD align=right><FONT color=#231f20 size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>162,066</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3px" align=left><FONT color=#231f20 size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>5.25%, 10/01/44</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT color=#231f20 size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>270</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT color=#231f20 size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>258,922</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT color=#231f20 size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>12,047,645</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><B><FONT color=#394c87 size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Florida &#8212; 4.7%</FONT></B>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD colSpan=2 align=left><FONT color=#231f20 size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>County of Miami-Dade Florida, RB, Water &amp; Sewer System,</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" align=left><FONT color=#231f20 size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>5.00%, 10/01/34</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT color=#231f20 size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1,950</FONT>&nbsp;</TD>

   <TD align=right><FONT color=#231f20 size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1,910,376</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT color=#231f20 size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>County of Miami-Dade Florida, Refunding RB, Miami</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" align=left><FONT color=#231f20 size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>International Airport, Series A-1, 5.38%, 10/01/41</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT color=#231f20 size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>400</FONT>&nbsp;</TD>

   <TD align=right><FONT color=#231f20 size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>379,200</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<DIV align=left>

<TABLE border=0 cellSpacing=0>



<TR>

   <TD width="70%"></TD>

   <TD width="10%"></TD>

   <TD width="18%"></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=middle><B><FONT color=#231f20 size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Par</FONT></B>&nbsp;</TD>

   <TD align=middle>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><B><FONT color=#231f20 size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Municipal Bonds</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=middle><B><FONT color=#231f20 size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>(000)</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 5px" align=middle><B><FONT color=#231f20 size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Value</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><B><FONT color=#394c87 size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Florida (concluded)</FONT></B>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT color=#231f20 size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Mid-Bay Bridge Authority, RB, Series A, 7.25%, 10/01/40 $</FONT>&nbsp;</TD>

   <TD align=right><FONT color=#231f20 size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>745</FONT>&nbsp;</TD>

   <TD align=right><FONT color=#231f20 size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 741,886</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT color=#231f20 size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Sarasota County Health Facilities Authority, Refunding RB,</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" align=left><FONT color=#231f20 size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Village on the Isle Project, 5.50%, 1/01/32</FONT>&nbsp;</TD>

   <TD align=right><FONT color=#231f20 size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>495</FONT>&nbsp;</TD>

   <TD align=right><FONT color=#231f20 size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>414,454</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT color=#231f20 size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Sumter Landing Community Development District Florida,</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" align=left><FONT color=#231f20 size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>RB, Sub-Series B, 5.70%, 10/01/38</FONT>&nbsp;</TD>

   <TD align=right><FONT color=#231f20 size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1,395</FONT>&nbsp;</TD>

   <TD align=right><FONT color=#231f20 size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1,060,339</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT color=#231f20 size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Tolomato Community Development District, Special</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" align=left><FONT color=#231f20 size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Assessment Bonds, Special Assessment,</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" align=left><FONT color=#231f20 size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>6.65%, 5/01/40</FONT>&nbsp;</TD>

   <TD align=right><FONT color=#231f20 size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1,750</FONT>&nbsp;</TD>

   <TD align=right><FONT color=#231f20 size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1,164,765</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT color=#231f20 size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Watergrass Community Development District, Special</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" align=left><FONT color=#231f20 size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Assessment Bonds, Series A, 5.38%, 5/01/39</FONT>&nbsp;</TD>

   <TD align=right><FONT color=#231f20 size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1,850</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT color=#231f20 size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>907,166</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT color=#231f20 size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>6,578,186</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><B><FONT color=#394c87 size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Georgia &#8212; 0.5%</FONT></B>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT color=#231f20 size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>DeKalb County Hospital Authority Georgia, RB, DeKalb</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" align=left><FONT color=#231f20 size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Medical Center Inc. Project, 6.13%, 9/01/40</FONT>&nbsp;</TD>

   <TD align=right><FONT color=#231f20 size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>500</FONT>&nbsp;</TD>

   <TD align=right><FONT color=#231f20 size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>452,615</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT color=#231f20 size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>DeKalb Private Hospital Authority, Refunding RB, Children&#8217;s</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" align=left><FONT color=#231f20 size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Healthcare, 5.25%, 11/15/39</FONT>&nbsp;</TD>

   <TD align=right><FONT color=#231f20 size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>285</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT color=#231f20 size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>275,586</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT color=#231f20 size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>728,201</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><B><FONT color=#394c87 size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Guam &#8212; 0.3%</FONT></B>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT color=#231f20 size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Territory of Guam, GO, Series A:</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3px" align=left><FONT color=#231f20 size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>6.00%, 11/15/19</FONT>&nbsp;</TD>

   <TD align=right><FONT color=#231f20 size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>200</FONT>&nbsp;</TD>

   <TD align=right><FONT color=#231f20 size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>200,126</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3px" align=left><FONT color=#231f20 size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>6.75%, 11/15/29</FONT>&nbsp;</TD>

   <TD align=right><FONT color=#231f20 size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>295</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT color=#231f20 size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>294,153</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT color=#231f20 size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>494,279</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><B><FONT color=#394c87 size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Illinois &#8212; 3.1%</FONT></B>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT color=#231f20 size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Illinois Finance Authority, RB, Advocate Health Care,</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" align=left><FONT color=#231f20 size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Series C, 5.38%, 4/01/44</FONT>&nbsp;</TD>

   <TD align=right><FONT color=#231f20 size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1,845</FONT>&nbsp;</TD>

   <TD align=right><FONT color=#231f20 size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1,732,861</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT color=#231f20 size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Illinois Finance Authority, Refunding RB, Central DuPage</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" align=left><FONT color=#231f20 size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Health, Series B, 5.50%, 11/01/39</FONT>&nbsp;</TD>

   <TD align=right><FONT color=#231f20 size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>550</FONT>&nbsp;</TD>

   <TD align=right><FONT color=#231f20 size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>522,720</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT color=#231f20 size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Metropolitan Pier &amp; Exposition Authority, Refunding RB,</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" align=left><FONT color=#231f20 size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>McCormick Place Expansion Project, (AGM):</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3px" align=left><FONT color=#231f20 size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Series B, 5.00%, 6/15/50</FONT>&nbsp;</TD>

   <TD align=right><FONT color=#231f20 size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1,095</FONT>&nbsp;</TD>

   <TD align=right><FONT color=#231f20 size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>955,486</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3px" align=left><FONT color=#231f20 size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Series B-2, 5.00%, 6/15/50</FONT>&nbsp;</TD>

   <TD align=right><FONT color=#231f20 size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>870</FONT>&nbsp;</TD>

   <TD align=right><FONT color=#231f20 size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>741,579</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT color=#231f20 size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Railsplitter Tobacco Settlement Authority, RB,</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" align=left><FONT color=#231f20 size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>5.50%, 6/01/23</FONT>&nbsp;</TD>

   <TD align=right><FONT color=#231f20 size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>180</FONT>&nbsp;</TD>

   <TD align=right><FONT color=#231f20 size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>173,678</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT color=#231f20 size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>State of Illinois, RB, Build Illinois, Series B,</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" align=left><FONT color=#231f20 size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>5.25%, 6/15/34</FONT>&nbsp;</TD>

   <TD align=right><FONT color=#231f20 size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>215</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT color=#231f20 size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>208,000</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT color=#231f20 size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>4,334,324</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><B><FONT color=#394c87 size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Indiana &#8212; 2.8%</FONT></B>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT color=#231f20 size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Delaware County Hospital Authority Indiana, RB, Cardinal</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" align=left><FONT color=#231f20 size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Health System Obligation Group, 5.25%, 8/01/36</FONT>&nbsp;</TD>

   <TD align=right><FONT color=#231f20 size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>2,000</FONT>&nbsp;</TD>

   <TD align=right><FONT color=#231f20 size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1,698,180</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT color=#231f20 size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Indiana Finance Authority, RB, Sisters of St. Francis Health,</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" align=left><FONT color=#231f20 size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>5.25%, 11/01/39</FONT>&nbsp;</TD>

   <TD align=right><FONT color=#231f20 size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>290</FONT>&nbsp;</TD>

   <TD align=right><FONT color=#231f20 size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>267,511</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT color=#231f20 size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Indiana Finance Authority, Refunding RB:</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3px" align=left><FONT color=#231f20 size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Ascension Health Senior Credit, Series B-5,</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3px" align=left><FONT color=#231f20 size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>5.00%, 11/15/36</FONT>&nbsp;</TD>

   <TD align=right><FONT color=#231f20 size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>500</FONT>&nbsp;</TD>

   <TD align=right><FONT color=#231f20 size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>457,585</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3px" align=left><FONT color=#231f20 size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Parkview Health System, Series A, 5.75%, 5/01/31</FONT>&nbsp;</TD>

   <TD align=right><FONT color=#231f20 size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1,100</FONT>&nbsp;</TD>

   <TD align=right><FONT color=#231f20 size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1,106,996</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT color=#231f20 size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Indiana Municipal Power Agency, RB, Series B,</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" align=left><FONT color=#231f20 size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>6.00%, 1/01/39</FONT>&nbsp;</TD>

   <TD align=right><FONT color=#231f20 size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>350</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT color=#231f20 size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>358,820</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT color=#231f20 size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>3,889,092</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><B><FONT color=#394c87 size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Kentucky &#8212; 0.2%</FONT></B>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT color=#231f20 size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Kentucky Economic Development Finance Authority,</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" align=left><FONT color=#231f20 size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Refunding RB, Owensboro Medical Health System,</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 1px" align=left><FONT color=#231f20 size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Series A, 6.38%, 6/01/40</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT color=#231f20 size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>350</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT color=#231f20 size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>332,073</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><B><FONT color=#394c87 size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Louisiana &#8212; 2.3%</FONT></B>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT color=#231f20 size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Louisiana Local Government Environmental Facilities</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" align=left><FONT color=#231f20 size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>&amp; Community Development Authority, RB, Westlake</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" align=left><FONT color=#231f20 size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Chemical Corp.:</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3px" align=left><FONT color=#231f20 size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Projects, 6.75%, 11/01/32</FONT>&nbsp;</TD>

   <TD align=right><FONT color=#231f20 size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>2,000</FONT>&nbsp;</TD>

   <TD align=right><FONT color=#231f20 size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>2,037,400</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3px" align=left><FONT color=#231f20 size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Series A-1, 6.50%, 11/01/35</FONT>&nbsp;</TD>

   <TD align=right><FONT color=#231f20 size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1,135</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT color=#231f20 size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1,139,381</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT color=#231f20 size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>3,176,781</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<P style="TEXT-ALIGN: left"><FONT color=#231f20 size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>See Notes to Financial Statements.</FONT></P>

<DIV align=left>

<TABLE border=0 cellSpacing=0>



<TR>

   <TD width="37%"></TD>

   <TD width="48%"></TD>

   <TD width="13%"></TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT color=#231f20 size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>ANNUAL REPORT</FONT>&nbsp;</TD>

   <TD align=left><FONT color=#231f20 size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>APRIL 30, 2011</FONT>&nbsp;</TD>

   <TD align=left><FONT color=#231f20 size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>17</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<HR align=center SIZE=2 width="100%" noShade>



<DIV style="PAGE-BREAK-BEFORE: always"></DIV>

<!--$$/page=--><A name="page_19"></A><BR>

<P style="TEXT-ALIGN: left"><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif color=#394c87 size=4><STRONG><FONT size=2>BlackRock Long-Term Municipal Advantage Trust (BTA)</FONT></STRONG><BR>Schedule of Investments (continued) <BR></FONT><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#394c87 size=1>(Percentages shown are based on Net Assets)</FONT></B></P>

<DIV align=left>

<TABLE cellSpacing=0 border=0>



<TR>

   <TD width="64%"></TD>

   <TD width="5%"></TD>

   <TD width="10%"></TD>

   <TD width="18%"></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=middle><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Par</FONT></B>&nbsp;</TD>

   <TD align=middle>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Municipal Bonds</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=middle><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(000)</FONT></B>&nbsp;</TD>

   <TD style="TEXT-INDENT: 5px; BORDER-BOTTOM: #000000 1px solid" align=middle><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Value</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#394c87 size=1>Maryland &#8212; 1.3%</FONT></B>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Maryland EDC, RB, Transportation Facilities Project,</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Series A, 5.75%, 6/01/35</FONT>&nbsp;</TD>

   <TD align=right colSpan=2><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 970</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 887,259</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left colSpan=2><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Maryland EDC, Refunding RB, CNX Marine Terminals, Inc.,</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5.75%, 9/01/25</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>500</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>478,415</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left colSpan=2><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Maryland Health &amp; Higher Educational Facilities Authority,</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" align=left colSpan=2><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Refunding RB, University of Maryland Medical System,</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5.00%, 7/01/34</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>490</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>444,979</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,810,653</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#394c87 size=1>Massachusetts &#8212; 0.4%</FONT></B>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left colSpan=2><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Massachusetts Health &amp; Educational Facilities Authority,</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Refunding RB, Partners Healthcare, Series J1,</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px; BORDER-BOTTOM: #000000 1px solid" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5.00%, 7/01/39</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>615</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>575,339</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#394c87 size=1>Michigan &#8212; 2.6%</FONT></B>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left colSpan=2><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>City of Detroit Michigan, RB, Senior Lien, Series B (AGM),</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>7.50%, 7/01/33</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>560</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>653,335</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Garden City Hospital Finance Authority Michigan,</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" align=left colSpan=2><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Refunding RB, Garden City Hospital Obligation, Series A,</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5.00%, 8/15/38</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,540</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>961,006</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Kalamazoo Hospital Finance Authority, Refunding RB,</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Bronson Methodist Hospital, 5.50%, 5/15/36</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>475</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>452,077</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Royal Oak Hospital Finance Authority Michigan,</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Refunding RB, William Beaumont Hospital,</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>8.25%, 9/01/39</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,400</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,587,278</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>3,653,696</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#394c87 size=1>Montana &#8212; 0.4%</FONT></B>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Two Rivers Authority, RB, Senior Lien (b)(c):</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>7.25%, 11/01/21</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,500</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>231,450</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>7.38%, 11/01/27</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2,600</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>399,100</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>630,550</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#394c87 size=1>New Jersey &#8212; 0.4%</FONT></B>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left colSpan=2><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>New Jersey EDA, RB, Continental Airlines Inc. Project, AMT,</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px; BORDER-BOTTOM: #000000 1px solid" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>6.63%, 9/15/12</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>500</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>503,830</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#394c87 size=1>New York &#8212; 5.2%</FONT></B>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Metropolitan Transportation Authority, Refunding RB,</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Transportation, Series D, 5.25%, 11/15/40</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>410</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>401,550</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>New York City Industrial Development Agency, RB,</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>American Airlines Inc., JFK International Airport, AMT,</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>7.63%, 8/01/25 (d)</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>4,000</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>4,036,440</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>New York Liberty Development Corp., Refunding RB,</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" align=left colSpan=2><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Second Priority, Bank of America Tower at One Bryant</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Park Project, 6.38%, 7/15/49</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>420</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>420,395</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>New York State Dormitory Authority, RB, New York</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>University, Series A, 5.25%, 7/01/48</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2,000</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2,005,180</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Port Authority of New York &amp; New Jersey, RB,</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>JFK International Air Terminal, 6.00%, 12/01/42</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>430</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>410,908</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>7,274,473</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#394c87 size=1>North Carolina &#8212; 0.3%</FONT></B>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>North Carolina Medical Care Commission, RB, Duke</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px; BORDER-BOTTOM: #000000 1px solid" align=left colSpan=2><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>University Health System, Series A, 5.00%, 6/01/42</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>480</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>456,749</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#394c87 size=1>Ohio &#8212; 0.7%</FONT></B>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>State of Ohio, RB, Ford Motor Co. Project, AMT,</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px; BORDER-BOTTOM: #000000 1px solid" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5.75%, 4/01/35</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,000</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>920,770</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#394c87 size=1>Pennsylvania &#8212; 0.8%</FONT></B>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Allegheny County Hospital Development Authority,</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Refunding RB, Health System, West Penn, Series A,</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px; BORDER-BOTTOM: #000000 1px solid" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5.38%, 11/15/40</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,500</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,114,815</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#394c87 size=1>Puerto Rico &#8212; 1.4%</FONT></B>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Puerto Rico Sales Tax Financing Corp., RB, First</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Sub-Series A, 6.50%, 8/01/44</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,705</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,778,826</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left colSpan=2><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Puerto Rico Sales Tax Financing Corp., Refunding RB, CAB,</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>First Sub-Series C, 6.52%, 8/01/38 (e)</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,490</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>229,043</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2,007,869</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<DIV align=left>

<TABLE cellSpacing=0 border=0>



<TR>

   <TD width="64%"></TD>

   <TD width="5%"></TD>

   <TD width="10%"></TD>

   <TD width="18%"></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=middle><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Par</FONT></B>&nbsp;</TD>

   <TD align=middle>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Municipal Bonds</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=middle><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(000)</FONT></B>&nbsp;</TD>

   <TD style="TEXT-INDENT: 5px; BORDER-BOTTOM: #000000 1px solid" align=middle><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Value</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#394c87 size=1>South Carolina &#8212; 1.9%</FONT></B>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>South Carolina Jobs-EDA, Refunding RB:</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>First Mortgage, Lutheran Homes, 5.50%, 5/01/28</FONT>&nbsp;</TD>

   <TD align=right colSpan=2><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 600</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 486,234</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>First Mortgage, Lutheran Homes, 5.63%, 5/01/42</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,000</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>768,240</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Palmetto Health, 5.50%, 8/01/26</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>480</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>453,163</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left colSpan=2><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Senior Lien, Burroughs &amp; Chapin, Series A (Radian),</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>4.70%, 4/01/35</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,340</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,000,029</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2,707,666</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#394c87 size=1>Texas &#8212; 7.2%</FONT></B>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Brazos River Authority, RB, TXU Electric, Series A, AMT,</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>8.25%, 10/01/30</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,500</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>645,660</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>City of Dallas Texas, Refunding RB, 5.00%, 10/01/35</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>525</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>544,141</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>City of Houston Texas, RB, Senior Lien, Series A,</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5.50%, 7/01/39</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>250</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>253,228</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>HFDC of Central Texas Inc., RB, Village at Gleannloch</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Farms, Series A, 5.50%, 2/15/27</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,150</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>898,897</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Matagorda County Navigation District No. 1 Texas,</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Refunding RB, Central Power &amp; Light Co. Project,</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Series A, 6.30%, 11/01/29</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>700</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>727,629</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left colSpan=2><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>North Texas Tollway Authority, RB, Toll, Second Tier, Series F,</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>6.13%, 1/01/31</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2,290</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2,339,556</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left colSpan=2><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Sabine River Authority Texas, Refunding RB, TXU Electric</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Co. Project, Series B, Mandatory Put Bonds, AMT,</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5.75%, 5/01/30 (d)</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,000</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>979,360</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left colSpan=2><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Tarrant County Cultural Education Facilities Finance Corp.,</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>RB, Scott &amp; White Healthcare, 6.00%, 8/15/45</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,390</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,415,604</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left colSpan=2><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Texas Private Activity Bond Surface Transportation Corp.,</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>RB, Senior Lien:</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left colSpan=2><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>LBJ Infrastructure Group LLC, LBJ Freeway Managed</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Lanes Project, 7.00%, 6/30/40</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,000</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,018,880</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>NTE Mobility Partners LLC, North Tarrant Express</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Managed Lanes Project, 6.88%, 12/31/39</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,315</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,349,058</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>10,172,013</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#394c87 size=1>Utah &#8212; 0.6%</FONT></B>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>City of Riverton Utah, RB, IHC Health Services Inc.,</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px; BORDER-BOTTOM: #000000 1px solid" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5.00%, 8/15/41</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>955</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>884,884</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#394c87 size=1>Vermont &#8212; 1.7%</FONT></B>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Vermont HFA, RB, Series 27, AMT (AGM),</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px; BORDER-BOTTOM: #000000 1px solid" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>4.90%, 5/01/38 (d)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2,765</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2,360,785</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#394c87 size=1>Virginia &#8212; 3.0%</FONT></B>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left colSpan=2><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Fairfax County EDA, Refunding RB, Goodwin House Inc.,</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5.13%, 10/01/42</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>850</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>714,000</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left colSpan=2><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Peninsula Ports Authority, Refunding RB, Virginia Baptist</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Homes, Series C, 5.38%, 12/01/26</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2,600</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,682,382</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Reynolds Crossing Community Development Authority,</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" align=left colSpan=2><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Special Assessment Bonds, Reynolds Crossing Project,</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5.10%, 3/01/21</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>993</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>915,010</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Virginia HDA, RB, Rental Housing, Series F,</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5.00%, 4/01/45</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,000</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>952,950</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>4,264,342</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#394c87 size=1>Washington &#8212; 0.5%</FONT></B>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left colSpan=2><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Washington Health Care Facilities Authority, RB, Swedish</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px; BORDER-BOTTOM: #000000 1px solid" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Health Services, Series A, 6.75%, 11/15/41</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>660</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>684,314</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#394c87 size=1>Wisconsin &#8212; 1.9%</FONT></B>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left colSpan=2><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Wisconsin Health &amp; Educational Facilities Authority, RB,</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Ascension Health Credit Group, Series A,</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px; BORDER-BOTTOM: #000000 1px solid" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5.00%, 11/15/31</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2,835</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2,691,833</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#394c87 size=1>Wyoming &#8212; 0.1%</FONT></B>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Wyoming Municipal Power Agency, RB, Series A,</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px; BORDER-BOTTOM: #000000 1px solid" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5.00%, 1/01/42</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>100</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>96,943</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Total Municipal Bonds &#8212; 67.4%</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>94,710,688</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<P style="TEXT-ALIGN: left"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>See Notes to Financial Statements.</FONT></P>

<DIV align=left>

<TABLE cellSpacing=0 border=0>



<TR>

   <TD width="13%"></TD>

   <TD width="49%"></TD>

   <TD width="37%"></TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif color=#231f20 size=1>18</FONT>&nbsp;</TD>

   <TD align=left><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif color=#231f20 size=1>ANNUAL REPORT</FONT>&nbsp;</TD>

   <TD align=left><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif color=#231f20 size=1>APRIL 30, 2011</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<HR align=center width="100%" noShade SIZE=2>



<DIV style="PAGE-BREAK-BEFORE: always"></DIV>

<!--$$/page=--><A name="page_20"></A><BR>

<P style="TEXT-ALIGN: left"><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif color=#394c87 size=4><STRONG><FONT size=2>BlackRock Long-Term Municipal Advantage Trust (BTA)</FONT></STRONG><BR>Schedule of Investments (continued) <BR></FONT><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#394c87 size=1>(Percentages shown are based on Net Assets)</FONT></B></P>

<DIV align=left>

<TABLE cellSpacing=0 border=0>



<TR>

   <TD width="64%"></TD>

   <TD width="5%"></TD>

   <TD width="11%"></TD>

   <TD width="18%"></TD></TR>

<TR vAlign=bottom>

   <TD align=left><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Municipal Bonds Transferred to</FONT></B>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=middle><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Par</FONT></B>&nbsp;</TD>

   <TD align=middle>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Tender Option Bond Trusts (f)</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=middle><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(000)</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=middle><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Value</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#394c87 size=1>California &#8212; 12.9%</FONT></B>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Bay Area Toll Authority, Refunding RB, San Francisco</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Bay Area, Series F-1, 5.63%, 4/01/44</FONT>&nbsp;</TD>

   <TD align=right colSpan=2><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 1,090</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 1,125,619</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left colSpan=2><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>California Educational Facilities Authority, RB, University</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>of Southern California, Series B, 5.25%, 10/01/39</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>840</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>861,756</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Los Angeles Department of Airports, Refunding RB,</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Senior, Los Angeles International Airport, Series A,</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5.00%, 5/15/40</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2,050</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,965,171</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>San Diego Community College District California, GO,</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Election of 2002, 5.25%, 8/01/33</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>553</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>562,589</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>University of California, RB, Series B (NPFGC),</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>4.75%, 5/15/38</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>15,000</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>13,680,900</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>18,196,035</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#394c87 size=1>Colorado &#8212; 0.5%</FONT></B>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Colorado Health Facilities Authority, Refunding RB,</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px; BORDER-BOTTOM: #000000 1px solid" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Catholic Health, Series A, 5.50%, 7/01/34</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>740</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>740,706</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#394c87 size=1>Illinois &#8212; 9.9%</FONT></B>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left colSpan=2><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>City of Chicago Illinois, Custodial Receipts, Series 1284,</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px; BORDER-BOTTOM: #000000 1px solid" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5.00%, 1/01/33 (a)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>15,000</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>13,877,250</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#394c87 size=1>Indiana &#8212; 8.5%</FONT></B>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Carmel Redevelopment Authority, RB, Performing</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Arts Center:</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>4.75%, 2/01/33</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5,365</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5,307,219</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5.00%, 2/01/33</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>6,580</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>6,601,582</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>11,908,801</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#394c87 size=1>Massachusetts &#8212; 8.4%</FONT></B>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Massachusetts HFA, Refunding HRB, Series D, AMT,</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px; BORDER-BOTTOM: #000000 1px solid" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5.45%, 6/01/37</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>11,855</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>11,753,284</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#394c87 size=1>Nebraska &#8212; 3.4%</FONT></B>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left colSpan=2><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Omaha Public Power District, RB, System, Sub-Series B</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px; BORDER-BOTTOM: #000000 1px solid" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(NPFGC), 4.75%, 2/01/36</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5,000</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>4,795,850</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#394c87 size=1>New Hampshire &#8212; 0.5%</FONT></B>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left colSpan=2><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>New Hampshire Health &amp; Education Facilities Authority,</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px; BORDER-BOTTOM: #000000 1px solid" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Refunding RB, Dartmouth College, 5.25%, 6/01/39</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>660</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>683,384</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#394c87 size=1>New York &#8212; 15.8%</FONT></B>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>New York City Municipal Water Finance Authority,</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Water &amp; Sewer, RB, Series FF-2, 5.50%, 6/15/40</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>495</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>515,895</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>New York City Municipal Water Finance Authority,</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" align=left colSpan=2><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Water &amp; Sewer, Refunding RB, Series D, 5.00%, 6/15/39</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>7,500</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>7,516,200</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>New York State Dormitory Authority, ERB:</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Series B, 5.75%, 3/15/36</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>11,250</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>12,150,225</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Series F, 5.00%, 3/15/35</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,995</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,997,505</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>22,179,825</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#394c87 size=1>North Carolina &#8212;10.8%</FONT></B>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left colSpan=2><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>University of North Carolina at Chapel Hill, Refunding RB,</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px; BORDER-BOTTOM: #000000 1px solid" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>General, Series A, 4.75%, 12/01/34</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>15,170</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>15,206,560</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#394c87 size=1>Ohio &#8212; 5.0%</FONT></B>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left colSpan=2><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>County of Allen Ohio, Refunding RB, Catholic Healthcare,</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Series A, 5.25%, 6/01/38</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2,650</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2,372,386</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>State of Ohio, Refunding RB, Cleveland Clinic Health,</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Series A, 5.50%, 1/01/39</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>4,630</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>4,590,599</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>6,962,985</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#394c87 size=1>South Carolina &#8212; 2.0%</FONT></B>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>South Carolina State Housing Finance &amp; Development</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px; BORDER-BOTTOM: #000000 1px solid" align=left colSpan=2><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Authority, Refunding RB, Series B-1, 5.55%, 7/01/39</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2,829</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2,861,705</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#394c87 size=1>Texas &#8212; 8.1%</FONT></B>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left colSpan=2><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>County of Harris Texas, RB, Senior Lien, Toll Road, Series A,</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5.00%, 8/15/38</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2,130</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2,123,546</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>New Caney ISD, GO, School Building (PSF-GTD),</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5.00%, 2/15/35</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>9,150</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>9,309,210</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>11,432,756</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<DIV align=left>

<TABLE cellSpacing=0 border=0>



<TR>

   <TD width="65%"></TD>

   <TD width="14%"></TD>

   <TD width="19%"></TD></TR>

<TR vAlign=bottom>

   <TD align=left><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Municipal Bonds Transferred to</FONT></B>&nbsp;</TD>

   <TD align=middle><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Par</FONT></B>&nbsp;</TD>

   <TD align=middle>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Tender Option Bond Trusts (f)</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=middle><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(000)</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=middle><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Value</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#394c87 size=1>Virginia &#8212; 0.7%</FONT></B>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Virginia Small Business Financing Authority, Refunding RB,</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px; BORDER-BOTTOM: #000000 1px solid" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Sentara Healthcare, 5.00%, 11/01/40</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 1,000</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 970,301</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#394c87 size=1>Wisconsin &#8212; 1.3%</FONT></B>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Wisconsin Health &amp; Educational Facilities Authority,</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Refunding RB, Froedtert &amp; Community Health Inc.,</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px; BORDER-BOTTOM: #000000 1px solid" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5.25%, 4/01/39</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,990</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,821,106</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Total Municipal Bonds Transferred to</FONT></B>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Tender Option Bond Trusts &#8212; 87.8%</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>123,390,548</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Total Long-Term Investments</FONT></B>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 3px double" align=left><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(Cost &#8212; $234,446,724) &#8212; 155.2%</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>218,101,236</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Short-Term Securities</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=middle><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Shares</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>FFI Institutional Tax-Exempt Fund, 0.23% (g)(h)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,227,518</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,227,518</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=middle><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Par</FONT></B>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=middle><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(000)</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Michigan Finance Authority, RB, SAN, Detroit Schools,</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px; BORDER-BOTTOM: #000000 1px solid" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Series A-1, 6.45%, 2/20/12</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 1,085</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,091,803</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Total Short-Term Securities</FONT></B>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(Cost &#8212; $2,312,518) &#8212; 1.7%</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2,319,321</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Total Investments (Cost &#8212; $236,759,242*) &#8212; 156.9%</FONT></B>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>220,420,557</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Other Assets Less Liabilities &#8212; 5.5%</FONT></B>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>7,831,514</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Liability for Trust Certificates, Including Interest</FONT></B>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2px" align=left><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Expense and Fees Payable &#8212; (62.4)%</FONT></B>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(87,741,649)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Net Assets &#8212; 100.0%</FONT></B>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$140,510,422</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1><BR>* The cost and unrealized appreciation (depreciation) of investments as of April 30,</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2011, as computed for federal income tax purposes, were as follows:</FONT></P>

<DIV align=left>

<TABLE cellSpacing=0 border=0>



<TR>

   <TD width="57%"></TD>

   <TD width="42%"></TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Aggregate cost</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$149,318,427</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Gross unrealized appreciation</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 1,752,421</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Gross unrealized depreciation</FONT>&nbsp;</TD>

   <TD style="TEXT-INDENT: 1px; BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(18,111,856)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Net unrealized depreciation</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ (16,359,435)</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1><BR>(a) Security exempt from registration under Rule 144A of the Securities Act of 1933.</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>These securities may be resold in transactions exempt from registration to qualified</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>institutional investors.</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(b) Issuer filed for bankruptcy and/or is in default of interest payments.</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(c) Non-income producing security.</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(d) Variable rate security. Rate shown is as of report date.</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(e) Represents a zero-coupon bond. Rate shown reflects the current yield as of</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>report date.</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(f) Securities represent bonds transferred to a TOB trust in exchange for which the</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Trust acquired residual interest certificates. These securities serve as collateral in a</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>financing transaction. See Note 1 of the Notes to Financial Statements for details of</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>municipal bonds transferred to TOBs.</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(g) Investments in companies considered to be an affiliate of the Trust during the</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>year, for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>amended, were as follows:</FONT></P>

<DIV align=left>

<TABLE cellSpacing=0 border=0>



<TR>

   <TD width="24%"></TD>

   <TD width="22%"></TD>

   <TD width="15%"></TD>

   <TD width="24%"></TD>

   <TD width="13%"></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=middle><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Shares Held at</FONT></B>&nbsp;</TD>

   <TD align=middle><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Net</FONT></B>&nbsp;</TD>

   <TD align=middle><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Shares Held at</FONT></B>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Affiliate</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=middle><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>April 30, 2010</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=middle><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Activity</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=middle><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>April 30, 2011</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Income</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>FFI Institutional</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2px; BORDER-BOTTOM: #000000 1px solid" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Tax-Exempt Fund</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=middle><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,118,809</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=middle><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>108,709</FONT>&nbsp;</TD>

   <TD style="TEXT-INDENT: 1px; BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,227,518 </FONT></TD>

   <TD style="TEXT-INDENT: 3px; BORDER-BOTTOM: #000000 1px solid" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$<FONT face="Times New Roman" color=#000000 size=3>&nbsp;</FONT>1,784</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1><BR>(h) Represents the current yield as of report date.<BR><BR></FONT><FONT face=Frutiger-Roman,Arial,Helvetica,sans-serif color=#231f20 size=2>&#8226; </FONT><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Financial futures contracts sold as of April 30, 2011 were as follows:</FONT></P>

<DIV align=left>

<TABLE cellSpacing=0 border=0>



<TR>

   <TD width="29%"></TD>

   <TD width="20%"></TD>

   <TD width="14%"></TD>

   <TD width="35%"></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Notional&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unrealized</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Contracts&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Issue&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=middle><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Exchange</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=middle><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Expiration</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Value&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Depreciation</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>105&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10-Year U.S.</FONT>&nbsp;</TD>

   <TD align=middle><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Chicago Board</FONT>&nbsp;</TD>

   <TD align=middle><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>June</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Treasury Note</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=middle><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>of Trade</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=middle><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2011</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=middle><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$12,443,941&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$ (275,825)</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<P style="TEXT-ALIGN: left"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>See Notes to Financial Statements.</FONT></P>

<DIV align=left>

<TABLE cellSpacing=0 border=0>



<TR>

   <TD width="37%"></TD>

   <TD width="48%"></TD>

   <TD width="13%"></TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif color=#231f20 size=1>ANNUAL REPORT</FONT>&nbsp;</TD>

   <TD align=left><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif color=#231f20 size=1>APRIL 30, 2011</FONT>&nbsp;</TD>

   <TD align=left><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif color=#231f20 size=1>19</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<HR align=center width="100%" noShade SIZE=2>



<DIV style="PAGE-BREAK-BEFORE: always"></DIV>

<!--$$/page=--><A name="page_21"></A><BR>

<P style="TEXT-ALIGN: left"><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif color=#394c87 size=4><STRONG><FONT size=2>BlackRock Long-Term Municipal Advantage Trust (BTA)<BR></FONT></STRONG>Schedule of Investments (concluded) <BR></FONT></P>

<P style="TEXT-ALIGN: left"><FONT face=Frutiger-Roman,Arial,Helvetica,sans-serif color=#231f20 size=2>&#8226; </FONT><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Fair Value Measurements &#8212; Various inputs are used in determining the fair value of</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>investments and derivative financial instruments. These inputs are summarized in</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>three broad levels for financial statement purposes as follows:</FONT><BR><FONT face=Frutiger-Roman,Arial,Helvetica,sans-serif color=#231f20 size=2>&#8226; </FONT><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Level 1 &#8212; price quotations in active markets/exchanges for identical assets</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>and liabilities</FONT><BR><FONT face=Frutiger-Roman,Arial,Helvetica,sans-serif color=#231f20 size=2>&#8226; </FONT><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Level 2 &#8212; other observable inputs (including, but not limited to: quoted prices for</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>similar assets or liabilities in markets that are active, quoted prices for identical</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>or similar assets or liabilities in markets that are not active, inputs other than</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>quoted prices that are observable for the assets or liabilities (such as interest</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>default rates) or other market-corroborated inputs)</FONT><BR><FONT face=Frutiger-Roman,Arial,Helvetica,sans-serif color=#231f20 size=2>&#8226; </FONT><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Level 3 &#8212; unobservable inputs based on the best information available in the</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>circumstances, to the extent observable inputs are not available (including the</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Trust&#8217;s own assumptions used in determining the fair value of investments and</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>derivative financial instruments)<BR></FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>The inputs or methodologies used for valuing securities are not necessarily an</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>indication of the risk associated with investing in those securities. For information</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>about the Trust&#8217;s policy regarding valuation of investments and derivative financial</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>instruments other significant accounting policies, please refer to Note 1 of the</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Notes to Financial Statements.<BR></FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>The following tables summarize the inputs used as of April 30, 2011 in determining</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>the fair valuation of the Trust&#8217;s investments and derivative financial instruments:</FONT></P>

<DIV align=left>

<TABLE cellSpacing=0 border=0>



<TR>

   <TD width="21%"></TD>

   <TD align=middle width="16%"></TD>

   <TD align=middle width="26%"></TD>

   <TD align=middle width="15%"></TD>

   <TD align=middle width="20%"></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Valuation Inputs</FONT></B>&nbsp;</TD>

   <TD style="TEXT-INDENT: 4px; BORDER-BOTTOM: #000000 1px solid" align=middle><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Level 1</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=middle><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Level 2</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=middle><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Level 3</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=middle><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Total</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Assets:</FONT></B>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left colSpan=2><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Investments in Securities:</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Long-Term</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Investments</FONT><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1</FONT></SUP>&nbsp;</TD>

   <TD align=right>&nbsp;<FONT face=Arial color=#231f20 size=1>&#8212; </FONT></TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$218,101,236</FONT>&nbsp;</TD>

   <TD align=middle><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>&#8212;</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$218,101,236</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Short-Term</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Securities</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right colSpan=2><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 1,227,518&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1,091,803</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=middle><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>&#8212;</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2,319,321</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Total</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right colSpan=2><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 1,227,518&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $219,193,039</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=middle><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>&#8212;</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$220,420,557</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px"><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1 </FONT></SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>See above Schedule of Investments for values in each state or</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>political subdivision.</FONT></P>

<DIV align=left>

<TABLE cellSpacing=0 border=0>



<TR>

   <TD width="17%"></TD>

   <TD width="6%"></TD>

   <TD width="17%"></TD>

   <TD width="20%"></TD>

   <TD width="17%"></TD>

   <TD width="20%"></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=middle colSpan=6><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Derivative Financial Instruments</FONT></B><B><SUP><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2</FONT></SUP></B></TD></TR>

<TR>

   <TD colSpan=6>

   <HR noShade SIZE=1>

</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left colSpan=2><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Valuation Inputs</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=middle><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Level 1</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=middle><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Level 2</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=middle><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Level 3</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=middle><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Total</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Liabilities:</FONT></B>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Interest</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>rate</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2px; BORDER-BOTTOM: #000000 1px solid" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>contracts</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right colSpan=2><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ (275,825)</FONT>&nbsp;</TD>

   <TD style="TEXT-INDENT: 6px; BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>&#8212;</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>&#8212;</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=middle><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ (275,825)</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px"><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2 </FONT></SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Derivative financial instruments are financial futures contracts, which are valued</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>at the unrealized appreciation/depreciation on the instrument.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>See Notes to Financial Statements.</FONT></P>

<DIV align=left>

<TABLE cellSpacing=0 border=0>



<TR>

   <TD width="13%"></TD>

   <TD width="49%"></TD>

   <TD width="37%"></TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif color=#231f20 size=1>20</FONT>&nbsp;</TD>

   <TD align=left><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif color=#231f20 size=1>ANNUAL REPORT</FONT>&nbsp;</TD>

   <TD align=left><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif color=#231f20 size=1>APRIL 30, 2011</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<HR align=center width="100%" noShade SIZE=2>



<DIV style="PAGE-BREAK-BEFORE: always"></DIV>

<!--$$/page=--><A name="page_22"></A><BR>

<P style="TEXT-ALIGN: left"><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif color=#394c87 size=4><STRONG><FONT size=2>BlackRock Municipal 2020 Term Trust (BKK)</FONT></STRONG><BR>Schedule of Investments </FONT><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif color=#394c87 size=2>April 30, 2011 <BR></FONT><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#394c87 size=1>(Percentages shown are based on Net Assets)</FONT></B></P>

<DIV align=left>

<TABLE cellSpacing=0 border=0>



<TR>

   <TD width="64%"></TD>

   <TD width="5%"></TD>

   <TD width="11%"></TD>

   <TD width="18%"></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=middle><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Par</FONT></B>&nbsp;</TD>

   <TD align=middle>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Municipal Bonds</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=middle><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(000)</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=middle><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Value</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#394c87 size=1>Alabama &#8212; 0.4%</FONT></B>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Courtland IDB Alabama, Refunding RB, International</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px; BORDER-BOTTOM: #000000 1px solid" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Paper Co. Projects, Series A, 4.75%, 5/01/17</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right colSpan=2><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 1,165</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 1,164,091</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#394c87 size=1>Arizona &#8212; 3.8%</FONT></B>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left colSpan=2><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Phoenix Civic Improvement Corp., RB, Junior Lien, Series A:</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5.00%, 7/01/20</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,300</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,394,276</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5.00%, 7/01/21</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5,585</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>6,266,370</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left colSpan=2><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Pima County IDA, Refunding RB, Tucson Electric Power Co.,</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>San Juan, Series A, 4.95%, 10/01/20</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,015</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>977,151</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Salt Verde Financial Corp., RB, Senior:</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5.00%, 12/01/18</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,500</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,536,270</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5.25%, 12/01/20</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,000</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,005,560</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>11,179,627</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#394c87 size=1>California &#8212; 21.9%</FONT></B>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>California Health Facilities Financing Authority,</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" align=left colSpan=2><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Refunding RB, Sutter Health, Series B, 5.00%, 8/15/22</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>815</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>845,180</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>California State Department of Water Resources,</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Refunding RB, Series L, 5.00%, 5/01/20</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>10,000</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>11,393,700</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left colSpan=2><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>California Statewide Communities Development Authority,</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>RB, John Muir Health, Series A, 5.00%, 8/15/22</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5,000</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5,021,100</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left colSpan=2><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Foothill Eastern Transportation Corridor Agency California,</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Refunding RB, CAB (a):</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5.95%, 1/15/21</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>12,500</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5,954,000</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5.87%, 1/15/22</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>10,000</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>4,298,500</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left colSpan=2><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Golden State Tobacco Securitization Corp. California, RB (b):</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>ARS, Asset-Backed, Series A-3, 7.88%, 6/01/13</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>975</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,116,463</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>ARS, Asset-Backed, Series A-5, 7.88%, 6/01/13</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,470</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,683,282</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Series 2003-A-1, 6.63%, 6/01/13</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>3,000</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>3,360,120</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Series 2003-A-1, 6.75%, 6/01/13</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>12,010</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>13,482,666</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left colSpan=2><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Los Angeles Unified School District California, GO, Series I,</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5.00%, 7/01/20</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>3,750</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>4,134,000</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Riverside County Asset Leasing Corp. California,</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>RB, Riverside County Hospital Project (NPFGC),</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5.76%, 6/01/25 (a)</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>6,865</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2,524,535</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>San Manuel Entertainment Authority, Series 04-C,</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>4.50%, 12/01/16 (c)</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>4,000</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>3,959,080</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left colSpan=2><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>State of California, GO, Various Purpose, 5.00%, 11/01/22</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>7,050</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>7,167,312</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>64,939,938</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#394c87 size=1>Colorado &#8212; 1.7%</FONT></B>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left colSpan=2><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>E-470 Public Highway Authority Colorado, RB, CAB, Senior</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Series B (NPFGC), 5.53%, 9/01/22 (a)</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>4,500</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2,095,110</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left colSpan=2><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Park Creek Metropolitan District Colorado, Refunding RB,</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Senior, Limited Tax, Property Tax, 5.25%, 12/01/25</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>3,000</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2,813,610</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>4,908,720</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#394c87 size=1>District of Columbia &#8212; 5.5%</FONT></B>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>District of Columbia, Refunding RB:</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Friendship Public Charter School Inc. (ACA),</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5.75%, 6/01/18</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2,680</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2,611,499</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Friendship Public Charter School Inc. (ACA),</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5.00%, 6/01/23</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>3,320</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2,793,714</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Howard University, Series A, 5.25%, 10/01/20</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,535</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,581,756</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left colSpan=2><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>District of Columbia Tobacco Settlement Financing Corp.,</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Refunding RB, Asset-Backed, 6.50%, 5/15/33</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>4,215</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>4,118,434</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left colSpan=2><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Metropolitan Washington Airports Authority, Refunding RB,</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Series C-2, AMT (AGM), 5.00%, 10/01/24</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5,000</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5,065,650</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>16,171,053</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#394c87 size=1>Florida &#8212; 7.8%</FONT></B>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left colSpan=2><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Bellalago Educational Facilities Benefit District, Special</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Assessment Bonds, Series A, 5.85%, 5/01/22</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>3,715</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>3,380,279</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Broward County School Board Florida, COP, Series A</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(AGM), 5.25%, 7/01/22</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,250</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,309,575</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>City of Jacksonville Florida, RB, Better Jacksonville,</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5.00%, 10/01/22</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5,160</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5,613,770</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<DIV align=left>

<TABLE cellSpacing=0 border=0>



<TR>

   <TD width="64%"></TD>

   <TD width="5%"></TD>

   <TD width="11%"></TD>

   <TD width="18%"></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=middle><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Par</FONT></B>&nbsp;</TD>

   <TD align=middle>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Municipal Bonds</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=middle><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(000)</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=middle><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Value</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#394c87 size=1>Florida (concluded)</FONT></B>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Habitat Community Development District, Special</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Assessment Bonds, 5.80%, 5/01/25</FONT>&nbsp;</TD>

   <TD align=right colSpan=2><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 1,910</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 1,745,645</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left colSpan=2><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Miami Beach Health Facilities Authority, RB, Mount Sinai</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Medical Center of Florida, 6.75%, 11/15/21</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2,325</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2,370,942</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left colSpan=2><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Middle Village Community Development District, Special</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Assessment Bonds, Series A, 5.80%, 5/01/22</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>3,525</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>3,291,116</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Pine Island Community Development District, RB,</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5.30%, 11/01/10 (d)(e)</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>250</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>199,825</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Stevens Plantation Community Development District,</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" align=left colSpan=2><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Special Assessment Bonds, Series B, 6.38%, 5/01/13</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>3,530</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>3,129,522</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Village Community Development District No. 5 Florida,</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" align=left colSpan=2><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Special Assessment Bonds, Series A, 6.00%, 5/01/22</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2,185</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2,141,977</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>23,182,651</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#394c87 size=1>Georgia &#8212; 0.8%</FONT></B>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left colSpan=2><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Richmond County Development Authority, RB, Environment,</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px; BORDER-BOTTOM: #000000 1px solid" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Series A, AMT, 5.75%, 11/01/27</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2,350</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2,309,486</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#394c87 size=1>Illinois &#8212; 16.2%</FONT></B>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>City of Chicago Illinois, RB, General Airport, Third Lien,</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Series A (AMBAC):</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5.00%, 1/01/21</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5,000</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5,195,750</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5.00%, 1/01/22</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>7,000</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>7,210,980</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Illinois Finance Authority, RB:</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Depaul University, Series C, 5.25%, 10/01/24</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5,000</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5,066,900</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>MJH Education Assistance IV LLC, Sub-Series A,</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5.50%, 6/01/19 (d)(e)</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>3,250</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,782,430</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>MJH Education Assistance IV LLC, Sub-Series B,</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5.00%, 6/01/24 (d)(e)</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,075</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>288,573</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Northwestern University, 5.00%, 12/01/21</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>4,800</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5,153,376</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Illinois State Toll Highway Authority, RB, Senior Priority,</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Series A (AGM), 5.00%, 1/01/19</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2,250</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2,363,783</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Lake Cook-Dane &amp; McHenry Counties Community Unit</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>School District 220 Illinois, GO, Refunding (AGM),</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5.25%, 12/01/20</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,000</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,177,320</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Metropolitan Pier &amp; Exposition Authority Illinois,</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Refunding RB, CAB, McCormick, Series A (NPFGC),</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5.44%, 6/15/22 (a)</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>13,455</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>7,423,796</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Railsplitter Tobacco Settlement Authority, RB,</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5.25%, 6/01/20</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>10,000</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>10,042,500</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>State of Illinois, RB, Build Illinois, Series B,</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5.00%, 6/15/20</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2,000</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2,127,520</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>47,832,928</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#394c87 size=1>Indiana &#8212; 4.9%</FONT></B>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>City of Vincennes Indiana, Refunding RB, Southwest</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Indiana Regional Youth Village, 6.25%, 1/01/24</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>4,220</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>3,590,123</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Indianapolis Airport Authority, Refunding RB, Special</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" align=left colSpan=2><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Facilities, FedEx Corp. Project, AMT, 5.10%, 1/15/17</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>10,000</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>10,810,500</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>14,400,623</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#394c87 size=1>Kansas &#8212; 2.2%</FONT></B>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Kansas Development Finance Authority, Refunding RB,</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Adventist Health, 5.25%, 11/15/20</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2,500</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2,758,500</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Wyandotte County-Kansas City Unified Government,</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>RB, Kansas International Speedway (NPFGC),</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5.20%, 12/01/20 (a)</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>6,440</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>3,840,816</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>6,599,316</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#394c87 size=1>Kentucky &#8212; 0.7%</FONT></B>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Kentucky Housing Corp., RB, Series C, AMT,</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px; BORDER-BOTTOM: #000000 1px solid" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>4.63%, 7/01/22</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2,000</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,995,560</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#394c87 size=1>Louisiana &#8212; 0.7%</FONT></B>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Parish of DeSoto Louisiana, RB, Series A, AMT,</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px; BORDER-BOTTOM: #000000 1px solid" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5.85%, 11/01/27</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2,000</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,986,400</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<P style="TEXT-ALIGN: left"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>See Notes to Financial Statements.</FONT></P>

<DIV align=left>

<TABLE cellSpacing=0 border=0>



<TR>

   <TD width="37%"></TD>

   <TD width="48%"></TD>

   <TD width="13%"></TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif color=#231f20 size=1>ANNUAL REPORT</FONT>&nbsp;</TD>

   <TD align=left><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif color=#231f20 size=1>APRIL 30, 2011</FONT>&nbsp;</TD>

   <TD align=left><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif color=#231f20 size=1>21</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<HR align=center width="100%" noShade SIZE=2>



<DIV style="PAGE-BREAK-BEFORE: always"></DIV>

<!--$$/page=--><A name="page_23"></A><BR>

<P style="TEXT-ALIGN: left"><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif color=#394c87 size=4><STRONG><FONT size=2>BlackRock Municipal 2020 Term Trust (BKK)</FONT></STRONG><BR>Schedule of Investments (continued) <BR></FONT><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#394c87 size=1>(Percentages shown are based on Net Assets)</FONT></B></P>

<DIV align=left>

<TABLE cellSpacing=0 border=0>



<TR>

   <TD width="63%"></TD>

   <TD width="5%"></TD>

   <TD width="11%"></TD>

   <TD width="18%"></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=middle><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Par</FONT></B>&nbsp;</TD>

   <TD align=middle>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Municipal Bonds</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=middle><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(000)</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=middle><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Value</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#394c87 size=1>Maryland &#8212; 3.0%</FONT></B>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Maryland EDC, RB, Transportation Facilities Project,</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Series A, 5.13%, 6/01/20</FONT>&nbsp;</TD>

   <TD align=right colSpan=2><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 1,250</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 1,201,300</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left colSpan=2><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Maryland Health &amp; Higher Educational Facilities Authority,</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Refunding RB:</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Charlestown Community, 5.50%, 1/01/21</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,335</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,369,122</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>MedStar Health, 5.38%, 8/15/24</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5,500</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5,539,765</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>University of Maryland Medical System,</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5.00%, 7/01/19</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>670</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>705,765</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>8,815,952</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#394c87 size=1>Massachusetts &#8212; 1.6%</FONT></B>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Massachusetts Development Finance Agency, RB,</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" align=left colSpan=2><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Waste Management Inc. Project, AMT, 5.45%, 6/01/14</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>4,500</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>4,732,425</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Massachusetts State Water Pollution Abatement,</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Refunding RB, MWRA Program, Sub-Series A,</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>6.00%, 8/01/23</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>140</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>140,498</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>4,872,923</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#394c87 size=1>Michigan &#8212; 2.2%</FONT></B>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Kalamazoo Hospital Finance Authority, Refunding RB,</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Bronson Methodist Hospital, 5.00%, 5/15/20</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,790</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,880,574</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left colSpan=2><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Michigan State Hospital Finance Authority, Refunding RB,</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Hospital, Sparrow Obligated, 4.50%, 11/15/26</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,500</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,306,305</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>State of Michigan, Refunding RB:</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5.00%, 11/01/20</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,000</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,106,270</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5.00%, 11/01/21</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2,000</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2,191,600</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>6,484,749</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#394c87 size=1>Minnesota &#8212; 0.4%</FONT></B>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Minnesota Higher Education Facilities Authority, RB,</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px; BORDER-BOTTOM: #000000 1px solid" align=left colSpan=2><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>University of St. Thomas, Series 5-Y, 5.00%, 10/01/24</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,250</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,279,800</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#394c87 size=1>Mississippi &#8212; 1.0%</FONT></B>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>County of Warren Mississippi, RB, Series A, AMT,</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px; BORDER-BOTTOM: #000000 1px solid" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5.85%, 11/01/27</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>3,000</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2,979,600</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#394c87 size=1>Missouri &#8212; 3.7%</FONT></B>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Missouri Development Finance Board, RB, Branson</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Landing Project, Series A, 5.50%, 12/01/24</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5,000</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5,119,300</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left colSpan=2><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Missouri State Health &amp; Educational Facilities Authority,</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Refunding RB, BJC Health System, Series A,</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5.00%, 5/15/20</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5,500</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5,741,010</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>10,860,310</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#394c87 size=1>Multi-State &#8212; 6.2%</FONT></B>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Centerline Equity Issuer Trust (c)(f):</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5.75%, 5/15/15</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,000</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,053,130</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>6.00%, 5/15/15</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>4,000</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>4,200,240</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>6.00%, 5/15/19</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2,500</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2,616,875</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>6.30%, 5/15/19</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2,500</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2,627,125</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>MuniMae TE Bond Subsidiary LLC (c)(f)(g):</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5.40%</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5,000</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>3,399,950</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5.80%</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5,000</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>3,399,950</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Series D, 5.90%</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2,000</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,119,660</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>18,416,930</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#394c87 size=1>Nevada &#8212; 2.1%</FONT></B>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left colSpan=2><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>City of Henderson Nevada, Special Assessment Bonds,</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>District No. T-18, 5.15%, 9/01/21</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,760</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>973,157</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left colSpan=2><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>County of Clark Nevada, Refunding RB, Alexander Dawson</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>School Nevada Project, 5.00%, 5/15/20</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5,000</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5,180,050</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>6,153,207</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#394c87 size=1>New Hampshire &#8212; 4.9%</FONT></B>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left colSpan=2><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>New Hampshire Business Finance Authority, Refunding RB,</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" align=left colSpan=2><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Public Service Co. of New Hampshire Project, Series B,</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>AMT (NPFGC), 4.75%, 5/01/21</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>10,000</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>9,851,400</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left colSpan=2><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>New Hampshire Health &amp; Education Facilities Authority,</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" align=left colSpan=2><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Refunding RB, Elliot Hospital, Series B, 5.60%, 10/01/22</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>4,500</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>4,564,890</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>14,416,290</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<DIV align=left>

<TABLE cellSpacing=0 border=0>



<TR>

   <TD width="64%"></TD>

   <TD width="5%"></TD>

   <TD width="11%"></TD>

   <TD width="18%"></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=middle><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Par</FONT></B>&nbsp;</TD>

   <TD align=middle>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Municipal Bonds</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=middle><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(000)</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=middle><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Value</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#394c87 size=1>New Jersey &#8212; 12.6%</FONT></B>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Middlesex County Improvement Authority, RB, Street</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Student Housing Project, Series A, 5.00%, 8/15/23</FONT>&nbsp;</TD>

   <TD align=right colSpan=2><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 1,000</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 999,930</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>New Jersey EDA, RB:</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Cigarette Tax, 5.50%, 6/15/24</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>10,000</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>9,300,300</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Continental Airlines Inc. Project, AMT,</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>7.00%, 11/15/30 (h)</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5,000</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>4,872,750</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Continental Airlines Inc. Project, AMT,</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>9.00%, 6/01/33 (h)</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,500</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,558,440</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3px" align=left colSpan=2><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Kapkowski Road Landfill Project, Series 1998B, AMT,</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>6.50%, 4/01/31</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>7,500</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>7,124,400</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>New Jersey EDA, Refunding RB:</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3px" align=left colSpan=2><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>First Mortgage, Winchester, Series A, 4.80%, 11/01/13</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>765</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>787,529</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>School Facilities, Series GG, 5.00%, 9/01/22</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2,000</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2,078,680</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left colSpan=2><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>New Jersey Educational Facilities Authority, Refunding RB,</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>University of Medicine &amp; Dentistry, Series B,</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>6.25%, 12/01/18</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2,500</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2,768,850</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>New Jersey Health Care Facilities Financing Authority,</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Refunding RB:</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3px" align=left colSpan=2><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>AtlantiCare Regional Medical Center, 5.00%, 7/01/20</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2,110</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2,214,276</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Capital Health System Obligation Group, Series A,</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5.75%, 7/01/13 (b)</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>4,000</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>4,391,720</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left colSpan=2><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Newark Housing Authority, RB, South Ward Police Facility</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(AGC), 5.00%, 12/01/21</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,250</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,328,475</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>37,425,350</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#394c87 size=1>New York &#8212; 8.8%</FONT></B>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>New York City Industrial Development Agency, RB,</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" align=left colSpan=2><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>American Airlines Inc., JFK International Airport, AMT (h):</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>7.63%, 8/01/25</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5,635</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5,686,335</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>7.75%, 8/01/31</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5,000</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5,050,050</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left colSpan=2><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>New York State Energy Research &amp; Development Authority,</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" align=left colSpan=2><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Refunding RB, Brooklyn Union Gas/Keyspan, Series A,</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>AMT (FGIC), 4.70%, 2/01/24</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>8,500</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>8,536,805</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Port Authority of New York &amp; New Jersey, RB,</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>JFK International Air Terminal, 5.00%, 12/01/20</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,525</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,487,973</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Tobacco Settlement Financing Corp. New York, RB,</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Asset-Backed, Series B-1C, 5.50%, 6/01/20</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5,000</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5,318,250</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>26,079,413</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#394c87 size=1>North Carolina &#8212; 2.4%</FONT></B>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>North Carolina Eastern Municipal Power Agency,</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Refunding RB, Series B, 5.00%, 1/01/21</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,550</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,645,139</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>North Carolina Municipal Power Agency No. 1,</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Refunding RB, Series B, 5.00%, 1/01/20</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5,000</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5,592,300</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>7,237,439</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#394c87 size=1>Ohio &#8212; 6.7%</FONT></B>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>American Municipal Power-Ohio Inc., RB, Prairie State</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Energy Campus Project, Series A, 5.25%, 2/15/23</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5,000</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5,246,650</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>County of Cuyahoga Ohio, Refunding RB, Series A:</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>6.00%, 1/01/19</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>3,000</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>3,214,920</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>6.00%, 1/01/20</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>10,000</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>10,673,800</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left colSpan=2><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Pinnacle Community Infrastructure Financing Authority, RB,</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Facilities, Series A, 6.00%, 12/01/22</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>916</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>786,624</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>19,921,994</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#394c87 size=1>Oklahoma &#8212; 1.2%</FONT></B>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left colSpan=2><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Tulsa Airports Improvement Trust, RB, Series A, Mandatory</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px; BORDER-BOTTOM: #000000 1px solid" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Put Bonds, AMT, 7.75%, 6/01/35 (h)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>3,350</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>3,442,594</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#394c87 size=1>Pennsylvania &#8212; 7.3%</FONT></B>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left colSpan=2><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Lancaster County Hospital Authority, RB, General Hospital</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Project, 5.75%, 9/15/13 (b)</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>7,500</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>8,332,500</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left colSpan=2><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Montgomery County IDA Pennsylvania, MRB, Whitemarsh</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Continuing Care, 6.00%, 2/01/21</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,275</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,138,473</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left colSpan=2><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Pennsylvania Higher Educational Facilities Authority, RB,</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>LaSalle University, 5.50%, 5/01/26</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>6,680</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>6,724,021</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<P style="TEXT-ALIGN: left"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>See Notes to Financial Statements.</FONT></P>

<DIV align=left>

<TABLE cellSpacing=0 border=0>



<TR>

   <TD width="13%"></TD>

   <TD width="49%"></TD>

   <TD width="37%"></TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif color=#231f20 size=1>22</FONT>&nbsp;</TD>

   <TD align=left><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif color=#231f20 size=1>ANNUAL REPORT</FONT>&nbsp;</TD>

   <TD align=left><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif color=#231f20 size=1>APRIL 30, 2011</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<HR align=center width="100%" noShade SIZE=2>



<DIV style="PAGE-BREAK-BEFORE: always"></DIV>

<!--$$/page=--><A name="page_24"></A><BR>

<P style="TEXT-ALIGN: left"><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif color=#394c87 size=4><STRONG><FONT size=2>BlackRock Municipal 2020 Term Trust (BKK)</FONT></STRONG><BR>Schedule of Investments (continued) <BR></FONT><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#394c87 size=1>(Percentages shown are based on Net Assets)</FONT></B></P>

<DIV align=left>

<TABLE cellSpacing=0 border=0>



<TR>

   <TD width="64%"></TD>

   <TD width="4%"></TD>

   <TD width="11%"></TD>

   <TD width="18%"></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=middle><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Par</FONT></B>&nbsp;</TD>

   <TD align=middle>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Municipal Bonds</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=middle><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(000)</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=middle><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Value</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#394c87 size=1>Pennsylvania (concluded)</FONT></B>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Pennsylvania Turnpike Commission, RB, Sub-Series A</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(AGC), 5.00%, 6/01/22</FONT>&nbsp;</TD>

   <TD align=right colSpan=2><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 1,000</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 1,060,900</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left colSpan=2><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Pennsylvania Turnpike Commission, Refunding RB, Series A,</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5.00%, 12/01/20</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>4,000</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>4,460,560</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>21,716,454</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#394c87 size=1>Puerto Rico &#8212; 4.5%</FONT></B>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left colSpan=2><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Commonwealth of Puerto Rico, GO, Public Improvement,</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Series B, 5.25%, 7/01/17</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>3,300</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>3,450,810</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Puerto Rico Electric Power Authority, RB, Series NN,</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5.13%, 7/01/13 (b)</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>9,000</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>9,848,790</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>13,299,600</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#394c87 size=1>South Carolina &#8212; 0.7%</FONT></B>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left colSpan=2><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>South Carolina State Ports Authority, RB, 5.00%, 7/01/20</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2,000</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2,164,160</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#394c87 size=1>Texas &#8212; 7.5%</FONT></B>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left colSpan=2><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Central Texas Regional Mobility Authority, RB, Senior Lien:</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5.75%, 1/01/19</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>800</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>843,512</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5.75%, 1/01/20</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,140</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,182,419</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left colSpan=2><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>City of Dallas Texas, Refunding RB (AGC), 5.00%, 8/15/21</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2,500</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2,638,175</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>North Texas Tollway Authority, RB, Series C:</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5.25%, 1/01/20</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,000</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,072,270</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5.38%, 1/01/21</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5,000</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5,371,450</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Port Corpus Christi Industrial Development Corp. Texas,</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Refunding RB, Valero, Series C, 5.40%, 4/01/18</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2,985</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2,966,016</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left colSpan=2><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Texas State Turnpike Authority, RB, CAB, First Tier, Series A</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(AMBAC) (a):</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5.39%, 8/15/21</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>7,990</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>4,488,063</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5.54%, 8/15/24</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>8,450</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>3,634,007</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>22,195,912</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#394c87 size=1>U.S. Virgin Islands &#8212; 0.5%</FONT></B>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left colSpan=2><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Virgin Islands Public Finance Authority, RB, Senior Lien,</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" align=left colSpan=2><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Matching Fund Loan Note, Series A, 5.25%, 10/01/17</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,000</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,054,860</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Virgin Islands Public Finance Authority, Refunding RB,</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Senior Secured, Hovensa Coker Project, AMT,</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>6.50%, 7/01/21</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>500</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>483,335</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,538,195</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#394c87 size=1>Virginia &#8212; 7.9%</FONT></B>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Celebrate North Community Development Authority,</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Special Assessment Bonds, Celebrate Virginia North</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Project, Series B, 6.60%, 3/01/25</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>4,778</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>3,589,568</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Charles City County EDA, RB, Waste Management Inc.</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" align=left colSpan=2><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Project, Mandatory Put Bonds, AMT, 5.13%, 8/01/27 (h)</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>10,000</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>10,481,600</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left colSpan=2><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Mecklenburg County IDA Virginia, Refunding RB, Exempt</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Facility, UAE LP Project, AMT, 6.50%, 10/15/17</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>7,500</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>7,449,150</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Russell County IDA, Refunding RB, Appalachian Power,</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Series K, 4.63%, 11/01/21</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2,000</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2,023,040</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>23,543,358</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#394c87 size=1>Wisconsin &#8212; 3.0%</FONT></B>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>State of Wisconsin, Refunding RB, Series A,</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5.25%, 5/01/20</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,000</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,141,800</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Wisconsin Health &amp; Educational Facilities Authority,</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Refunding RB:</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3px" align=left colSpan=2><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Froedtert &amp; Community Health Inc., 5.00%, 4/01/20</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,515</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,616,944</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Wheaton Franciscan Services, Series A,</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5.50%, 8/15/17</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2,880</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2,916,403</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Wheaton Franciscan Services, Series A,</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5.50%, 8/15/18</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>3,190</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>3,217,785</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>8,892,932</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Total Municipal Bonds &#8212; 154.8%</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>458,407,555</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<DIV align=left>

<TABLE cellSpacing=0 border=0>



<TR>

   <TD width="64%"></TD>

   <TD width="16%"></TD>

   <TD width="19%"></TD></TR>

<TR vAlign=bottom>

   <TD align=left><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Municipal Bonds Transferred to</FONT></B>&nbsp;</TD>

   <TD align=middle><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Par</FONT></B>&nbsp;</TD>

   <TD align=middle>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Tender Option Bond Trusts (i)</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=middle><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(000)</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=middle><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Value</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#394c87 size=1>Illinois &#8212; 1.8%</FONT></B>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>City of Chicago Illinois, Refunding RB, Second Lien</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(AGM), 5.00%, 11/01/20</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 5,000</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 5,319,100</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Total Municipal Bonds Transferred to</FONT></B>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Tender Option Bond Trusts &#8212; 1.8%</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5,319,100</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Total Long-Term Investments</FONT></B>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 3px double" align=left><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(Cost &#8212; $468,058,321 &#8212; 156.6%</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>463,726,655</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Short-Term Securities</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=middle><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Shares</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>FFI Institutional Tax-Exempt Fund, 0.23% (j)(k)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>3,220,721</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>3,220,721</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Total Short-Term Securities</FONT></B>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(Cost &#8212; $3,220,721) &#8212; 1.1%</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>3,220,721</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Total Investments (Cost &#8212; $471,279,042*) &#8212; 157.7%</FONT></B>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>466,947,376</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Other Assets Less Liabilities &#8212; 2.3%</FONT></B>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>6,751,315</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Liability for Trust Certificates, Including Interest</FONT></B>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2px" align=left><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Expense and Fees Payable &#8212; (1.3)%</FONT></B>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(3,756,044)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Preferred Shares, at Redemption Value &#8212; (58.7)%</FONT></B>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(173,860,783)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Net Assets Applicable to Common Shares &#8212; 100.0%</FONT></B>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$296,081,864</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1><BR>* The cost and unrealized appreciation (depreciation) of investments as of April 30,</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2011, as computed for federal income tax purposes, were as follows:</FONT></P>

<DIV align=left>

<TABLE cellSpacing=0 border=0>



<TR>

   <TD width="57%"></TD>

   <TD width="42%"></TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Aggregate cost</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$466,977,664</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Gross unrealized appreciation</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 13,335,109</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Gross unrealized depreciation</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(17,115,397)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Net unrealized depreciation</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ (3,780,288)</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1><BR>(a) Represents a zero-coupon bond. Rate shown reflects the current yield as of</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>report date.</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(b) US government securities, held in escrow, are used to pay interest on this security as</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>well as to retire the bond in full at the date indicated, typically at a premium to par.</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(c) Security exempt from registration under Rule 144A of the Securities Act of 1933.</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>These securities may be resold in transactions exempt from registration to qualified</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>institutional investors.</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(d) Issuer filed for bankruptcy and/or is in default of interest payments.</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(e) Non-income producing security.</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(f) Security represents a beneficial interest in a trust. The collateral deposited into</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>the trust is federally tax-exempt revenue bonds issued by various state or local</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>governments, or their respective agencies or authorities. The security is subject to</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>remarketing prior to its stated maturity.</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(g) Security is perpetual in nature and has no stated maturity date.</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(h) Variable rate security. Rate shown is as of report date.</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(i) Securities represent bonds transferred to a TOB in exchange for which the Trust</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>acquired residual interest certificates. These securities serve as collateral in a</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>financing transaction. See Note 1 of the Notes to Financial Statements for details</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>of municipal bonds transferred to TOBs.</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(j) Investments in companies considered to be an affiliate of the Trust during the</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>year, for purposes of Section 2(a)(3) of the Investment Company Act of 1940,</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>as amended, were as follows:</FONT></P>

<DIV align=left>

<TABLE cellSpacing=0 border=0>



<TR>

   <TD width="24%"></TD>

   <TD width="22%"></TD>

   <TD width="17%"></TD>

   <TD width="22%"></TD>

   <TD width="12%"></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=middle><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Shares Held at</FONT></B>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=middle><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Shares Held at</FONT></B>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=middle><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>April 30,</FONT></B>&nbsp;</TD>

   <TD align=middle><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Net</FONT></B>&nbsp;</TD>

   <TD align=middle><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>April 30,</FONT></B>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Affiliate</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=middle><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2010</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=middle><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Activity</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=middle><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2011</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Income</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>FFI Institutional</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2px; BORDER-BOTTOM: #000000 1px solid" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Tax-Exempt Fund</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=middle><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,901,695</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=middle><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,319,026</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=middle><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>3,220,721</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$11,232</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1><BR>(k) Represents the current yield as of report date.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>See Notes to Financial Statements.</FONT></P>

<DIV align=left>

<TABLE cellSpacing=0 border=0>



<TR>

   <TD width="37%"></TD>

   <TD width="48%"></TD>

   <TD width="13%"></TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif color=#231f20 size=1>ANNUAL REPORT</FONT>&nbsp;</TD>

   <TD align=left><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif color=#231f20 size=1>APRIL 30, 2011</FONT>&nbsp;</TD>

   <TD align=left><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif color=#231f20 size=1>23</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<HR align=center width="100%" noShade SIZE=2>



<DIV style="PAGE-BREAK-BEFORE: always"></DIV>

<!--$$/page=--><A name="page_25"></A><BR>

<P style="TEXT-ALIGN: left"><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif color=#394c87 size=4><STRONG><FONT size=2>BlackRock Municipal 2020 Term Trust (BKK)<BR></FONT></STRONG>Schedule of Investments (concluded) <BR></FONT></P>

<P style="TEXT-ALIGN: left"><FONT face=Frutiger-Roman,Arial,Helvetica,sans-serif color=#231f20 size=2>&#8226; </FONT><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Fair Value Measurements &#8212; Various inputs are used in determining the fair value</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>of investments. These inputs are summarized in three broad levels for financial</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>statement purposes as follows:</FONT><BR><FONT face=Frutiger-Roman,Arial,Helvetica,sans-serif color=#231f20 size=2>&#8226; </FONT><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Level 1 &#8212; price quotations in active markets/exchanges for identical assets</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>and liabilities</FONT><BR><FONT face=Frutiger-Roman,Arial,Helvetica,sans-serif color=#231f20 size=2>&#8226; </FONT><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Level 2 &#8212; other observable inputs (including, but not limited to: quoted prices for</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>similar assets or liabilities in markets that are active, quoted prices for identical</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>or similar assets or liabilities in markets that are not active, inputs other than</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>quoted prices that are observable for the assets or liabilities (such as interest</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>default rates) or other market-corroborated inputs)</FONT><BR><FONT face=Frutiger-Roman,Arial,Helvetica,sans-serif color=#231f20 size=2>&#8226; </FONT><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Level 3 &#8212; unobservable inputs based on the best information available in the</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>circumstances, to the extent observable inputs are not available (including the</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Trust&#8217;s own assumptions used in determining the fair value of investments)<BR></FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>The inputs or methodologies used for valuing securities are not necessarily an</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>indication of the risk associated with investing in those securities. For information</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>about the Trust&#8217;s policy regarding valuation of investments and other significant</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>accounting policies, please refer to Note 1 of the Notes to Financial Statements.<BR></FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>The following table summarizes the inputs used as of April 30, 2011 in determining</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>the fair valuation of the Trust&#8217;s investments:</FONT></P>

<DIV align=left>

<TABLE cellSpacing=0 border=0>



<TR>

   <TD width="21%"></TD>

   <TD width="19%"></TD>

   <TD width="22%"></TD>

   <TD width="15%"></TD>

   <TD width="20%"></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Valuation Inputs</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=middle><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Level 1</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=middle><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Level 2</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=middle><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Level 3</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=middle><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Total</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Assets:</FONT></B>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left colSpan=2><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Investments in Securities:</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Long-Term</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Investments</FONT><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1</FONT></SUP>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>&#8212;</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$463,726,655</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>&#8212;</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$463,726,655</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Short-Term</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Securities</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 3,220,721</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>&#8212;</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>&#8212;</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>3,220,721</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Total</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 3,220,721</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$463,726,655</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>&#8212;</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$466,947,376</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px"><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1 </FONT></SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>See above Schedule of Investments for values in each state or</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>political subdivision.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>See Notes to Financial Statements.</FONT></P>

<DIV align=left>

<TABLE cellSpacing=0 border=0>



<TR>

   <TD width="13%"></TD>

   <TD width="49%"></TD>

   <TD width="37%"></TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif color=#231f20 size=1>24</FONT>&nbsp;</TD>

   <TD align=left><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif color=#231f20 size=1>ANNUAL REPORT</FONT>&nbsp;</TD>

   <TD align=left><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif color=#231f20 size=1>APRIL 30, 2011</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<HR align=center width="100%" noShade SIZE=2>



<DIV style="PAGE-BREAK-BEFORE: always"></DIV>

<!--$$/page=--><A name="page_26"></A><BR>

<P style="TEXT-ALIGN: left"><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif color=#394c87 size=4><STRONG><FONT size=2>BlackRock Municipal Income Trust (BFK)</FONT></STRONG><BR>Schedule of Investments </FONT><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif color=#394c87 size=2>April 30, 2011 <BR></FONT><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#394c87 size=1>(Percentages shown are based on Net Assets)</FONT></B></P>

<DIV align=left>

<TABLE cellSpacing=0 border=0>



<TR>

   <TD width="64%"></TD>

   <TD width="4%"></TD>

   <TD width="11%"></TD>

   <TD width="18%"></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=middle><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Par</FONT></B>&nbsp;</TD>

   <TD align=middle>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Municipal Bonds</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=middle><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(000)</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=middle><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Value</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#394c87 size=1>Alabama &#8212; 0.7%</FONT></B>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Alabama State Docks Department, Refunding RB,</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px; BORDER-BOTTOM: #000000 1px solid" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>6.00%, 10/01/40</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right colSpan=2><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 4,080</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 4,062,987</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#394c87 size=1>Arizona &#8212; 3.8%</FONT></B>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Salt River Project Agricultural Improvement &amp; Power</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>District, RB, Series A, 5.00%, 1/01/38</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>3,860</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>3,892,424</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Salt Verde Financial Corp., RB, Senior:</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5.00%, 12/01/32</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>10,030</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>8,639,742</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5.00%, 12/01/37</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>9,460</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>7,840,353</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>20,372,519</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#394c87 size=1>Arkansas &#8212; 0.6%</FONT></B>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>County of Little River Arkansas, Refunding RB, Georgia-</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px; BORDER-BOTTOM: #000000 1px solid" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Pacific Corp. Project, AMT, 5.60%, 10/01/26</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>3,255</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2,991,475</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#394c87 size=1>California &#8212; 27.2%</FONT></B>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Bay Area Toll Authority, Refunding RB, San Francisco</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Bay Area, Series F-1, 5.63%, 4/01/44</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>4,445</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>4,589,463</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left colSpan=2><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>California County Tobacco Securitization Agency, RB, CAB,</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Stanislaus, Sub-Series C, 6.30%, 6/01/55 (a)</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>17,855</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>130,163</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>California Health Facilities Financing Authority,</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" align=left colSpan=2><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Refunding RB, Sutter Health, Series B, 6.00%, 8/15/42</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>6,230</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>6,317,905</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>California HFA, RB, Home Mortgage, Series G, AMT,</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5.50%, 8/01/42</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5,925</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5,877,541</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left colSpan=2><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>California State Public Works Board, RB, Various Capital</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Projects, Sub-Series I-1, 6.38%, 11/01/34</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2,315</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2,391,603</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left colSpan=2><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>California Statewide Communities Development Authority,</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" align=left colSpan=2><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>RB, Health Facility, Memorial Health Services, Series A,</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5.50%, 10/01/33</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5,000</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>4,911,300</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left colSpan=2><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>City of Lincoln California, Special Tax Bonds, Community</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Facilities District No. 2003-1, 6.00%, 9/01/13 (b)</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>3,115</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>3,533,407</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left colSpan=2><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Foothill Eastern Transportation Corridor Agency California,</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Refunding RB, CAB (a):</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>6.08%, 1/15/32</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>54,635</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>8,841,036</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>6.09%, 1/15/38</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>75,000</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>6,979,500</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left colSpan=2><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Golden State Tobacco Securitization Corp. California, RB,</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Series 2003-A-1, 6.63%, 6/01/13 (b)</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5,000</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5,600,200</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Los Angeles Department of Airports, RB, Series A,</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5.25%, 5/15/39</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,560</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,553,152</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Los Angeles Department of Airports, Refunding RB,</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Senior, Los Angeles International Airport, Series A,</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5.00%, 5/15/40</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>11,690</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>11,206,268</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Los Angeles Regional Airports Improvement Corp.</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>California, Refunding RB, Facilities, LAXFUEL Corp.,</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>LA International, AMT (AMBAC),</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5.50%, 1/01/32</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>13,320</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>11,705,749</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left colSpan=2><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Los Angeles Unified School District California, GO, Series D:</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5.25%, 7/01/24</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5,000</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5,325,850</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5.25%, 7/01/25</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>3,490</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>3,670,782</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5.00%, 7/01/26</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,305</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,339,243</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Murrieta Community Facilities District Special Tax</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" align=left colSpan=2><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>California, Special Tax Bonds, District No. 2, The Oaks</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Improvement Area A, 6.00%, 9/01/34</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5,000</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>4,460,000</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left colSpan=2><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>San Francisco City &amp; County Public Utilities Commission,</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>RB, Series B, 5.00%, 11/01/39</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>18,550</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>18,327,771</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>State of California, GO, Various Purpose:</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>6.00%, 3/01/33</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>4,970</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5,310,197</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>6.50%, 4/01/33</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>20,410</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>22,419,364</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>University of California, RB, Limited Project, Series B,</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>4.75%, 5/15/38</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>9,840</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>8,974,670</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>West Valley-Mission Community College District, GO,</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Election of 2004, Series A (AGM), 4.75%, 8/01/30</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>4,015</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>3,834,164</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>147,299,328</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<DIV align=left>

<TABLE cellSpacing=0 border=0>



<TR>

   <TD width="64%"></TD>

   <TD width="4%"></TD>

   <TD width="11%"></TD>

   <TD width="18%"></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=middle><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Par</FONT></B>&nbsp;</TD>

   <TD align=middle>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Municipal Bonds</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=middle><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(000)</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=middle><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Value</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#394c87 size=1>Colorado &#8212; 2.3%</FONT></B>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left colSpan=2><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>City of Colorado Springs Colorado, RB, Subordinate Lien,</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Improvement, Series C (AGM), 5.00%, 11/15/45</FONT>&nbsp;</TD>

   <TD align=right colSpan=2><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 2,115</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 2,104,594</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Colorado Health Facilities Authority, Refunding RB:</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Catholic Health, Series A, 5.50%, 7/01/34</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>4,205</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>4,210,130</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Sisters of Leavenworth, Series A, 5.00%, 1/01/40</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>4,310</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>3,936,926</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left colSpan=2><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Park Creek Metropolitan District Colorado, Refunding RB,</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Senior, Limited Tax, Property Tax, 5.50%, 12/01/37</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2,530</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2,183,188</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>12,434,838</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#394c87 size=1>Connecticut &#8212; 0.5%</FONT></B>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left colSpan=2><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Connecticut State Health &amp; Educational Facility Authority,</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px; BORDER-BOTTOM: #000000 1px solid" align=left colSpan=2><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>RB, Ascension Health Senior Credit, 5.00%, 11/15/40</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2,710</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2,593,145</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#394c87 size=1>Delaware &#8212; 1.7%</FONT></B>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left colSpan=2><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>County of Sussex Delaware, RB, NRG Energy, Inc., Indian</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>River Project, 6.00%, 10/01/40</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2,225</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2,170,866</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left colSpan=2><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Delaware State EDA, RB, Exempt Facilities, Indian River</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Power, 5.38%, 10/01/45</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>7,950</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>6,826,744</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>8,997,610</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#394c87 size=1>District of Columbia &#8212; 4.7%</FONT></B>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>District of Columbia, Refunding RB, Friendship Public</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Charter School Inc. (ACA), 5.25%, 6/01/33</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2,390</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,818,025</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left colSpan=2><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>District of Columbia Tobacco Settlement Financing Corp.,</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Refunding RB, Asset-Backed, 6.75%, 5/15/40</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>23,035</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>21,077,486</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left colSpan=2><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Metropolitan Washington Airports Authority, RB, First Senior</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Lien, Series A:</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5.00%, 10/01/39</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>990</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>943,797</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5.25%, 10/01/44</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,545</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,481,608</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>25,320,916</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#394c87 size=1>Florida &#8212; 5.8%</FONT></B>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left colSpan=2><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>County of Miami-Dade Florida, RB, Water &amp; Sewer System,</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5.00%, 10/01/34</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>6,625</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>6,490,380</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>County of Miami-Dade Florida, Refunding RB, Miami</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>International Airport, Series A-1, 5.38%, 10/01/41</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2,280</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2,161,440</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>County of Orange Florida, Refunding RB (Syncora),</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>4.75%, 10/01/32</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2,385</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2,182,418</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left colSpan=2><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Miami Beach Health Facilities Authority, RB, Mount Sinai</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Medical Center of Florida, 6.75%, 11/15/21</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>7,045</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>7,184,209</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left colSpan=2><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Mid-Bay Bridge Authority, RB, Series A, 7.25%, 10/01/40</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>4,450</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>4,431,399</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Stevens Plantation Community Development District,</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" align=left colSpan=2><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Special Assessment Bonds, Series A, 7.10%, 5/01/35</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>3,650</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2,813,311</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Village Community Development District No. 6, Special</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Assessment Bonds, 5.63%, 5/01/22</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>6,215</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5,909,160</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>31,172,317</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#394c87 size=1>Georgia &#8212; 2.5%</FONT></B>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>De Kalb Private Hospital Authority, Refunding RB,</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Children's Healthcare, 5.25%, 11/15/39</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,650</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,595,501</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Metropolitan Atlanta Rapid Transit Authority, RB, Third</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Series, 5.00%, 7/01/39</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5,000</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>4,999,650</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Private Colleges &amp; Universities Authority, Refunding RB,</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Emory University, Series C, 5.00%, 9/01/38</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2,990</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>3,013,561</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left colSpan=2><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Richmond County Development Authority, Refunding RB,</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>International Paper Co. Project, Series A, AMT,</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>6.00%, 2/01/25</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>4,000</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>3,995,480</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>13,604,192</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#394c87 size=1>Guam &#8212; 0.8%</FONT></B>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Territory of Guam, GO, Series A:</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>6.00%, 11/15/19</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,245</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,245,784</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>6.75%, 11/15/29</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,775</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,769,906</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>7.00%, 11/15/39</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,255</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,282,409</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>4,298,099</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<P style="TEXT-ALIGN: left"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>See Notes to Financial Statements.</FONT></P>

<DIV align=left>

<TABLE cellSpacing=0 border=0>



<TR>

   <TD width="37%"></TD>

   <TD width="48%"></TD>

   <TD width="13%"></TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif color=#231f20 size=1>ANNUAL REPORT</FONT>&nbsp;</TD>

   <TD align=left><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif color=#231f20 size=1>APRIL 30, 2011</FONT>&nbsp;</TD>

   <TD align=left><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif color=#231f20 size=1>25</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<HR align=center width="100%" noShade SIZE=2>



<DIV style="PAGE-BREAK-BEFORE: always"></DIV>

<!--$$/page=--><A name="page_27"></A><BR>

<P style="TEXT-ALIGN: left"><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif color=#394c87 size=4><STRONG><FONT size=2>BlackRock Municipal Income Trust (BFK)</FONT></STRONG><BR>Schedule of Investments (continued) <BR></FONT><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#394c87 size=1>(Percentages shown are based on Net Assets)</FONT></B></P>

<DIV align=left>

<TABLE cellSpacing=0 border=0>



<TR>

   <TD width="69%"></TD>

   <TD width="11%"></TD>

   <TD width="18%"></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=middle><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Par</FONT></B>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Municipal Bonds</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=middle><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(000)</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=middle><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Value</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#394c87 size=1>Hawaii &#8212; 0.5%</FONT></B>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>State of Hawaii, Refunding RB, Series A, 5.25%, 7/01/30 $</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2,660</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 2,682,929</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#394c87 size=1>Illinois &#8212; 9.7%</FONT></B>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>City of Chicago Illinois, Refunding RB, General, Third Lien,</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Series C, 6.50%, 1/01/41 (c)</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>11,385</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>12,132,311</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Illinois Finance Authority, RB:</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Advocate Health Care, Series C, 5.38%, 4/01/44</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>10,630</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>9,983,909</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>MJH Education Assistance IV LLC, Sub-Series B,</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5.38%, 6/01/35 (d)(e)</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,675</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>449,637</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Navistar International, Recovery Zone,</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>6.50%, 10/15/40</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>3,010</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>3,023,184</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Illinois Finance Authority, Refunding RB:</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Central DuPage Health, Series B, 5.50%, 11/01/39</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>3,160</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>3,003,264</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Elmhurst Memorial Healthcare, 5.63%, 1/01/28</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>3,000</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2,789,640</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Friendship Village Schaumburg, Series A,</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5.63%, 2/15/37</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>845</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>644,270</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Series 05-A, 5.25%, 7/01/41</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>760</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>769,181</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Metropolitan Pier &amp; Exposition Authority, Refunding RB</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(AGM), McCormick Place Expansion Project:</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Series B, 5.00%, 6/15/50</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>6,155</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5,370,792</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Series B-2, 5.00%, 6/15/50</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>4,885</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>4,163,925</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Railsplitter Tobacco Settlement Authority, RB:</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5.50%, 6/01/23</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2,625</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2,532,810</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>6.00%, 6/01/28</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2,245</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2,159,106</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>State of Illinois, RB, Build Illinois, Series B,</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5.25%, 6/15/34</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,240</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,199,626</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Village of Bolingbrook Illinois, GO, Refunding, Series B</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(NPFGC) (a):</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>6.01%, 1/01/33</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>6,820</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,509,812</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>6.01%, 1/01/34</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>14,085</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2,895,876</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>52,627,343</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#394c87 size=1>Indiana &#8212; 3.3%</FONT></B>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>City of Vincennes Indiana, Refunding RB, Southwest</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Indiana Regional Youth Village, 6.25%, 1/01/24</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2,030</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,727,002</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Indiana Finance Authority, RB, Sisters of St. Francis Health,</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5.25%, 11/01/39</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,655</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,526,655</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Indiana Health Facility Financing Authority, Refunding RB,</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Methodist Hospital Inc., 5.50%, 9/15/31</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>9,000</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>7,302,960</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Indiana Municipal Power Agency, RB, Series B,</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>6.00%, 1/01/39</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2,150</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2,204,180</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Petersburg Indiana, RB, Indiana Power &amp; Light, AMT,</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5.90%, 12/01/24</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5,000</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5,091,550</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>17,852,347</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#394c87 size=1>Kansas &#8212; 0.6%</FONT></B>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Kansas Development Finance Authority, Refunding RB,</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px; BORDER-BOTTOM: #000000 1px solid" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Sisters of Leavenworth, Series A, 5.00%, 1/01/40</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>3,275</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>3,130,736</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#394c87 size=1>Kentucky &#8212; 0.3%</FONT></B>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Kentucky Economic Development Finance Authority,</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Refunding RB, Owensboro Medical Health System,</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px; BORDER-BOTTOM: #000000 1px solid" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Series A, 6.38%, 6/01/40</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,990</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,888,072</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#394c87 size=1>Louisiana &#8212; 1.2%</FONT></B>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Louisiana Local Government Environmental Facilities</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>&amp; Community Development Authority, RB, Westlake</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px; BORDER-BOTTOM: #000000 1px solid" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Chemical Corp., Series A-1, 6.50%, 11/01/35</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>6,535</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>6,560,225</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#394c87 size=1>Maryland &#8212; 1.8%</FONT></B>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Maryland Community Development Administration,</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Refunding RB, Residential, Series A, AMT,</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>4.65%, 9/01/32</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2,465</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2,238,097</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Maryland EDC, RB, Transportation Facilities Project,</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Series A, 5.75%, 6/01/35</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>855</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>782,068</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Maryland EDC, Refunding RB, CNX Marine Terminals, Inc.,</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5.75%, 9/01/25</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,760</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,684,021</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Maryland Health &amp; Higher Educational Facilities</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Authority, Refunding RB, Charlestown Community,</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>6.25%, 1/01/41</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>4,295</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>4,176,071</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<DIV align=left>

<TABLE cellSpacing=0 border=0>



<TR>

   <TD width="64%"></TD>

   <TD width="4%"></TD>

   <TD width="11%"></TD>

   <TD width="18%"></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=middle><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Par</FONT></B>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Municipal Bonds</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=middle><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(000)</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=middle><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Value</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#394c87 size=1>Maryland (concluded)</FONT></B>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left colSpan=2><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Montgomery County Housing Opportunities Commission,</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>RB, Series D, AMT, 5.50%, 1/01/38</FONT>&nbsp;</TD>

   <TD align=right colSpan=2><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 920</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 961,437</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>9,841,694</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#394c87 size=1>Massachusetts &#8212; 0.6%</FONT></B>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left colSpan=2><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Massachusetts Health &amp; Educational Facilities Authority,</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Refunding RB, Partners Healthcare, Series J1,</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px; BORDER-BOTTOM: #000000 1px solid" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5.00%, 7/01/39</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>3,535</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>3,307,028</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#394c87 size=1>Michigan &#8212; 1.1%</FONT></B>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Kalamazoo Hospital Finance Authority, Refunding RB,</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Bronson Methodist Hospital, 5.50%, 5/15/36</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2,700</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2,569,698</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left colSpan=2><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Michigan State Hospital Finance Authority, Refunding RB,</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" align=left colSpan=2><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Henry Ford Health System, Series A, 5.25%, 11/15/46</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>4,230</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>3,529,343</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>6,099,041</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#394c87 size=1>Mississippi &#8212; 2.6%</FONT></B>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>City of Gulfport Mississippi, RB, Memorial Hospital at</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px; BORDER-BOTTOM: #000000 1px solid" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Gulfport Project, Series A, 5.75%, 7/01/31</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>14,425</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>14,187,132</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#394c87 size=1>Missouri &#8212; 0.3%</FONT></B>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left colSpan=2><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Missouri State Health &amp; Educational Facilities Authority,</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>RB, Senior Living Facilities, Lutheran Senior Home,</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px; BORDER-BOTTOM: #000000 1px solid" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5.50%, 2/01/42</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2,035</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,758,281</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#394c87 size=1>Multi-State &#8212; 4.4%</FONT></B>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Centerline Equity Issuer Trust, 6.80%, 10/31/52 (f)(g)</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>16,000</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>17,231,680</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>MuniMae TE Bond Subsidiary LLC,</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>7.50%, 6/30/49 (f)(g)(h)</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>7,171</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>6,669,357</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>23,901,037</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#394c87 size=1>Nebraska &#8212; 0.7%</FONT></B>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Douglas County Hospital Authority No. 2, RB, Health</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" align=left colSpan=2><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Facilities, Immanuel Obligation Group, 5.63%, 1/01/40</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>3,280</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>3,138,238</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left colSpan=2><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Lancaster County Hospital Authority No. 1, RB, Immanuel</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Obligation Group, 5.63%, 1/01/40</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>600</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>586,176</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>3,724,414</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#394c87 size=1>Nevada &#8212; 0.8%</FONT></B>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left colSpan=2><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>County of Clark Nevada, Refunding RB, Alexander Dawson</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px; BORDER-BOTTOM: #000000 1px solid" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>School Nevada Project, 5.00%, 5/15/29</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>4,550</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>4,326,595</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#394c87 size=1>New Hampshire &#8212; 0.7%</FONT></B>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left colSpan=2><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>New Hampshire Health &amp; Education Facilities Authority,</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px; BORDER-BOTTOM: #000000 1px solid" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>RB, Exeter Project, 5.75%, 10/01/31</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>3,500</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>3,539,165</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#394c87 size=1>New Jersey &#8212; 7.9%</FONT></B>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left colSpan=2><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Middlesex County Improvement Authority, RB, Subordinate,</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" align=left colSpan=2><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Heldrich Center Hotel, Series B, 6.25%, 1/01/37 (d)(e)</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>3,680</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>368,000</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>New Jersey EDA, RB:</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Cigarette Tax, 5.75%, 6/15/29</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>15,500</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>14,087,175</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left colSpan=2><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Continental Airlines Inc. Project, AMT, 6.25%, 9/15/29</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>3,000</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2,734,470</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Continental Airlines Inc. Project, AMT,</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>7.00%, 11/15/30 (h)</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>15,410</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>15,017,815</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left colSpan=2><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>New Jersey EDA, Special Assessment Bonds, Refunding,</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Kapkowski Road Landfill Project, 6.50%, 4/01/28</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>8,000</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>7,979,920</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Tobacco Settlement Financing Corp. New Jersey,</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Refunding RB, Series 1A, 4.50%, 6/01/23</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>3,195</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2,691,596</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>42,878,976</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#394c87 size=1>New York &#8212; 6.9%</FONT></B>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left colSpan=2><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Albany Industrial Development Agency, RB, New Covenant</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" align=left colSpan=2><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Charter School Project, Series A, 7.00%, 5/01/35 (d)(e)</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,820</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>455,055</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Metropolitan Transportation Authority, Refunding RB,</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Transportation, Series D, 5.25%, 11/15/40</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2,375</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2,326,051</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>New York City Industrial Development Agency, RB,</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" align=left colSpan=2><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>American Airlines Inc., JFK International Airport, AMT (h):</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>8.00%, 8/01/28</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5,000</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5,126,400</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>7.75%, 8/01/31</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>22,140</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>22,361,621</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>New York Liberty Development Corp., Refunding RB,</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" align=left colSpan=2><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Second Priority, Bank of America Tower at One Bryant</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Park Project, 6.38%, 7/15/49</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2,400</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2,402,256</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<P style="TEXT-ALIGN: left"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>See Notes to Financial Statements.</FONT></P>

<DIV align=left>

<TABLE cellSpacing=0 border=0>



<TR>

   <TD width="13%"></TD>

   <TD width="49%"></TD>

   <TD width="37%"></TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif color=#231f20 size=1>26</FONT>&nbsp;</TD>

   <TD align=left><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif color=#231f20 size=1>ANNUAL REPORT</FONT>&nbsp;</TD>

   <TD align=left><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif color=#231f20 size=1>APRIL 30, 2011</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<HR align=center width="100%" noShade SIZE=2>



<DIV style="PAGE-BREAK-BEFORE: always"></DIV>

<!--$$/page=--><A name="page_28"></A><BR>

<P style="TEXT-ALIGN: left"><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif color=#394c87 size=4><STRONG><FONT size=2>BlackRock Municipal Income Trust (BFK)</FONT></STRONG><BR>Schedule of Investments (continued) <BR></FONT><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#394c87 size=1>(Percentages shown are based on Net Assets)</FONT></B></P>

<DIV align=left>

<TABLE cellSpacing=0 border=0>



<TR>

   <TD width="64%"></TD>

   <TD width="4%"></TD>

   <TD width="11%"></TD>

   <TD width="18%"></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=middle><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Par</FONT></B>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Municipal Bonds</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=middle><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(000)</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=middle><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Value</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#394c87 size=1>New York (concluded)</FONT></B>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Port Authority of New York &amp; New Jersey, RB,</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>JFK International Air Terminal:</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>6.00%, 12/01/36</FONT>&nbsp;</TD>

   <TD align=right colSpan=2><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 2,525</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 2,436,928</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>6.00%, 12/01/42</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2,460</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2,350,776</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>37,459,087</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#394c87 size=1>North Carolina &#8212; 4.7%</FONT></B>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Gaston County Industrial Facilities &amp; Pollution Control</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" align=left colSpan=2><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Financing Authority North Carolina, RB, Exempt Facilities,</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>National Gypsum Co. Project, AMT, 5.75%, 8/01/35</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>12,130</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>9,159,120</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>North Carolina Capital Facilities Finance Agency, RB,</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Duke University Project, Series B, 5.00%, 10/01/38</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>10,000</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>10,182,900</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>North Carolina Capital Facilities Finance Agency,</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Refunding RB, Duke University Project, Series B,</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>4.25%, 7/01/42</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>3,610</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>3,216,763</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>North Carolina Medical Care Commission, RB, Duke</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>University Health System, Series A, 5.00%, 6/01/42</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2,750</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2,616,790</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>25,175,573</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#394c87 size=1>Ohio &#8212; 2.5%</FONT></B>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left colSpan=2><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>County of Allen Ohio, Refunding RB, Catholic Healthcare,</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Series A, 5.25%, 6/01/38</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>6,125</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5,483,345</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>County of Montgomery Ohio, Refunding RB, Catholic</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Healthcare, Series A, 5.00%, 5/01/39</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5,450</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5,055,638</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left colSpan=2><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Pinnacle Community Infrastructure Financing Authority, RB,</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Facilities, Series A, 6.25%, 12/01/36</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>3,760</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2,835,867</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>13,374,850</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#394c87 size=1>Oklahoma &#8212; 1.4%</FONT></B>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left colSpan=2><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Tulsa Airports Improvement Trust, RB, Series A, Mandatory</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px; BORDER-BOTTOM: #000000 1px solid" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Put Bonds, AMT, 7.75%, 6/01/35 (h)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>7,175</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>7,373,317</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#394c87 size=1>Pennsylvania &#8212; 2.7%</FONT></B>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Allegheny County Hospital Development Authority,</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Refunding RB, Health System, West Penn, Series A,</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5.38%, 11/15/40</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>3,000</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2,229,630</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Pennsylvania Economic Development Financing</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Authority, RB:</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Amtrak Project, Series A, AMT, 6.38%, 11/01/41</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>6,500</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>6,505,265</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Aqua Pennsylvania Inc. Project, 5.00%, 11/15/40</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>3,725</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>3,662,793</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Pennsylvania Turnpike Commission, RB, Sub-Series D,</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5.13%, 12/01/40</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2,100</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,970,913</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>14,368,601</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#394c87 size=1>Puerto Rico &#8212; 4.7%</FONT></B>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Commonwealth of Puerto Rico, GO, Refunding, Public</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Improvement, Series C, 6.00%, 7/01/39</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>4,350</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>4,256,997</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Puerto Rico Sales Tax Financing Corp., RB:</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>CAB, Series A, 6.66%, 8/01/33 (a)</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>12,670</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2,916,507</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>CAB, Series A, 6.67%, 8/01/36 (a)</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>40,000</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>7,141,200</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>First Sub-Series A, 6.50%, 8/01/44</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>10,900</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>11,371,970</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>25,686,674</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#394c87 size=1>South Carolina &#8212; 2.1%</FONT></B>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left colSpan=2><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>South Carolina Jobs-EDA, Refunding RB, Palmetto Health</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Alliance, Series A, 6.25%, 8/01/31</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5,075</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>4,999,941</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left colSpan=2><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>South Carolina State Ports Authority, RB, 5.25%, 7/01/40</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>6,455</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>6,369,084</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>11,369,025</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#394c87 size=1>Tennessee &#8212; 0.6%</FONT></B>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Knox County Health Educational &amp; Housing Facilities</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" align=left colSpan=2><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Board Tennessee, Refunding RB, CAB, Series A (AGM),</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px; BORDER-BOTTOM: #000000 1px solid" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5.70%, 1/01/20 (a)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5,055</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>3,187,026</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#394c87 size=1>Texas &#8212; 14.6%</FONT></B>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Brazos River Authority, RB, TXU Electric, Series A, AMT,</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>8.25%, 10/01/30</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>4,370</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,881,023</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Brazos River Authority, Refunding RB, TXU Electric Co.</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Project, Series C, Mandatory Put Bonds, AMT,</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5.75%, 5/01/36 (h)</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>3,625</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>3,550,180</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<DIV align=left>

<TABLE cellSpacing=0 border=0>



<TR>

   <TD width="64%"></TD>

   <TD width="5%"></TD>

   <TD width="11%"></TD>

   <TD width="18%"></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=middle><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Par</FONT></B>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Municipal Bonds</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=middle><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(000)</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=middle><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Value</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#394c87 size=1>Texas (concluded)</FONT></B>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>City of Dallas Texas, Refunding RB, 5.00%, 10/01/35</FONT>&nbsp;</TD>

   <TD align=right colSpan=2><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 2,970</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 3,078,286</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>City of Houston Texas, RB, Senior Lien, Series A,</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5.50%, 7/01/39</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>3,000</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>3,038,730</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left colSpan=2><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>City of Houston Texas, Refunding RB, Combined, First Lien,</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Series A (AGC), 6.00%, 11/15/35</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>16,425</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>17,990,795</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Harris County-Houston Sports Authority, Refunding RB</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(NPFGC) (a):</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>CAB, Junior Lien, Series H, 6.12%, 11/15/35</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5,000</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>576,200</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>CAB, Senior Lien, Series A, 5.95%, 11/15/38</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>12,580</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,173,462</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Third Lien, Series A-3, 5.97%, 11/15/37</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>26,120</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2,524,237</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Lower Colorado River Authority, Refunding RB:</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(NPFGC), 5.00%, 5/15/13 (b)</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>70</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>76,011</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(NPFGC), 5.00%, 5/15/13 (b)</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>50</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>54,347</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(NPFGC), 5.00%, 5/15/31</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,150</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,151,736</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>LCRA Transmission Services Project (AMBAC),</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>4.75%, 5/15/34</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>140</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>130,703</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Series A (NPFGC), 5.00%, 5/15/13 (b)</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5,435</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left colSpan=2><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>North Texas Tollway Authority, RB, Toll, Second Tier, Series F,</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>6.13%, 1/01/31</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>12,180</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>12,443,575</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left colSpan=2><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>San Antonio Energy Acquisition Public Facility Corp., RB,</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Gas Supply, 5.50%, 8/01/25</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>6,540</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>6,446,740</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left colSpan=2><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Tarrant County Cultural Education Facilities Finance Corp.,</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>RB, Scott &amp; White Healthcare, 6.00%, 8/15/45</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>7,930</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>8,076,071</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left colSpan=2><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Texas Private Activity Bond Surface Transportation Corp.,</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>RB, Senior Lien:</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3px" align=left colSpan=2><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>LBJ Infrastructure Group LLC, LBJ Freeway Managed</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Lanes Project, 7.00%, 6/30/40</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>7,975</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>8,125,568</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>NTE Mobility Partners LLC, North Tarrant Express</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Managed Lanes Project, 6.88%, 12/31/39</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>7,590</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>7,786,581</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Texas State Affordable Housing Corp., RB, American</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Opportunity Housing Portfolio, Junior Series B,</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>8.00%, 3/01/32 (d)(e)</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>4,435</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>205,828</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Texas State Turnpike Authority, RB, First Tier, Series A</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(AMBAC), 5.00%, 8/15/42</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>640</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>547,181</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>78,862,689</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#394c87 size=1>Utah &#8212; 1.2%</FONT></B>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>City of Riverton Utah, RB, IHC Health Services Inc.,</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px; BORDER-BOTTOM: #000000 1px solid" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5.00%, 8/15/41</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>7,150</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>6,625,047</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#394c87 size=1>Virginia &#8212; 1.7%</FONT></B>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left colSpan=2><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>City of Norfolk Virginia, Refunding RB, Series B (AMBAC),</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5.50%, 2/01/31</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2,240</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2,113,642</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left colSpan=2><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Virginia Commonwealth Transportation Board, RB, CAB,</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Contract, Route 28 (NPFGC), 5.29%, 4/01/32 (a)</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>8,105</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2,608,918</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Virginia HDA, RB, Sub-Series H-1 (NPFGC),</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5.35%, 7/01/31</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>4,520</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>4,521,582</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>9,244,142</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#394c87 size=1>Washington &#8212; 0.7%</FONT></B>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left colSpan=2><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Washington Health Care Facilities Authority, RB, Swedish</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px; BORDER-BOTTOM: #000000 1px solid" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Health Services, Series A, 6.75%, 11/15/41</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>3,900</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>4,043,676</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#394c87 size=1>Wisconsin &#8212; 2.5%</FONT></B>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left colSpan=2><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Wisconsin Health &amp; Educational Facilities Authority, RB:</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Ascension Health Senior Credit Group,</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5.00%, 11/15/30</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>3,210</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>3,093,573</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Ascension Health Senior Credit Group,</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5.00%, 11/15/33</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,640</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,542,814</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Aurora Health Care, 6.40%, 4/15/33</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>7,500</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>7,572,375</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Wisconsin Health &amp; Educational Facilities Authority,</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Refunding RB, Froedtert &amp; Community Health Inc.,</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5.38%, 10/01/30</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,205</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,205,349</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>13,414,111</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Total Municipal Bonds &#8212; 133.4%</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>721,636,259</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<P style="TEXT-ALIGN: left"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>See Notes to Financial Statements.</FONT></P>

<DIV align=left>

<TABLE cellSpacing=0 border=0>



<TR>

   <TD width="37%"></TD>

   <TD width="48%"></TD>

   <TD width="13%"></TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif color=#231f20 size=1>ANNUAL REPORT</FONT>&nbsp;</TD>

   <TD align=left><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif color=#231f20 size=1>APRIL 30, 2011</FONT>&nbsp;</TD>

   <TD align=left><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif color=#231f20 size=1>27</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<HR align=center width="100%" noShade SIZE=2>



<DIV style="PAGE-BREAK-BEFORE: always"></DIV>

<!--$$/page=--><A name="page_29"></A><BR>

<P style="TEXT-ALIGN: left"><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif color=#394c87 size=4><STRONG><FONT size=2>BlackRock Municipal Income Trust (BFK)<BR></FONT></STRONG>Schedule of Investments (continued) <BR></FONT></P>

<DIV align=left>

<TABLE cellSpacing=0 border=0>



<TR>

   <TD width="66%"></TD>

   <TD width="15%"></TD>

   <TD width="18%"></TD></TR>

<TR vAlign=bottom>

   <TD align=left><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Municipal Bonds Transferred to</FONT></B>&nbsp;</TD>

   <TD align=middle><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Par</FONT></B>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Tender Option Bond Trusts (i)</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=middle><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(000)</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=middle><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Value</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#394c87 size=1>Alabama &#8212; 0.8%</FONT></B>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Alabama Special Care Facilities Financing Authority-</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Birmingham, Refunding RB, Ascension Health</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px; BORDER-BOTTOM: #000000 1px solid" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Senior Credit, Series C-2, 5.00%, 11/15/36</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 4,548</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 4,382,858</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#394c87 size=1>California &#8212; 3.3%</FONT></B>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>California Educational Facilities Authority, RB, University</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>of Southern California, Series B, 5.25%, 10/01/39</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5,115</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5,247,478</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Los Angeles Community College District California, GO,</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Election of 2001, Series A (AGM), 5.00%, 8/01/32</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>4,500</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>4,464,720</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>San Diego Community College District California, GO,</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Election of 2002, 5.25%, 8/01/33</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>3,260</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>3,314,715</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>University of California, RB, Series C (NPFGC),</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>4.75%, 5/15/37</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5,000</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>4,574,350</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>17,601,263</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#394c87 size=1>Colorado &#8212; 2.2%</FONT></B>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Colorado Health Facilities Authority, RB Catholic</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Health, (AGM):</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Series C-3, 5.10%, 10/01/41</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>7,600</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>7,121,124</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Series C-7, 5.00%, 9/01/36</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>4,860</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>4,573,795</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>11,694,919</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#394c87 size=1>Connecticut &#8212; 3.5%</FONT></B>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Connecticut State Health &amp; Educational Facility Authority,</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>RB, Yale University:</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Series T-1, 4.70%, 7/01/29</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>9,400</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>9,640,358</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Series X-3, 4.85%, 7/01/37</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>9,360</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>9,410,918</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>19,051,276</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#394c87 size=1>Illinois &#8212; 1.5%</FONT></B>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Chicago Housing Authority, Refunding RB (AGM),</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px; BORDER-BOTTOM: #000000 1px solid" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5.00%, 7/01/24</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>8,232</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>8,394,685</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#394c87 size=1>Massachusetts &#8212; 1.3%</FONT></B>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Massachusetts Water Resources Authority, Refunding RB,</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px; BORDER-BOTTOM: #000000 1px solid" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>General, Series A, 5.00%, 8/01/41</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>6,770</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>6,819,218</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#394c87 size=1>New Hampshire &#8212; 0.8%</FONT></B>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>New Hampshire Health &amp; Education Facilities Authority,</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px; BORDER-BOTTOM: #000000 1px solid" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Refunding RB, Dartmouth College, 5.25%, 6/01/39</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>3,988</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>4,131,366</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#394c87 size=1>New York &#8212; 4.7%</FONT></B>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>New York City Municipal Water Finance Authority, RB,</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Series FF-2, 5.50%, 6/15/40</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>3,074</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>3,204,804</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>New York State Dormitory Authority, ERB, Series F,</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5.00%, 3/15/35</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>16,709</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>16,730,982</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>New York State Environmental Facilities Corp., RB,</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Revolving Funds, New York City Municipal Water Project,</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Series B, 5.00%, 6/15/31</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5,370</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5,409,523</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>25,345,309</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#394c87 size=1>Virginia &#8212; 2.0%</FONT></B>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>University of Virginia, Refunding RB, General,</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px; BORDER-BOTTOM: #000000 1px solid" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5.00%, 6/01/40</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>10,750</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>11,000,690</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#394c87 size=1>Washington &#8212; 3.7%</FONT></B>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Central Puget Sound Regional Transit Authority, RB,</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Series A (AGM), 5.00%, 11/01/32</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5,459</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5,558,983</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>State of Washington, GO, Various Purpose, Series E,</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5.00%, 2/01/34</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>14,487</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>14,699,960</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>20,258,943</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Total Municipal Bonds Transferred to</FONT></B>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Tender Option Bond Trusts &#8212; 23.8%</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>128,680,527</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Total Long-Term Investments</FONT></B>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(Cost &#8212; $903,731,749) &#8212; 157.2%</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>850,316,786</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<DIV align=left>

<TABLE cellSpacing=0 border=0>



<TR>

   <TD width="63%"></TD>

   <TD width="16%"></TD>

   <TD width="19%"></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Short-Term Securities</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=middle><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Shares</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=middle><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Value</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>FFI Institutional Tax-Exempt Fund, 0.23% (j)(k)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>30,616,864</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 30,616,864</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=middle><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Par</FONT></B>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=middle><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(000)</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Michigan Finance Authority, RB, SAN, Detroit Schools,</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px; BORDER-BOTTOM: #000000 1px solid" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Series A-1, 6.45%, 2/20/12</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 6,375</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>6,414,970</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Total Short-Term Securities</FONT></B>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(Cost &#8212; $36,991,864) &#8212; 6.8%</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>37,031,834</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Total Investments (Cost &#8212; $940,723,613*) &#8212; 164.0%</FONT></B>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>887,348,620</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Liabilities in Excess of Other Assets &#8212; 0.0%</FONT></B>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(121,316)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Liability for Trust Certificates, Including Interest</FONT></B>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2px" align=left><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Expense and Fees Payable &#8212; (13.9)%</FONT></B>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(75,240,368)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Preferred Shares, at Redemption Value &#8212; (50.1)%</FONT></B>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(270,889,850)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Net Assets Applicable to Common Shares &#8212; 100.0%</FONT></B>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 541,097,086</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1><BR>* The cost and unrealized appreciation (depreciation) of investments as of April 30,</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2011, as computed for federal income tax purposes, were as follows:</FONT></P>

<DIV align=left>

<TABLE cellSpacing=0 border=0>



<TR>

   <TD width="57%"></TD>

   <TD width="42%"></TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Aggregate cost</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 864,271,327</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Gross unrealized appreciation</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 13,738,570</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Gross unrealized depreciation</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(65,843,424)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Net unrealized depreciation</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ (52,104,854)</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1><BR>(a) Represents a zero-coupon bond. Rate shown reflects the current yield as of</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>report date.</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(b) US government securities, held in escrow, are used to pay interest on this security as</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>well as to retire the bond in full at the date indicated, typically at a premium to par.</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(c) When-issued security. Unsettled when-issued transactions were as follows:</FONT></P>

<DIV align=left>

<TABLE cellSpacing=0 border=0>



<TR>

   <TD width="47%"></TD>

   <TD width="32%"></TD>

   <TD width="20%"></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=middle>&nbsp;</TD>

   <TD align=middle><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Unrealized</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Counterparty</FONT></B>&nbsp;</TD>

   <TD style="TEXT-INDENT: 4px; BORDER-BOTTOM: #000000 1px solid" align=middle><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Value</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=middle><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Appreciation</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>CitiGroup Global Markets, Inc.</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$12,132,311</FONT>&nbsp;</TD>

   <TD style="TEXT-INDENT: 1px; BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 122,503</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1><BR>(d) Issuer filed for bankruptcy and/or is in default of interest payments.</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(e) Non-income producing security.</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(f) Security exempt from registration under Rule 144A of the Securities Act of 1933.</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>These securities may be resold in transactions exempt from registration to qualified</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>institutional investors.</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(g) Security represents a beneficial interest in a trust. The collateral deposited into</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>the trust is federally tax-exempt revenue bonds issued by various state or local</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>governments, or their respective agencies or authorities. The security is subject to</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>remarketing prior to its stated maturity.</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(h) Variable rate security. Rate shown is as of report date.</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(i) Securities represent bonds transferred to a TOB in exchange for which the Trust</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>acquired residual interest certificates. These securities serve as collateral in a</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>financing transaction. See Note 1 of the Notes to Financial Statements for details of</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>municipal bonds transferred to TOBs.</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(j) Investments in companies considered to be an affiliate of the Trust during the</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>year, for purposes of Section 2(a)(3) of the Investment Company Act of 1940,</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>as amended, were as follows:</FONT></P>

<DIV align=left>

<TABLE cellSpacing=0 border=0>



<TR>

   <TD width="24%"></TD>

   <TD width="22%"></TD>

   <TD width="17%"></TD>

   <TD width="22%"></TD>

   <TD width="12%"></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=middle><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Shares Held at</FONT></B>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=middle><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Shares Held at</FONT></B>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=middle><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>April 30,</FONT></B>&nbsp;</TD>

   <TD align=middle><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Net</FONT></B>&nbsp;</TD>

   <TD align=middle><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>April 30,</FONT></B>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Affiliate</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=middle><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2010</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=middle><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Activity</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=middle><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2011</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Income</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>FFI Institutional</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2px; BORDER-BOTTOM: #000000 1px solid" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Tax-Exempt Fund</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=middle><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>22,810,780</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=middle><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>7,806,084</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=middle><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>30,616,864</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$19,328</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(k) Represents the current yield as of report date.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face=Frutiger-Roman,Arial,Helvetica,sans-serif color=#231f20 size=2>&#8226; </FONT><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Financial futures contracts sold as of April 30, 2011 were as follows:</FONT></P>

<DIV align=left>

<TABLE cellSpacing=0 border=0>



<TR>

   <TD width="29%"></TD>

   <TD width="20%"></TD>

   <TD width="14%"></TD>

   <TD width="35%"></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Notional&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unrealized</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Contracts&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Issue&nbsp;&nbsp;&nbsp;</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=middle><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Exchange</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=middle><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Expiration</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Value&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Depreciation</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>405&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10-Year U.S.</FONT>&nbsp;</TD>

   <TD align=middle><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Chicago Board</FONT>&nbsp;</TD>

   <TD align=middle><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>June</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Treasury Note</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=middle><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>of Trade</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=middle><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2011</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=middle><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$47,998,059&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(1,063,895)</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<P style="TEXT-ALIGN: left"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>See Notes to Financial Statements.</FONT></P>

<DIV align=left>

<TABLE cellSpacing=0 border=0>



<TR>

   <TD width="13%"></TD>

   <TD width="49%"></TD>

   <TD width="37%"></TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif color=#231f20 size=1>28</FONT>&nbsp;</TD>

   <TD align=left><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif color=#231f20 size=1>ANNUAL REPORT</FONT>&nbsp;</TD>

   <TD align=left><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif color=#231f20 size=1>APRIL 30, 2011</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<HR align=center width="100%" noShade SIZE=2>



<DIV style="PAGE-BREAK-BEFORE: always"></DIV>

<!--$$/page=--><A name="page_30"></A><BR>

<P style="TEXT-ALIGN: left"><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif color=#394c87 size=4><STRONG><FONT size=2>BlackRock Municipal Income Trust (BFK)<BR></FONT></STRONG>Schedule of Investments (concluded) <BR></FONT></P>

<P style="TEXT-ALIGN: left"><FONT face=Frutiger-Roman,Arial,Helvetica,sans-serif color=#231f20 size=2>&#8226; </FONT><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Fair Value Measurements &#8212; Various inputs are used in determining the fair value of</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>investments and derivative financial instruments. These inputs are summarized in</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>three broad levels for financial reporting purposes as follows:<BR></FONT><BR><FONT face=Frutiger-Roman,Arial,Helvetica,sans-serif color=#231f20 size=2>&#8226; </FONT><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Level 1 &#8212; price quotations in active markets/exchanges for identical assets</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>and liabilities</FONT><BR><FONT face=Frutiger-Roman,Arial,Helvetica,sans-serif color=#231f20 size=2>&#8226; </FONT><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Level 2 &#8212; other observable inputs (including, but not limited to: quoted prices for</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>similar assets or liabilities in markets that are active, quoted prices for identical</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>or similar assets or liabilities in markets that are not active, inputs other than</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>quoted prices that are observable for the assets or liabilities (such as interest</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>default rates) or other market-corroborated inputs)</FONT><BR><FONT face=Frutiger-Roman,Arial,Helvetica,sans-serif color=#231f20 size=2>&#8226; </FONT><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Level 3 &#8212; unobservable inputs based on the best information available in the</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>circumstances, to the extent observable inputs are not available (including the</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Trust's own assumptions used in determining the fair value of investments and</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>derivative financial instruments)<BR></FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>The inputs or methodologies used for valuing securities are not necessarily an</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>indication of the risk associated with investing in those securities. For information</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>about the Trust&#8217;s policy regarding valuation of investments and derivative financial</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>instruments and other significant accounting policies, please refer to Note 1 of the</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Notes to Financial Statements.<BR></FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>The following tables summarize the inputs used as of April 30, 2011 in determining</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>the fair valuation of the Trust&#8217;s investments and derivative financial instruments:</FONT></P>

<DIV align=left>

<TABLE cellSpacing=0 border=0>



<TR>

   <TD width="21%"></TD>

   <TD width="16%"></TD>

   <TD width="26%"></TD>

   <TD width="15%"></TD>

   <TD width="20%"></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Valuation Inputs</FONT></B>&nbsp;</TD>

   <TD style="TEXT-INDENT: 4px; BORDER-BOTTOM: #000000 1px solid" align=middle><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Level 1</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=middle><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Level 2</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=middle><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Level 3</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=middle><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Total</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Assets:</FONT></B>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left colSpan=2><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Investments in Securities:</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Long-Term</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Investments</FONT><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1 </FONT></SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>.</FONT>&nbsp;</TD>

   <TD align=right>&nbsp;<FONT face=Arial color=#231f20 size=1>&#8212; </FONT></TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$850,316,786</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>&#8212;</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$850,316,786</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Short-Term</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Securities</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right colSpan=2><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 30,616,864&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6,414,970</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>&#8212;</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>37,031,834</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Total</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right colSpan=2><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 30,616,864&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$856,731,756</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>&#8212;</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$887,348,620</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px"><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1 </FONT></SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>See above Schedule of Investments for values in each state or</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>political subdivision.</FONT></P>

<DIV align=left>

<TABLE cellSpacing=0 border=0>



<TR>

   <TD width="24%"></TD>

   <TD width="18%"></TD>

   <TD width="20%"></TD>

   <TD width="17%"></TD>

   <TD width="19%"></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=middle colSpan=5><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Derivative Financial Instruments</FONT></B><B><SUP><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2</FONT></SUP></B></TD></TR>

<TR>

   <TD colSpan=5>

   <HR noShade SIZE=1>

</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Valuation Inputs</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=middle><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Level 1</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=middle><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Level 2</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=middle><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Level 3</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=middle><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Total</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Liabilities:</FONT></B>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Interest</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>rate</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2px; BORDER-BOTTOM: #000000 1px solid" align=left colSpan=2><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>contracts&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(1,063,895)</FONT>&nbsp;</TD>

   <TD style="TEXT-INDENT: 6px; BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>&#8212;</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>&#8212;</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=middle><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$(1,063,895)</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px"><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2 </FONT></SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Derivative financial instruments are financial futures contracts, which are valued</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>at the unrealized appreciation/depreciation on the instrument.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>See Notes to Financial Statements.</FONT></P>

<DIV align=left>

<TABLE cellSpacing=0 border=0>



<TR>

   <TD width="37%"></TD>

   <TD width="48%"></TD>

   <TD width="13%"></TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif color=#231f20 size=1>ANNUAL REPORT</FONT>&nbsp;</TD>

   <TD align=left><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif color=#231f20 size=1>APRIL 30, 2011</FONT>&nbsp;</TD>

   <TD align=left><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif color=#231f20 size=1>29</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<HR align=center width="100%" noShade SIZE=2>



<DIV style="PAGE-BREAK-BEFORE: always"></DIV>

<!--$$/page=--><A name="page_31"></A><BR>

<P style="TEXT-ALIGN: left"><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif color=#394c87 size=4><STRONG><FONT size=2>BlackRock Pennsylvania Strategic Municipal Trust (BPS)</FONT></STRONG><BR>Schedule of Investments </FONT><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif color=#394c87 size=2>April 30, 2011 <BR></FONT><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#394c87 size=1>(Percentages shown are based on Net Assets)</FONT></B></P>

<DIV align=left>

<TABLE cellSpacing=0 border=0>



<TR>

   <TD width="64%"></TD>

   <TD width="6%"></TD>

   <TD width="10%"></TD>

   <TD width="18%"></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=middle><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Par</FONT></B>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Municipal Bonds</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=middle><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(000)</FONT></B>&nbsp;</TD>

   <TD style="TEXT-INDENT: 5px; BORDER-BOTTOM: #000000 1px solid" align=middle><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Value</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#394c87 size=1>Pennsylvania &#8212; 110.5%</FONT></B>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#394c87 size=1>Corporate &#8212; 5.1%</FONT></B>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left colSpan=2><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Beaver County IDA, Refunding RB, FirstEnergy, Mandatory</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Put Bonds, 3.38%, 1/01/35 (a)</FONT>&nbsp;</TD>

   <TD align=right colSpan=2><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 200</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 194,782</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Montgomery County IDA Pennsylvania, RB,</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Aqua Pennsylvania Inc. Project, Series A, AMT,</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5.25%, 7/01/42</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>300</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>278,343</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left colSpan=2><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Pennsylvania Economic Development Financing Authority,</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>RB, Aqua Pennsylvania Inc. Project, Series A, AMT,</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>6.75%, 10/01/18</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>600</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>701,676</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left colSpan=2><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Pennsylvania Economic Development Financing Authority,</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" align=left colSpan=2><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Refunding RB, Aqua Pennsylvania Inc. Project, Series A,</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>AMT, 5.00%, 12/01/34</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>180</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>172,301</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,347,102</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left colSpan=2><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#394c87 size=1>County/City/Special District/School District &#8212; 13.4%</FONT></B>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>County of York Pennsylvania, GO, 5.00%, 3/01/36</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>100</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>100,736</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left colSpan=2><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Delaware Valley Regional Financial Authority, RB, Series A</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(AMBAC), 5.50%, 8/01/28</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,500</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,513,200</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Marple Newtown School District, GO (AGM),</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5.00%, 6/01/31</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>600</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>613,590</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left colSpan=2><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Owen J Roberts School District, GO, 4.75%, 11/15/25</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>700</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>720,713</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left colSpan=2><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Philadelphia School District, GO, Series E, 6.00%, 9/01/38</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>100</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>103,343</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Scranton School District Pennsylvania, GO, Series A</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(AGM), 5.00%, 7/15/38</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>500</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>501,660</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>3,553,242</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#394c87 size=1>Education &#8212; 14.2%</FONT></B>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Adams County IDA, Refunding RB, Gettysburg College:</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5.00%, 8/15/24</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>100</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>104,267</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5.00%, 8/15/25</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>100</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>103,296</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>4.50%, 8/15/27</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>140</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>135,281</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Cumberland County Municipal Authority, RB, AICUP</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Financing Program, Dickinson College Project,</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5.00%, 11/01/39</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>200</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>194,870</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Delaware County Authority Pennsylvania, RB, Villanova</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>University, 5.25%, 12/01/31</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>100</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>103,488</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Delaware County Authority, RB, Haverford College:</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5.00%, 11/15/35</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>415</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>418,598</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5.00%, 11/15/40</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>300</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>300,642</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Lancaster Higher Education Authority, RB, Franklin</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>&amp; Marshall College Project, 5.00%, 4/15/37</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>500</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>487,915</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left colSpan=2><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Pennsylvania Higher Educational Facilities Authority, RB:</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left colSpan=2><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Drexel University, Series A (NPFGC), 5.00%, 5/01/37</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>250</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>232,815</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Thomas Jefferson University, 5.00%, 3/01/40</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,000</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>950,190</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Pennsylvania Higher Educational Facilities Authority,</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Refunding RB, State System of Higher Education,</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Series AL, 5.00%, 6/15/35</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>100</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>100,139</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left colSpan=2><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Swarthmore Borough Authority, Refunding RB, Series A,</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>4.30%, 9/15/28</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>285</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>286,211</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left colSpan=2><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>University of Pittsburgh Pennsylvania, RB, Capital Project,</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Series B, 5.00%, 9/15/28</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>350</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>369,800</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>3,787,512</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#394c87 size=1>Health &#8212; 46.2%</FONT></B>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Allegheny County Hospital Development Authority,</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Refunding RB, Health System, West Penn, Series A:</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5.00%, 11/15/28</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>250</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>189,357</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5.38%, 11/15/40</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>470</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>349,309</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left colSpan=2><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Berks County Municipal Authority, Refunding RB, Reading</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Hospital &amp; Medical Center Project, Series A-3,</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5.50%, 11/01/31</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>500</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>504,730</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Bucks County IDA, Refunding RB, Pennswood Village</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Project, Series A, 6.00%, 10/01/12 (b)</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,150</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,246,968</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Centre County Hospital Authority, RB, Mount Nittany</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Medical Center Project (c):</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>6.25%, 11/15/41</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>120</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>117,593</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>7.00%, 11/15/46</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>390</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>407,363</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Cumberland County Municipal Authority, RB, Diakon</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Lutheran, 6.38%, 1/01/39</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>500</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>486,340</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<DIV align=left>

<TABLE cellSpacing=0 border=0>



<TR>

   <TD width="64%"></TD>

   <TD width="5%"></TD>

   <TD width="10%"></TD>

   <TD width="18%"></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=middle><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Par</FONT></B>&nbsp;</TD>

   <TD align=middle>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Municipal Bonds</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=middle><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(000)</FONT></B>&nbsp;</TD>

   <TD style="TEXT-INDENT: 5px; BORDER-BOTTOM: #000000 1px solid" align=middle><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Value</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#394c87 size=1>Pennsylvania (continued)</FONT></B>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#394c87 size=1>Health (concluded)</FONT></B>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left colSpan=2><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Dauphin County General Authority, Refunding RB, Pinnacle</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Health System Project, Series A, 6.00%, 6/01/29</FONT>&nbsp;</TD>

   <TD align=right colSpan=2><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 500</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 495,075</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Franklin County IDA Pennsylvania, RB, Chambersburg</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Hospital Project, 5.38%, 7/01/42</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>415</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>379,667</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left colSpan=2><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Lehigh County General Purpose Authority, Refunding RB,</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" align=left colSpan=2><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Hospital, Saint Luke&#8217;s Bethlehem, 5.38%, 8/15/13 (b)</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2,000</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2,211,940</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left colSpan=2><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Lycoming County Authority, Refunding RB, Susquehanna</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Health System Project, Series A, 5.75%, 7/01/39</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>210</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>188,750</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Monroe County Hospital Authority Pennsylvania,</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Refunding RB, Hospital, Pocono Medical Center,</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5.13%, 1/01/37</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>345</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>304,866</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left colSpan=2><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Montgomery County Higher Education &amp; Health Authority,</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Refunding RB, Abington Memorial Hospital, Series A,</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5.13%, 6/01/33</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>370</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>346,527</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Montgomery County IDA Pennsylvania, RB:</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3px" align=left colSpan=2><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Acts Retirement Life Community, 5.25%, 11/15/28</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,250</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,135,225</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Acts Retirement Life Community, Series A,</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>4.50%, 11/15/36</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>375</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>280,620</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>New Regional Medical Center Project (FHA),</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5.38%, 8/01/38</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>535</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>536,696</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left colSpan=2><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Pennsylvania Higher Educational Facilities Authority, RB:</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>University of Pennsylvania Health System,</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5.75%, 8/15/41</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>600</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>602,256</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>University of Pittsburgh Medical Center, Series E,</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5.00%, 5/15/31</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,000</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>937,400</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left colSpan=2><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>South Fork Municipal Authority, Refunding RB, Conemaugh</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Valley Memorial, Series B (AGC), 5.38%, 7/01/35</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>245</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>234,911</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left colSpan=2><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Southcentral General Authority, Refunding RB, Wellspan</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Health Obligor Group, Series A, 6.00%, 6/01/29</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,250</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,320,000</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>12,275,593</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#394c87 size=1>Housing &#8212; 9.5%</FONT></B>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Pennsylvania HFA, RB, AMT:</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Series 94-A, 5.10%, 10/01/31</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>150</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>143,929</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Series 95-A, 4.90%, 10/01/37</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>975</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>910,660</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Pennsylvania HFA, Refunding RB, AMT:</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>S/F Mortgage, Series 92-A, 4.75%, 4/01/31</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>110</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>101,209</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Series 97A, 4.65%, 10/01/31</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,300</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,178,710</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Series 99A, 5.15%, 4/01/38</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>200</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>191,570</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2,526,078</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#394c87 size=1>State &#8212; 2.0%</FONT></B>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Commonwealth of Pennsylvania, GO, First Series,</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5.00%, 3/15/29</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>275</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>289,047</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>State Public School Building Authority, Refunding RB,</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Harrisburg School District Project, Series A (AGC),</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5.00%, 11/15/33</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>250</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>251,310</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>540,357</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#394c87 size=1>Transportation &#8212; 17.2%</FONT></B>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>City of Philadelphia Pennsylvania, RB, Series A,</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5.00%, 6/15/40</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,000</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>949,980</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Delaware River Port Authority, RB, Series D,</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5.00%, 1/01/40</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>750</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>737,603</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left colSpan=2><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Pennsylvania Economic Development Financing Authority,</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>RB, Amtrak Project, Series A, AMT:</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>6.25%, 11/01/31</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,000</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,002,400</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>6.38%, 11/01/41</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,000</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,000,810</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left colSpan=2><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Pennsylvania Turnpike Commission, RB, Series A (AMBAC),</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5.25%, 12/01/32</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>870</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>870,800</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>4,561,593</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#394c87 size=1>Utilities &#8212; 2.9%</FONT></B>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>City of Philadelphia Pennsylvania, RB:</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Ninth Series, 5.25%, 8/01/40</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>270</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>248,468</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Series A, 5.25%, 1/01/36</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>100</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>97,827</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Series C (AGM), 5.00%, 8/01/40</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>350</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>338,488</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<P style="TEXT-ALIGN: left"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>See Notes to Financial Statements.</FONT></P>

<DIV align=left>

<TABLE cellSpacing=0 border=0>



<TR>

   <TD width="13%"></TD>

   <TD width="49%"></TD>

   <TD width="37%"></TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif color=#231f20 size=1>30</FONT>&nbsp;</TD>

   <TD align=left><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif color=#231f20 size=1>ANNUAL REPORT</FONT>&nbsp;</TD>

   <TD align=left><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif color=#231f20 size=1>APRIL 30, 2011</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<HR align=center width="100%" noShade SIZE=2>



<DIV style="PAGE-BREAK-BEFORE: always"></DIV>

<!--$$/page=--><A name="page_32"></A><BR>

<P style="TEXT-ALIGN: left"><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif color=#394c87 size=4><STRONG><FONT size=2>BlackRock Pennsylvania Strategic Municipal Trust (BPS)</FONT></STRONG><BR>Schedule of Investments (continued) <BR></FONT><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#394c87 size=1>(Percentages shown are based on Net Assets)</FONT></B></P>

<DIV align=left>

<TABLE cellSpacing=0 border=0>



<TR>

   <TD width="65%"></TD>

   <TD width="5%"></TD>

   <TD width="10%"></TD>

   <TD width="18%"></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=middle><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Par</FONT></B>&nbsp;</TD>

   <TD align=middle>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Municipal Bonds</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=middle><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(000)</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=middle><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Value</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#394c87 size=1>Pennsylvania (concluded)</FONT></B>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#394c87 size=1>Utilities (concluded)</FONT></B>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left colSpan=2><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Pennsylvania Economic Development Financing Authority,</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>RB, Philadelphia Biosolids Facility, 6.25%, 1/01/32</FONT>&nbsp;</TD>

   <TD align=right colSpan=2><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 100</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 100,587</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>785,370</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Total Municipal Bonds in Pennsylvania</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>29,376,847</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#394c87 size=1>Guam &#8212; 0.5%</FONT></B>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#394c87 size=1>County/City/Special District/School District &#8212; 0.5%</FONT></B>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Territory of Guam, RB, Section 30, Series A,</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px; BORDER-BOTTOM: #000000 1px solid" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5.63%, 12/01/29</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>150</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>145,701</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Total Municipal Bonds in Guam</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>145,701</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#394c87 size=1>Multi-State &#8212; 12.6%</FONT></B>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#394c87 size=1>Housing &#8212; 12.6%</FONT></B>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>MuniMae TE Bond Subsidiary LLC,</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px; BORDER-BOTTOM: #000000 1px solid" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>7.50%, 6/30/49 (a)(d)(e)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>3,586</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>3,334,678</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Total Municipal Bonds in Multi-State</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>3,334,678</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#394c87 size=1>Puerto Rico &#8212; 18.5%</FONT></B>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#394c87 size=1>State &#8212; 16.0%</FONT></B>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Commonwealth of Puerto Rico, GO, Refunding,</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Sub-Series C-7 (NPFGC), 6.00%, 7/01/27</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,385</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,414,764</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Puerto Rico Public Buildings Authority, Refunding RB,</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Government Facilities, Series N, 5.00%, 7/01/37</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>300</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>253,314</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Puerto Rico Public Finance Corp., RB, Commonwealth</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Appropriation, Series E, 5.50%, 2/01/12 (b)</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,495</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,553,454</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Puerto Rico Sales Tax Financing Corp., RB, First</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Sub-Series A, 6.38%, 8/01/39</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,000</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,036,520</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>4,258,052</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#394c87 size=1>Utilities &#8212; 2.5%</FONT></B>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left colSpan=2><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Puerto Rico Aqueduct &amp; Sewer Authority, RB, Senior Lien,</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Series A, 6.00%, 7/01/38</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>200</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>190,600</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Puerto Rico Electric Power Authority, RB, Series WW,</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5.50%, 7/01/38</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>500</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>458,530</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>649,130</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Total Municipal Bonds in Puerto Rico</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>4,907,182</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#394c87 size=1>U.S. Virgin Islands &#8212; 0.3%</FONT></B>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#394c87 size=1>State &#8212; 0.3%</FONT></B>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Virgin Islands Public Finance Authority, RB, Senior Lien,</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px; BORDER-BOTTOM: #000000 1px solid" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Capital Projects, Series A-1, 5.00%, 10/01/39</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>100</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>84,053</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Total Municipal Bonds in the U.S. Virgin Islands</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>84,053</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 3px double" align=left><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Total Municipal Bonds &#8212; 142.4%</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>37,848,461</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Municipal Bonds Transferred to</FONT></B>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Tender Option Bond Trusts (f)</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#394c87 size=1>Pennsylvania &#8212; 29.1%</FONT></B>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#394c87 size=1>Education &#8212; 5.7%</FONT></B>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Pennsylvania Higher Educational Facilities Authority,</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" align=left colSpan=2><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Refunding RB, Trustees of the University of Pennsylvania,</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Series C, 4.75%, 7/15/35</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>500</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>492,185</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Pennsylvania State University, RB, 5.00%, 3/01/40</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,000</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,012,050</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,504,235</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#394c87 size=1>Health &#8212; 9.0%</FONT></B>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Geisinger Authority, RB, Series A:</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5.13%, 6/01/34</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>500</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>487,100</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5.25%, 6/01/39</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,000</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>986,930</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Philadelphia Hospitals &amp; Higher Education Facilities</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Authority, Refunding RB, Jefferson Health System,</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Series B, 5.00%, 5/15/40</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,000</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>921,080</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2,395,110</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<DIV align=left>

<TABLE cellSpacing=0 border=0>



<TR>

   <TD width="65%"></TD>

   <TD width="15%"></TD>

   <TD width="19%"></TD></TR>

<TR vAlign=bottom>

   <TD align=left><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Municipal Bonds Transferred to</FONT></B>&nbsp;</TD>

   <TD align=middle><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Par</FONT></B>&nbsp;</TD>

   <TD align=middle>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Tender Option Bond Trusts (f)</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=middle><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(000)</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=middle><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Value</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#394c87 size=1>Pennsylvania (concluded)</FONT></B>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#394c87 size=1>Housing &#8212; 3.5%</FONT></B>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Pennsylvania HFA, Refunding RB:</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Series 96-A, AMT, 4.70%, 10/01/37</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 500</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 448,565</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Series 105C, 5.00%, 10/01/39</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>500</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>483,775</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>932,340</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#394c87 size=1>State &#8212; 7.1%</FONT></B>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Commonwealth of Pennsylvania, GO, First Series,</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5.00%, 3/15/28</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>825</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>872,547</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Pennsylvania Turnpike Commission, RB, Series C of 2003</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Pennsylvania Turnpike (NPFGC), 5.00%, 12/01/32</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,000</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,008,120</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,880,667</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#394c87 size=1>Transportation &#8212; 3.8%</FONT></B>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>City of Philadelphia Pennsylvania, RB, Series A, AMT</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px; BORDER-BOTTOM: #000000 1px solid" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(AGM), 5.00%, 6/15/37</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,150</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,015,680</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Total Municipal Bonds Transferred to</FONT></B>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Tender Option Bond Trusts &#8211; 29.1%</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>7,728,032</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Total Long-Term Investments</FONT></B>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 3px double" align=left><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(Cost &#8212; $46,403,557) &#8212; 171.5%</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>45,576,493</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Short-Term Securities</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=middle><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Shares</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>BIF Pennsylvania Municipal Money Fund, 0.00% (g)(h)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,311,773</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,311,773</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Total Short-Term Securities</FONT></B>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(Cost &#8212; $1,311,773) &#8212; 4.9%</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,311,773</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Total Investments (Cost &#8212; $47,715,330*) &#8212; 176.4%</FONT></B>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>46,888,266</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Other Assets Less Liabilities &#8212; 0.5%</FONT></B>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>140,198</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Liability for Trust Certificates, Including Interest</FONT></B>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2px" align=left><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Expense and Fees Payable &#8212; (15.5)%</FONT></B>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(4,128,618)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Preferred Shares, at Redemption Value &#8212; (61.4)%</FONT></B>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(16,325,735)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Net Assets Applicable to Common Shares &#8212; 100.0%</FONT></B>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 26,574,111</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1><BR>* The cost and unrealized appreciation (depreciation) of investments as of April 30,</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2011, as computed for federal income tax purposes, were as follows:</FONT></P>

<DIV align=left>

<TABLE cellSpacing=0 border=0>



<TR>

   <TD width="57%"></TD>

   <TD width="42%"></TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Aggregate cost</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 43,525,138</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Gross unrealized appreciation</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 752,698</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Gross unrealized depreciation</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(1,514,325)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Net unrealized depreciation</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ (761,627)</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1><BR>(a) Variable rate security. Rate shown is as of report date.</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(b) US government securities, held in escrow, are used to pay interest on this security as</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>well as to retire the bond in full at the date indicated, typically at a premium to par.</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(c) When-issued security. Unsettled when-issued transactions were as follows:</FONT></P>

<DIV align=left>

<TABLE cellSpacing=0 border=0>



<TR>

   <TD width="43%"></TD>

   <TD width="33%"></TD>

   <TD width="22%"></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=middle><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Unrealized</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=middle><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Appreciation</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Counterparty</FONT></B>&nbsp;</TD>

   <TD style="TEXT-INDENT: 4px; BORDER-BOTTOM: #000000 1px solid" align=middle><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Value</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=middle><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(Depreciation)</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Merrill Lynch &amp; Co., Inc.</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 524,956</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 3,923</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1><BR>(d) Security exempt from registration under Rule 144A of the Securities Act of 1933.</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>These securities may be resold in transactions exempt from registration to qualified</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>institutional investors.</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(e) Security represents a beneficial interest in a trust. The collateral deposited into</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>the trust is federally tax-exempt revenue bonds issued by various state or local</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>governments, or their respective agencies or authorities. The security is subject to</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>remarketing prior to its stated maturity.</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(f) Securities represent bonds transferred to a TOB in exchange for which the Trust</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>acquired residual interest certificates. These securities serve as collateral in a</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>financing transaction. See Note 1 of the Notes to Financial Statements for details</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>of municipal bonds transferred to TOBs.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>See Notes to Financial Statements.</FONT></P>

<DIV align=left>

<TABLE cellSpacing=0 border=0>



<TR>

   <TD width="37%"></TD>

   <TD width="48%"></TD>

   <TD width="13%"></TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif color=#231f20 size=1>ANNUAL REPORT</FONT>&nbsp;</TD>

   <TD align=left><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif color=#231f20 size=1>APRIL 30, 2011</FONT>&nbsp;</TD>

   <TD align=left><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif color=#231f20 size=1>31</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<HR align=center width="100%" noShade SIZE=2>



<DIV style="PAGE-BREAK-BEFORE: always"></DIV>

<!--$$/page=--><A name="page_33"></A><BR>

<P style="TEXT-ALIGN: left"><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif color=#394c87 size=4>Schedule of Investments (concluded) <BR></FONT><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#394c87 size=2>BlackRock Pennsylvania Strategic Municipal Trust (BPS)</FONT></B></P>

<P style="TEXT-ALIGN: left"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(g) Investments in companies considered to be an affiliate of the Trust during the</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>year, for purposes of Section 2(a)(3) of the Investment Company Act of 1940,</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>as amended, were as follows:</FONT></P>

<DIV align=left>

<TABLE cellSpacing=0 border=0>



<TR>

   <TD width="25%"></TD>

   <TD width="22%"></TD>

   <TD width="16%"></TD>

   <TD width="24%"></TD>

   <TD width="11%"></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=middle><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Shares Held at</FONT></B>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=middle><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Shares Held at</FONT></B>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=middle><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>April 30,</FONT></B>&nbsp;</TD>

   <TD align=middle><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Net</FONT></B>&nbsp;</TD>

   <TD align=middle><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>April 30,</FONT></B>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Affiliate</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=middle><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2010</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=middle><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Activity</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=middle><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2011</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=middle><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Income</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>BIF Pennsylvania</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Municipal Money</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Fund</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=middle><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>455,164</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=middle><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>856,609</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=middle><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,311,773</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=middle><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>&#8212;</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1><BR>(h) Represents the current yield as of report date.</FONT><BR><FONT face=Frutiger-Roman,Arial,Helvetica,sans-serif color=#231f20 size=2>&#8226; </FONT><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>For Trust compliance purposes, the Trust&#8217;s sector classifications refer to any one</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>or more of the sector sub-classifications used by one or more widely recognized</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>market indexes or ratings group indexes, and/or as defined by Trust management.</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>These definitions may not apply for purposes of this report, which may combine</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>such sector sub-classifications for reporting ease.<BR></FONT><BR><FONT face=Frutiger-Roman,Arial,Helvetica,sans-serif color=#231f20 size=2>&#8226; </FONT><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Financial futures contracts sold as of April 30, 2011 were as follows:</FONT></P>

<DIV align=left>

<TABLE cellSpacing=0 border=0>



<TR>

   <TD width="29%"></TD>

   <TD width="20%"></TD>

   <TD width="14%"></TD>

   <TD width="35%"></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Notional&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unrealized</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Contracts&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Issue</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=middle><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Exchange</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=middle><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Expiration</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Value&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Depreciation</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>10&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10-Year U.S.</FONT>&nbsp;</TD>

   <TD align=middle><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Chicago Board</FONT>&nbsp;</TD>

   <TD align=middle><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>June</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Treasury Note</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=middle><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>of Trade</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=middle><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2011</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=middle><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>&nbsp;&nbsp; $ 1,185,137&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $ (26,269)</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px"><FONT face=Frutiger-Roman,Arial,Helvetica,sans-serif color=#231f20 size=2><BR>&#8226; </FONT><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Fair Value Measurements &#8212; Various inputs are used in determining the fair value of</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>investments and derivative financial instruments. These inputs are summarized in</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>three broad levels for financial statement purposes as follows:</FONT><BR><FONT face=Frutiger-Roman,Arial,Helvetica,sans-serif color=#231f20 size=2>&#8226; </FONT><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Level 1 &#8212; price quotations in active markets/exchanges for identical assets</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>and liabilities</FONT><BR><FONT face=Frutiger-Roman,Arial,Helvetica,sans-serif color=#231f20 size=2>&#8226; </FONT><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Level 2 &#8212; other observable inputs (including, but not limited to: quoted prices for</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>similar assets or liabilities in markets that are active, quoted prices for identical</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>or similar assets or liabilities in markets that are not active, inputs other than</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>quoted prices that are observable for the assets or liabilities (such as interest</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>default rates) or other market-corroborated inputs)</FONT><BR><FONT face=Frutiger-Roman,Arial,Helvetica,sans-serif color=#231f20 size=2>&#8226; </FONT><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Level 3 &#8212; unobservable inputs based on the best information available in the</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>circumstances, to the extent observable inputs are not available (including the</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Trust&#8217;s own assumptions used in determining the fair value of investments and</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>derivative financial instruments)<BR></FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>The inputs or methodologies used for valuing securities are not necessarily an</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>indication of the risk associated with investing in those securities. For information</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>about the Trust&#8217;s policy regarding valuation of investments and derivative financial</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>instruments and other significant accounting policies, please refer to Note 1 of the</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Notes to Financial Statements.<BR></FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>The following tables summarize the inputs used as of April 30, 2011 in determining</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>the fair valuation of the Trust&#8217;s investments and derivative financial instruments:</FONT></P>

<DIV align=left>

<TABLE cellSpacing=0 border=0>



<TR>

   <TD width="21%"></TD>

   <TD width="23%"></TD>

   <TD width="19%"></TD>

   <TD width="15%"></TD>

   <TD width="20%"></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Valuation Inputs</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=middle><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Level 1</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=middle><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Level 2</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=middle><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Level 3</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=middle><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Total</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Assets:</FONT></B>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left colSpan=2><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Investments in Securities:</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Long-Term</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Investments</FONT><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1</FONT></SUP>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>&#8212; </FONT></TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$<FONT face="Times New Roman" color=#000000 size=3>&nbsp;</FONT>45,576,493</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>&#8212;</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 45,576,493</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Short-Term</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Securities</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 1,311,773</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>&#8212;</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>&#8212;</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,311,773</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Total</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 1,311,773&nbsp;</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$45,576,493</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>&#8212;</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 46,888,266</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px"><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1 </FONT></SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>See above Schedule of Investments for values in each sector.</FONT></P>

<DIV align=left>

<TABLE cellSpacing=0 border=0>



<TR>

   <TD width="17%"></TD>

   <TD width="6%"></TD>

   <TD width="18%"></TD>

   <TD width="20%"></TD>

   <TD width="17%"></TD>

   <TD width="20%"></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=middle colSpan=6><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Derivative Financial Instruments</FONT></B><B><SUP><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2</FONT></SUP></B></TD></TR>

<TR>

   <TD colSpan=6>

   <HR noShade SIZE=1>

</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left colSpan=2><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Valuation Inputs</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=middle><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Level 1</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=middle><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Level 2</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=middle><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Level 3</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=middle><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Total</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Liabilities:</FONT></B>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Interest</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>rate</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2px; BORDER-BOTTOM: #000000 1px solid" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>contracts</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right colSpan=2><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ (26,269)</FONT>&nbsp;</TD>

   <TD style="TEXT-INDENT: 6px; BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>&#8212;</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>&#8212;</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=middle><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ (26,269)</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px"><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2 </FONT></SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Derivative financial instruments are financial futures contracts, which are valued</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>at the unrealized appreciation/depreciation on the instrument.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>See Notes to Financial Statements.</FONT></P>

<DIV align=left>

<TABLE cellSpacing=0 border=0>



<TR>

   <TD width="13%"></TD>

   <TD width="49%"></TD>

   <TD width="37%"></TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif color=#231f20 size=1>32</FONT>&nbsp;</TD>

   <TD align=left><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif color=#231f20 size=1>ANNUAL REPORT</FONT>&nbsp;</TD>

   <TD align=left><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif color=#231f20 size=1>APRIL 30, 2011</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<HR align=center width="100%" noShade SIZE=2>



<DIV style="PAGE-BREAK-BEFORE: always"></DIV>

<!--$$/page=--><A name="page_34"></A><BR>

<P style="TEXT-ALIGN: left"><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif color=#394c87 size=4><STRONG><FONT size=2>BlackRock Strategic Municipal Trust (BSD)</FONT></STRONG><BR>Schedule of Investments </FONT><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif color=#394c87 size=2>April 30, 2011 <BR></FONT><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#394c87 size=1>(Percentages shown are based on Net Assets)</FONT></B></P>

<DIV align=left>

<TABLE cellSpacing=0 border=0>



<TR>

   <TD width="64%"></TD>

   <TD width="5%"></TD>

   <TD width="11%"></TD>

   <TD width="18%"></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=middle><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Par</FONT></B>&nbsp;</TD>

   <TD align=middle>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Municipal Bonds</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=middle><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(000)</FONT></B>&nbsp;</TD>

   <TD style="TEXT-INDENT: 5px; BORDER-BOTTOM: #000000 1px solid" align=middle><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Value</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#394c87 size=1>Alabama &#8212; 0.7%</FONT></B>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Alabama State Docks Department, Refunding RB,</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px; BORDER-BOTTOM: #000000 1px solid" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>6.00%, 10/01/40</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right colSpan=2><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 655</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 652,269</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#394c87 size=1>Arizona &#8212; 2.8%</FONT></B>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Salt River Project Agricultural Improvement &amp; Power</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>District, RB, Series A, 5.00%, 1/01/38</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>625</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>630,250</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left colSpan=2><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Salt Verde Financial Corp., RB, Senior, 5.00%, 12/01/37</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,320</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,094,003</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>San Luis Facility Development Corp., RB, Senior Lien,</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Regional Detention Center Project:</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>6.25%, 5/01/15</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>175</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>168,826</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>7.00%, 5/01/20</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>210</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>205,191</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>7.25%, 5/01/27</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>420</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>373,859</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2,472,129</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#394c87 size=1>Arkansas &#8212; 0.5%</FONT></B>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left colSpan=2><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>County of Little River Arkansas, Refunding RB, Georgia-</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px; BORDER-BOTTOM: #000000 1px solid" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Pacific Corp. Project, AMT, 5.60%, 10/01/26</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>525</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>482,496</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#394c87 size=1>California &#8212; 16.4%</FONT></B>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Bay Area Toll Authority, Refunding RB, San Francisco</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Bay Area, Series F-1, 5.63%, 4/01/44</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>720</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>743,400</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left colSpan=2><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>California County Tobacco Securitization Agency, RB, CAB,</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Stanislaus, Sub-Series C, 6.30%, 6/01/55 (a)</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>3,095</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>22,563</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>California Health Facilities Financing Authority,</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" align=left colSpan=2><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Refunding RB, Sutter Health, Series B, 6.00%, 8/15/42</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,010</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,024,251</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left colSpan=2><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>California State Public Works Board, RB, Various Capital</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Projects, Sub-Series I-1, 6.38%, 11/01/34</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>375</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>387,409</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Los Angeles Department of Airports, RB, Series A,</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5.25%, 5/15/39</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>250</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>248,903</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Los Angeles Department of Airports, Refunding RB,</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Senior, Los Angeles International Airport, Series A,</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5.00%, 5/15/40</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,875</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,797,412</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Los Angeles Unified School District California, GO,</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Series D, 5.00%, 7/01/26</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,585</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,626,590</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left colSpan=2><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>San Francisco City &amp; County Public Utilities Commission,</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>RB, Series B, 5.00%, 11/01/39</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2,965</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2,929,479</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>State of California, GO, Various Purpose:</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>6.00%, 3/01/33</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>800</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>854,760</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>6.50%, 4/01/33</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>650</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>713,993</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>University of California, RB, Limited Project, Series B,</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>4.75%, 5/15/38</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,285</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,171,997</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>West Valley-Mission Community College District, GO,</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Election of 2004, Series A (AGM), 4.75%, 8/01/30</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>3,350</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>3,199,116</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>14,719,873</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#394c87 size=1>Colorado &#8212; 5.7%</FONT></B>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left colSpan=2><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Colorado Health Facilities Authority, Refunding RB, Series A:</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Catholic Health, 5.50%, 7/01/34</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>680</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>680,829</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Sisters of Leavenworth, 5.00%, 1/01/40</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>690</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>630,274</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left colSpan=2><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Northwest Parkway Public Highway Authority Colorado, RB,</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" align=left colSpan=2><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>CAB, Senior Series B (AGM), 6.30%, 6/15/11 (a)(b)</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>10,000</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>3,135,600</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left colSpan=2><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Park Creek Metropolitan District Colorado, Refunding RB,</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Senior, Limited Tax, Property Tax, 5.50%, 12/01/37</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>440</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>379,685</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Regional Transportation District, COP, Series A,</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5.38%, 6/01/31</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>320</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>324,694</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5,151,082</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#394c87 size=1>Delaware &#8212; 2.1%</FONT></B>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left colSpan=2><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>County of Sussex Delaware, RB, NRG Energy, Inc., Indian</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>River Project, 6.00%, 10/01/40</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>820</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>800,049</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left colSpan=2><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Delaware State EDA, RB, Exempt Facilities, Indian River</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Power, 5.38%, 10/01/45</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,280</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,099,149</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,899,198</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<DIV align=left>

<TABLE cellSpacing=0 border=0>



<TR>

   <TD width="64%"></TD>

   <TD width="5%"></TD>

   <TD width="10%"></TD>

   <TD width="18%"></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=middle><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Par</FONT></B>&nbsp;</TD>

   <TD align=middle>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Municipal Bonds</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=middle><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(000)</FONT></B>&nbsp;</TD>

   <TD style="TEXT-INDENT: 5px; BORDER-BOTTOM: #000000 1px solid" align=middle><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Value</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#394c87 size=1>District of Columbia &#8212; 0.7%</FONT></B>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Metropolitan Washington Airports Authority, RB, First</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Senior Lien, Series A:</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5.00%, 10/01/39</FONT>&nbsp;</TD>

   <TD align=right colSpan=2><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 160</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 152,533</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5.25%, 10/01/44</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>465</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>445,921</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>598,454</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#394c87 size=1>Florida &#8212; 8.3%</FONT></B>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Arborwood Community Development District, Special</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Assessment Bonds, Master Infrastructure Projects,</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Series B, 5.10%, 5/01/14</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,405</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,149,445</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>County of Miami-Dade Florida, Refunding RB, Miami</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>International Airport, Series A-1, 5.38%, 10/01/41</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>370</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>350,760</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Hillsborough County IDA, RB, National Gypsum Co.,</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Series A, AMT, 7.13%, 4/01/30</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>3,300</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2,889,183</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left colSpan=2><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Miami Beach Health Facilities Authority, RB, Mount Sinai</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Medical Center of Florida, 6.75%, 11/15/21</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,170</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,193,119</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left colSpan=2><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Mid-Bay Bridge Authority, RB, Series A, 7.25%, 10/01/40</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>720</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>716,990</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left colSpan=2><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Sumter Landing Community Development District Florida,</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>RB, Sub-Series B, 5.70%, 10/01/38</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,540</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,170,554</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>7,470,051</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#394c87 size=1>Georgia &#8212; 2.1%</FONT></B>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>De Kalb Private Hospital Authority, Refunding RB,</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Children&#8217;s Healthcare, 5.25%, 11/15/39</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>265</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>256,247</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Metropolitan Atlanta Rapid Transit Authority, RB, Third</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Series, 5.00%, 7/01/39</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,095</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,094,923</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Private Colleges &amp; Universities Authority, Refunding RB,</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Emory University, Series C, 5.00%, 9/01/38</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>485</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>488,822</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,839,992</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#394c87 size=1>Guam &#8212; 0.5%</FONT></B>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Territory of Guam, GO, Series A:</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>6.00%, 11/15/19</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>200</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>200,126</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>6.75%, 11/15/29</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>290</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>289,168</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>489,294</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#394c87 size=1>Hawaii &#8212; 0.5%</FONT></B>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left colSpan=2><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>State of Hawaii, Refunding RB, Series A, 5.25%, 7/01/30</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>425</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>428,664</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#394c87 size=1>Illinois &#8212; 13.6%</FONT></B>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left colSpan=2><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>City of Chicago Illinois, Refunding RB, General, Third Lien,</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Series C, 6.50%, 1/01/41 (c)</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,855</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,976,762</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Illinois Finance Authority, RB:</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>MJH Education Assistance IV LLC, Sub-Series B,</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5.38%, 6/01/35 (d)(e)</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>300</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>80,532</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Northwestern University, 5.00%, 12/01/33</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5,000</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5,056,600</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Illinois Finance Authority, Refunding RB:</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3px" align=left colSpan=2><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Central DuPage Health, Series B, 5.50%, 11/01/39</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2,500</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2,376,000</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Friendship Village Schaumburg, Series A,</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5.63%, 2/15/37</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>145</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>110,556</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left colSpan=2><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Metropolitan Pier &amp; Exposition Authority, Refunding RB,</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>McCormick Place Expansion Project (AGM):</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>CAB, Series B, 6.25%, 6/15/44 (a)</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2,980</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>317,996</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Series B, 5.00%, 6/15/50</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>990</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>863,864</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Series B-2, 5.00%, 6/15/50</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>785</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>669,126</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Railsplitter Tobacco Settlement Authority, RB:</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5.50%, 6/01/23</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>175</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>168,854</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>6.00%, 6/01/28</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>365</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>351,035</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>State of Illinois, RB, Build Illinois, Series B,</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5.25%, 6/15/34</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>200</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>193,488</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>12,164,813</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<P style="TEXT-ALIGN: left"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>See Notes to Financial Statements.</FONT></P>

<DIV align=left>

<TABLE cellSpacing=0 border=0>



<TR>

   <TD width="37%"></TD>

   <TD width="48%"></TD>

   <TD width="13%"></TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif color=#231f20 size=1>ANNUAL REPORT</FONT>&nbsp;</TD>

   <TD align=left><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif color=#231f20 size=1>APRIL 30, 2011</FONT>&nbsp;</TD>

   <TD align=left><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif color=#231f20 size=1>33</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<HR align=center width="100%" noShade SIZE=2>



<DIV style="PAGE-BREAK-BEFORE: always"></DIV>

<!--$$/page=--><A name="page_35"></A><BR>

<P style="TEXT-ALIGN: left"><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif color=#394c87 size=4><STRONG><FONT size=2>BlackRock Strategic Municipal Trust (BSD)</FONT></STRONG><BR>Schedule of Investments (continued) <BR></FONT><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#394c87 size=1>(Percentages shown are based on Net Assets)</FONT></B></P>

<DIV align=left>

<TABLE cellSpacing=0 border=0>



<TR>

   <TD width="64%"></TD>

   <TD width="5%"></TD>

   <TD width="11%"></TD>

   <TD width="18%"></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=middle><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Par</FONT></B>&nbsp;</TD>

   <TD align=middle>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Municipal Bonds</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=middle><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(000)</FONT></B>&nbsp;</TD>

   <TD style="TEXT-INDENT: 5px; BORDER-BOTTOM: #000000 1px solid" align=middle><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Value</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#394c87 size=1>Indiana &#8212; 2.3%</FONT></B>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left colSpan=2><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Indiana Finance Authority, RB, Sisters of St. Francis Health,</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5.25%, 11/01/39</FONT>&nbsp;</TD>

   <TD align=right colSpan=2><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 270</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 249,061</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left colSpan=2><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Indiana Finance Authority, Refunding RB, Ascension Health</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Senior Credit, Series B-5, 5.00%, 11/15/36</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>500</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>457,585</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left colSpan=2><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Indiana Health Facility Financing Authority, Refunding RB,</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Methodist Hospital Inc., 5.38%, 9/15/22</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,060</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>969,052</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Indiana Municipal Power Agency, RB, Series B,</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>6.00%, 1/01/39</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>350</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>358,820</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2,034,518</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#394c87 size=1>Kansas &#8212; 0.5%</FONT></B>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Kansas Development Finance Authority, Refunding RB,</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px; BORDER-BOTTOM: #000000 1px solid" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Sisters of Leavenworth, Series A, 5.00%, 1/01/40</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>450</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>430,177</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#394c87 size=1>Kentucky &#8212; 8.7%</FONT></B>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Kentucky Economic Development Finance Authority,</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Refunding RB:</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Norton Healthcare Inc., Series B (NPFGC),</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>6.20%, 10/01/24 (a)</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>16,870</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>7,469,361</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Owensboro Medical Health System, Series A,</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>6.38%, 6/01/40</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>320</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>303,610</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>7,772,971</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#394c87 size=1>Louisiana &#8212; 1.2%</FONT></B>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Louisiana Local Government Environmental Facilities</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>&amp; Community Development Authority, RB, Westlake</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px; BORDER-BOTTOM: #000000 1px solid" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Chemical Corp., Series A-1, 6.50%, 11/01/35</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,055</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,059,072</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#394c87 size=1>Maryland &#8212; 3.7%</FONT></B>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Maryland Community Development Administration,</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Refunding RB, Residential, Series A, AMT,</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>4.70%, 9/01/37</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2,500</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2,236,700</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Maryland EDC, RB, Transportation Facilities Project,</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Series A, 5.75%, 6/01/35</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>135</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>123,484</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left colSpan=2><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Maryland EDC, Refunding RB, CNX Marine Terminals, Inc.,</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5.75%, 9/01/25</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>260</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>248,776</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left colSpan=2><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Maryland Health &amp; Higher Educational Facilities Authority,</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" align=left colSpan=2><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Refunding RB, Charlestown Community, 6.25%, 1/01/41</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>690</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>670,894</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>3,279,854</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#394c87 size=1>Massachusetts &#8212; 0.6%</FONT></B>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left colSpan=2><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Massachusetts Health &amp; Educational Facilities Authority,</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Refunding RB, Partners Healthcare, Series J1,</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px; BORDER-BOTTOM: #000000 1px solid" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5.00%, 7/01/39</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>570</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>533,241</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#394c87 size=1>Michigan &#8212; 2.4%</FONT></B>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Kalamazoo Hospital Finance Authority, Refunding RB,</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Bronson Methodist Hospital, 5.50%, 5/15/36</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>435</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>414,007</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left colSpan=2><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Michigan State Hospital Finance Authority, Refunding RB,</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" align=left colSpan=2><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Henry Ford Health System, Series A, 5.25%, 11/15/46</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>730</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>609,083</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Royal Oak Hospital Finance Authority Michigan,</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Refunding RB, William Beaumont Hospital,</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>8.25%, 9/01/39</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,000</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,133,770</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2,156,860</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#394c87 size=1>Missouri &#8212; 0.3%</FONT></B>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left colSpan=2><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Missouri State Health &amp; Educational Facilities Authority,</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>RB, Senior Living Facilities, Lutheran Senior Home,</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px; BORDER-BOTTOM: #000000 1px solid" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5.50%, 2/01/42</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>330</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>285,127</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#394c87 size=1>Multi-State &#8212; 3.7%</FONT></B>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>MuniMae TE Bond Subsidiary LLC,</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px; BORDER-BOTTOM: #000000 1px solid" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>7.50%, 6/30/49 (f)(g)(h)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>3,586</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>3,334,678</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#394c87 size=1>Nebraska &#8212; 0.8%</FONT></B>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Douglas County Hospital Authority No. 2, RB, Health</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px; BORDER-BOTTOM: #000000 1px solid" align=left colSpan=2><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Facilities, Immanuel Obligation Group, 5.63%, 1/01/40</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>720</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>688,882</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#394c87 size=1>Nevada &#8212; 0.9%</FONT></B>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left colSpan=2><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>County of Clark Nevada, Refunding RB, Alexander Dawson</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px; BORDER-BOTTOM: #000000 1px solid" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>School Nevada Project, 5.00%, 5/15/29</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>880</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>836,792</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<DIV align=left>

<TABLE cellSpacing=0 border=0>



<TR>

   <TD width="70%"></TD>

   <TD width="11%"></TD>

   <TD width="18%"></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=middle><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Par</FONT></B>&nbsp;</TD>

   <TD align=middle>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Municipal Bonds</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=middle><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(000)</FONT></B>&nbsp;</TD>

   <TD style="TEXT-INDENT: 5px; BORDER-BOTTOM: #000000 1px solid" align=middle><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Value</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#394c87 size=1>New Jersey &#8212; 4.8%</FONT></B>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Middlesex County Improvement Authority, RB, Subordinate,</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Heldrich Center Hotel, Series B, 6.25%, 1/01/37 (d)(e) $</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>645</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 64,500</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>New Jersey EDA, RB:</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Cigarette Tax, 5.50%, 6/15/24</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,790</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,664,754</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Continental Airlines Inc. Project, AMT, 6.63%, 9/15/12</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>500</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>503,830</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>New Jersey State Turnpike Authority, RB, Series E,</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5.25%, 1/01/40</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,355</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,355,745</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Tobacco Settlement Financing Corp. New Jersey,</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Refunding RB, Series 1A, 4.50%, 6/01/23</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>800</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>673,952</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>4,262,781</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#394c87 size=1>New York &#8212; 5.2%</FONT></B>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Albany Industrial Development Agency, RB, New Covenant</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Charter School Project, Series A, 7.00%, 5/01/35 (d)(e)</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>315</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>78,760</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Metropolitan Transportation Authority, Refunding RB,</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Transportation, Series D, 5.25%, 11/15/40</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>385</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>377,065</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>New York City Industrial Development Agency, RB,</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>American Airlines Inc., JFK International Airport, AMT,</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>7.75%, 8/01/31 (h)</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>3,000</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>3,030,030</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>New York Liberty Development Corp., Refunding RB,</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Second Priority, Bank of America Tower at One Bryant</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Park Project, 6.38%, 7/15/49</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>385</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>385,362</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Port Authority of New York &amp; New Jersey, RB,</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>JFK International Air Terminal:</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>6.00%, 12/01/36</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>410</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>395,699</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>6.00%, 12/01/42</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>395</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>377,462</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>4,644,378</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#394c87 size=1>North Carolina &#8212; 0.5%</FONT></B>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>North Carolina Medical Care Commission, RB, Duke</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px; BORDER-BOTTOM: #000000 1px solid" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>University Health System, Series A, 5.00%, 6/01/42</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>440</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>418,686</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#394c87 size=1>Ohio &#8212; 1.9%</FONT></B>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>County of Montgomery Ohio, Refunding RB, Catholic</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Healthcare, Series A, 5.00%, 5/01/39</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>885</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>820,961</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>State of Ohio, RB, Ford Motor Co. Project, AMT,</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5.75%, 4/01/35</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,000</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>920,770</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,741,731</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#394c87 size=1>Oklahoma &#8212; 1.4%</FONT></B>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Tulsa Airports Improvement Trust, RB, Series A, Mandatory</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px; BORDER-BOTTOM: #000000 1px solid" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Put Bonds, AMT, 7.75%, 6/01/35 (h)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,225</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,258,859</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#394c87 size=1>Pennsylvania &#8212; 6.9%</FONT></B>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Allegheny County Hospital Development Authority,</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Refunding RB, Health System, West Penn, Series A,</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5.38%, 11/15/40</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,000</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>743,210</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Pennsylvania Economic Development Financing</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Authority, RB:</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Amtrak Project, Series A, AMT, 6.50%, 11/01/16</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,000</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,012,460</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Amtrak Project, Series A, AMT, 6.13%, 11/01/21</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>700</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>706,601</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Amtrak Project, Series A, AMT, 6.25%, 11/01/31</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,000</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,002,400</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Aqua Pennsylvania Inc. Project, 5.00%, 11/15/40</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>600</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>589,980</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Pennsylvania Turnpike Commission, RB, Sub-Series B,</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5.25%, 6/01/39</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2,175</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2,082,584</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>6,137,235</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#394c87 size=1>Puerto Rico &#8212; 3.1%</FONT></B>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Commonwealth of Puerto Rico, GO, Refunding, Public</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Improvement, Series C, 6.00%, 7/01/39</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>910</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>890,544</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Puerto Rico Sales Tax Financing Corp., RB, First</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Sub-Series A, 6.50%, 8/01/44</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,770</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,846,641</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2,737,185</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<P style="TEXT-ALIGN: left"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>See Notes to Financial Statements.</FONT></P>

<DIV align=left>

<TABLE cellSpacing=0 border=0>



<TR>

   <TD width="13%"></TD>

   <TD width="49%"></TD>

   <TD width="37%"></TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif color=#231f20 size=1>34</FONT>&nbsp;</TD>

   <TD align=left><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif color=#231f20 size=1>ANNUAL REPORT</FONT>&nbsp;</TD>

   <TD align=left><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif color=#231f20 size=1>APRIL 30, 2011</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<HR align=center width="100%" noShade SIZE=2>



<DIV style="PAGE-BREAK-BEFORE: always"></DIV>

<!--$$/page=--><A name="page_36"></A><BR>

<P style="TEXT-ALIGN: left"><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif color=#394c87 size=4><STRONG><FONT size=2>BlackRock Strategic Municipal Trust (BSD)</FONT></STRONG><BR>Schedule of Investments (continued) <BR></FONT><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#394c87 size=1>(Percentages shown are based on Net Assets)</FONT></B></P>

<DIV align=left>

<TABLE cellSpacing=0 border=0>



<TR>

   <TD width="64%"></TD>

   <TD width="6%"></TD>

   <TD width="10%"></TD>

   <TD width="18%"></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=middle><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Par</FONT></B>&nbsp;</TD>

   <TD align=middle>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Municipal Bonds</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=middle><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(000)</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=middle><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Value</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#394c87 size=1>South Carolina &#8212; 4.3%</FONT></B>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left colSpan=2><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>South Carolina Jobs-EDA, Refunding RB, Palmetto Health,</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Series C (b):</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>7.00%, 8/01/13</FONT>&nbsp;</TD>

   <TD align=right colSpan=2><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 2,225</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 2,521,793</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>7.00%, 8/01/13</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>275</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>312,944</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left colSpan=2><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>South Carolina State Ports Authority, RB, 5.25%, 7/01/40</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,040</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,026,158</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>3,860,895</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#394c87 size=1>Texas &#8212; 17.1%</FONT></B>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Brazos River Authority, RB, TXU Electric, Series A, AMT,</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>8.25%, 10/01/30</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>730</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>314,221</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Brazos River Authority, Refunding RB, TXU Electric Co.</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Project, Series C, Mandatory Put Bonds, AMT,</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5.75%, 5/01/36 (h)</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>500</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>489,680</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>City of Dallas Texas, Refunding RB, 5.00%, 10/01/35</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>475</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>492,319</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>City of Houston Texas, RB, Senior Lien, Series A,</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5.50%, 7/01/39</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>485</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>491,261</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left colSpan=2><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>City of Houston Texas, Refunding RB, Combined, First Lien,</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Series A (AGC), 6.00%, 11/15/35</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2,730</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2,990,251</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Harris County-Houston Sports Authority, Refunding RB,</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" align=left colSpan=2><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>CAB, Senior Lien, Series A (NPFGC), 6.18%, 11/15/38 (a)</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>4,750</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>443,080</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>La Joya ISD Texas, GO (PSF-GTD), 5.00%, 2/15/34</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>4,060</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>4,100,803</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left colSpan=2><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>La Vernia Higher Education Finance Corp., RB, KIPP Inc.,</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>6.38%, 8/15/44</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>500</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>491,465</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>North Texas Tollway Authority, RB:</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>CAB, Special Projects System, Series B,</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>7.55%, 9/01/37 (a)</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>640</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>104,672</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Toll, Second Tier, Series F, 6.13%, 1/01/31</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,025</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,047,181</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left colSpan=2><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Tarrant County Cultural Education Facilities Finance Corp.,</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>RB, Scott &amp; White Healthcare, 6.00%, 8/15/45</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,270</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,293,393</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Texas Private Activity Bond Surface Transportation</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Corp., RB:</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3px" align=left colSpan=2><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Senior Lien, LBJ Infrastructure Group LLC, LBJ Freeway</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Managed Lanes Project, 7.00%, 6/30/40</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,355</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,380,583</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3px" align=left colSpan=2><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Senior Lien, NTE Mobility Partners LLC, North Tarrant</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3px" align=left colSpan=2><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Express Managed Lanes Project, 6.88%, 12/31/39</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,220</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,251,598</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Texas State Public Finance Authority, Refunding ERB,</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>KIPP Inc., Series A (ACA), 5.00%, 2/15/36</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>500</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>410,840</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>15,301,347</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#394c87 size=1>Utah &#8212; 1.2%</FONT></B>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>City of Riverton Utah, RB, IHC Health Services Inc.,</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px; BORDER-BOTTOM: #000000 1px solid" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5.00%, 8/15/41</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,150</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,065,567</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#394c87 size=1>Virginia &#8212; 4.1%</FONT></B>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left colSpan=2><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>City of Norfolk Virginia, Refunding RB, Series B (AMBAC),</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5.50%, 2/01/31</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>355</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>334,974</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>University of Virginia, Refunding RB, General,</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5.00%, 6/01/40</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2,500</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2,558,300</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Virginia HDA, RB, Sub-Series H-1 (NPFGC),</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5.35%, 7/01/31</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>750</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>750,263</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>3,643,537</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#394c87 size=1>Washington &#8212; 0.7%</FONT></B>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left colSpan=2><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Washington Health Care Facilities Authority, RB, Swedish</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px; BORDER-BOTTOM: #000000 1px solid" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Health Services, Series A, 6.75%, 11/15/41</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>630</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>653,209</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#394c87 size=1>Wisconsin &#8212; 2.3%</FONT></B>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Wisconsin Health &amp; Educational Facilities Authority,</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>RB, Ascension Health Credit Group, Series A,</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px; BORDER-BOTTOM: #000000 1px solid" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5.00%, 11/15/31</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2,165</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2,055,667</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#394c87 size=1>Wyoming &#8212; 1.2%</FONT></B>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>County of Sweetwater Wyoming, Refunding RB, Idaho</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Power Co. Project, 5.25%, 7/15/26</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>975</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,016,242</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Wyoming Municipal Power Agency, RB, Series A,</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5.00%, 1/01/42</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>95</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>92,096</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,108,338</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Total Municipal Bonds &#8212; 133.7%</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>119,669,902</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<DIV align=left>

<TABLE cellSpacing=0 border=0>



<TR>

   <TD width="64%"></TD>

   <TD width="5%"></TD>

   <TD width="10%"></TD>

   <TD width="18%"></TD></TR>

<TR vAlign=bottom>

   <TD align=left><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Municipal Bonds Transferred to</FONT></B>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=middle><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Par</FONT></B>&nbsp;</TD>

   <TD align=middle>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Tender Option Bond Trusts (i)</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=middle><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(000)</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=middle><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Value</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#394c87 size=1>Alabama &#8212; 0.8%</FONT></B>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Alabama Special Care Facilities Financing Authority-</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Birmingham, Refunding RB, Ascension Health Senior</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px; BORDER-BOTTOM: #000000 1px solid" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Credit, Series C-2, 5.00%, 11/15/36</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right colSpan=2><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 760</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 732,082</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#394c87 size=1>California &#8212; 2.4%</FONT></B>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left colSpan=2><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>California Educational Facilities Authority, RB, University</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>of Southern California, Series B, 5.25%, 10/01/39</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>855</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>877,145</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Los Angeles Community College District California, GO,</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Election of 2001, Series A (AGM), 5.00%, 8/01/32</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>740</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>734,198</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>San Diego Community College District California, GO,</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Election of 2002, 5.25%, 8/01/33</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>553</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>562,589</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2,173,932</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#394c87 size=1>Colorado &#8212; 2.1%</FONT></B>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left colSpan=2><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Colorado Health Facilities Authority, RB, Catholic Health,</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Series (AGM):</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>C-3, 5.10%, 10/01/41</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,210</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,133,758</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>C-7, 5.00%, 9/01/36</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>780</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>734,066</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,867,824</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#394c87 size=1>Connecticut &#8212; 3.5%</FONT></B>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left colSpan=2><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Connecticut State Health &amp; Educational Facility Authority,</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>RB, Yale University:</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Series T-1, 4.70%, 7/01/29</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,580</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,620,400</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Series X-3, 4.85%, 7/01/37</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,540</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,548,378</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>3,168,778</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#394c87 size=1>Illinois &#8212; 1.6%</FONT></B>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Chicago Housing Authority, Refunding RB (AGM),</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px; BORDER-BOTTOM: #000000 1px solid" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5.00%, 7/01/24</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,424</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,452,632</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#394c87 size=1>Massachusetts &#8212; 2.2%</FONT></B>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left colSpan=2><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Massachusetts Water Resources Authority, Refunding RB,</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px; BORDER-BOTTOM: #000000 1px solid" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>General, Series A, 5.00%, 8/01/41</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,980</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,994,395</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#394c87 size=1>New Hampshire &#8212; 0.8%</FONT></B>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left colSpan=2><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>New Hampshire Health &amp; Education Facilities Authority,</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px; BORDER-BOTTOM: #000000 1px solid" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Refunding RB, Dartmouth College, 5.25%, 6/01/39</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>645</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>667,852</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#394c87 size=1>New York &#8212; 3.6%</FONT></B>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>New York City Municipal Water Finance Authority, RB,</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Series FF-2, 5.50%, 6/15/40</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>510</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>531,528</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>New York State Dormitory Authority, ERB, Series F,</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5.00%, 3/15/35</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2,685</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2,688,372</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>3,219,900</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#394c87 size=1>Tennessee &#8212; 1.5%</FONT></B>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Shelby County Health Educational &amp; Housing Facilities</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Board, Refunding RB, St. Jude&#8217;s Children&#8217;s Research</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px; BORDER-BOTTOM: #000000 1px solid" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Hospital, 5.00%, 7/01/31</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,280</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,291,520</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#394c87 size=1>Texas &#8212; 2.4%</FONT></B>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left colSpan=2><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>County of Harris Texas, RB, Senior Lien, Toll Road, Series A,</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px; BORDER-BOTTOM: #000000 1px solid" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5.00%, 8/15/38</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2,140</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2,133,516</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#394c87 size=1>Virginia &#8212; 2.0%</FONT></B>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>University of Virginia, Refunding RB, General,</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px; BORDER-BOTTOM: #000000 1px solid" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5.00%, 6/01/40</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,790</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,831,743</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#394c87 size=1>Washington &#8212; 3.8%</FONT></B>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Central Puget Sound Regional Transit Authority, RB,</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Series A (AGM), 5.00%, 11/01/32</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>900</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>916,316</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>State of Washington, GO, Various Purpose, Series E,</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5.00%, 2/01/34</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2,400</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2,434,776</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>3,351,092</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Total Municipal Bonds Transferred to</FONT></B>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Tender Option Bond Trusts &#8212; 26.7%</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>23,885,266</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Total Long-Term Investments</FONT></B>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(Cost &#8212; $148,104,801) &#8212; 160.4%</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>143,555,168</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<P style="TEXT-ALIGN: left"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>See Notes to Financial Statements.</FONT></P>

<DIV align=left>

<TABLE cellSpacing=0 border=0>



<TR>

   <TD width="37%"></TD>

   <TD width="48%"></TD>

   <TD width="13%"></TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif color=#231f20 size=1>ANNUAL REPORT</FONT>&nbsp;</TD>

   <TD align=left><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif color=#231f20 size=1>APRIL 30, 2011</FONT>&nbsp;</TD>

   <TD align=left><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif color=#231f20 size=1>35</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<HR align=center width="100%" noShade SIZE=2>



<DIV style="PAGE-BREAK-BEFORE: always"></DIV>

<!--$$/page=--><A name="page_37"></A><BR>

<P style="TEXT-ALIGN: left"><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif color=#394c87 size=4><STRONG><FONT size=2>BlackRock Strategic Municipal Trust (BSD)</FONT></STRONG><BR>Schedule of Investments (concluded) <BR></FONT><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#394c87 size=1>(Percentages shown are based on Net Assets)</FONT></B></P>

<DIV align=left>

<TABLE cellSpacing=0 border=0>



<TR>

   <TD width="64%"></TD>

   <TD width="16%"></TD>

   <TD width="19%"></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Short-Term Securities</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=middle><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Shares</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=middle><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Value</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>FFI Institutional Tax-Exempt Fund, 0.23% (j)(k)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,457,085</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 1,457,085</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=middle><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Par</FONT></B>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=middle><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(000)</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Michigan Finance Authority, RB, SAN, Detroit Schools,</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px; BORDER-BOTTOM: #000000 1px solid" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Series A-1, 6.45%, 2/20/12</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 1,030</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,036,458</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Total Short-Term Securities</FONT></B>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(Cost &#8212; $2,487,085) &#8212; 2.8%</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2,493,543</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Total Investments (Cost &#8212; $150,591,886*) &#8212; 163.2%</FONT></B>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>146,048,711</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Liabilities in Excess of Other Assets &#8212; 0.0%</FONT></B>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(34,710)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Liability for Trust Certificates, Including Interest</FONT></B>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2px" align=left><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Expense and Fees Payable &#8212; (15.2)%</FONT></B>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(13,556,036)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Preferred Shares, at Redemption Value &#8212; (48.0)%</FONT></B>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(42,976,936)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Net Assets Applicable to Common Shares &#8212; 100.0%</FONT></B>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 89,481,029</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1><BR>* The cost and unrealized appreciation (depreciation) of investments as of April 30,</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2011, as computed for federal income tax purposes, were as follows:</FONT></P>

<DIV align=left>

<TABLE cellSpacing=0 border=0>



<TR>

   <TD width="57%"></TD>

   <TD width="42%"></TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Aggregate cost</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$136,790,738</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Gross unrealized appreciation</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 1,804,479</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Gross unrealized depreciation</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(6,092,670)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Net unrealized depreciation</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ (4,288,191)</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1><BR>(a) Represents a zero-coupon bond. Rate shown reflects the current yield as of</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>report date.</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(b) US government securities, held in escrow, are used to pay interest on this security as</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>well as to retire the bond in full at the date indicated, typically at a premium to par.</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(c) When-issued security. Unsettled when-issued transactions were as follows:</FONT></P>

<DIV align=left>

<TABLE cellSpacing=0 border=0>



<TR>

   <TD width="38%"></TD>

   <TD width="41%"></TD>

   <TD width="20%"></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=middle><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Unrealized</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Counterparty</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=middle><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Value</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Appreciation</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Citigroup</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=middle><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$1,976,762</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$19,960</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1><BR>(d) Issuer filed for bankruptcy and/or is in default of interest payments.</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(e) Non-income producing security.</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(f) Security exempt from registration under Rule 144A of the Securities Act of 1933.</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>These securities may be resold in transactions exempt from registration to qualified</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>institutional investors.</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(g) Security represents a beneficial interest in a trust. The collateral deposited into</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>the trust is federally tax-exempt revenue bonds issued by various state or local</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>governments, or their respective agencies or authorities. The security is subject to</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>remarketing prior to its stated maturity.</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(h) Variable rate security. Rate shown is as of report date.</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(i) Securities represent bonds transferred to a TOB in exchange for which the Trust</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>acquired residual interest certificates. These securities serve as collateral in a</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>financing transaction. See Note 1 of the Notes to Financial Statements for details of</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>municipal bonds transferred to TOBs.</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(j) Investments in companies considered to be an affiliate of the Trust during the</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>year, for purposes of Section 2(a)(3) of the Investment Company Act of 1940,</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>as amended, were as follows:</FONT></P>

<DIV align=left>

<TABLE cellSpacing=0 border=0>



<TR>

   <TD width="24%"></TD>

   <TD width="22%"></TD>

   <TD width="17%"></TD>

   <TD width="23%"></TD>

   <TD width="12%"></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=middle><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Shares Held at</FONT></B>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=middle><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Shares Held at</FONT></B>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=middle><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>April 30,</FONT></B>&nbsp;</TD>

   <TD align=middle><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Net</FONT></B>&nbsp;</TD>

   <TD align=middle><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>April 30,</FONT></B>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Affiliate</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=middle><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2010</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=middle><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Activity</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=middle><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2011</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Income</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>FFI Institutional</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2px; BORDER-BOTTOM: #000000 1px solid" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Tax-Exempt Fund</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=middle><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,940,417</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=middle><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(483,332)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=middle><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,457,085</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$3,251</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1><BR>(k) Represents the current yield as of report date.<BR><BR></FONT><FONT face=Frutiger-Roman,Arial,Helvetica,sans-serif color=#231f20 size=2>&#8226; </FONT><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Financial futures contracts sold as of April 30, 2011 were as follows:</FONT></P>

<DIV align=left>

<TABLE cellSpacing=0 border=0>



<TR>

   <TD width="29%"></TD>

   <TD width="20%"></TD>

   <TD width="14%"></TD>

   <TD width="35%"></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Notional&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unrealized</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Contracts&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Issue&nbsp;&nbsp;</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=middle><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Exchange</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=middle><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Expiration</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Value&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Depreciation</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>66&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10-Year U.S.</FONT>&nbsp;</TD>

   <TD align=middle><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Chicago Board</FONT>&nbsp;</TD>

   <TD align=middle><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>June</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Treasury Note</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=middle><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>of Trade</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=middle><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2011</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=middle><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 7,821,906&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $ (173,375)</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px"><FONT face=Frutiger-Roman,Arial,Helvetica,sans-serif color=#231f20 size=2><BR>&#8226; </FONT><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Fair Value Measurements &#8212; Various inputs are used in determining the fair value of</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>investments and derivative financial instruments. These inputs are summarized in</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>three broad levels for financial reporting purposes as follows:</FONT><BR><FONT face=Frutiger-Roman,Arial,Helvetica,sans-serif color=#231f20 size=2>&#8226; </FONT><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Level 1 &#8212; price quotations in active markets/exchanges for identical assets</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>and liabilities</FONT><BR><FONT face=Frutiger-Roman,Arial,Helvetica,sans-serif color=#231f20 size=2>&#8226; </FONT><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Level 2 &#8212; other observable inputs (including, but not limited to: quoted prices for</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>similar assets or liabilities in markets that are active, quoted prices for identical</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>or similar assets or liabilities in markets that are not active, inputs other than</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>quoted prices that are observable for the assets or liabilities (such as interest</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>default rates) or other market-corroborated inputs)</FONT><BR><FONT face=Frutiger-Roman,Arial,Helvetica,sans-serif color=#231f20 size=2>&#8226; </FONT><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Level 3 &#8212; unobservable inputs based on the best information available in the</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>circumstances, to the extent observable inputs are not available (including the</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Trust&#8217;s own assumptions used in determining the fair value of investments and</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>derivative financial instruments)<BR></FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>The inputs or methodologies used for valuing securities are not necessarily an</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>indication of the risk associated with investing in those securities. For information</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>about the Trust&#8217;s policy regarding valuation of investments and derivative financial</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>instruments and other significant accounting policies, please refer to Note 1 of the</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Notes to Financial Statements.<BR></FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>The following tables summarize the inputs used as of April 30, 2011 in determining</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>the fair valuation of the Trust&#8217;s investments and derivative financial instruments:</FONT></P>

<DIV align=left>

<TABLE cellSpacing=0 border=0>



<TR>

   <TD width="21%"></TD>

   <TD width="16%"></TD>

   <TD width="26%"></TD>

   <TD width="15%"></TD>

   <TD width="20%"></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Valuation Inputs</FONT></B>&nbsp;</TD>

   <TD style="TEXT-INDENT: 4px; BORDER-BOTTOM: #000000 1px solid" align=middle><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Level 1</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=middle><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Level 2</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=middle><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Level 3</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=middle><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Total</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Assets:</FONT></B>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left colSpan=2><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Investments in Securities:</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Long-Term</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Investments</FONT><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1</FONT></SUP>&nbsp;</TD>

   <TD align=right>&nbsp;<FONT face=Arial color=#231f20 size=1>&#8212;</FONT></TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>&nbsp;$143,555,168</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>&#8212;</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$143,555,168</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Short-Term</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Securities</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right colSpan=2><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 1,457,085&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1,036,458</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>&#8212;</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2,493,543</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Total</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right colSpan=2><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 1,457,085&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $144,591,626</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>&#8212;</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$146,048,711</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px"><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1 </FONT></SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>See above Schedule of Investments for values in each state or</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>political subdivision.</FONT></P>

<DIV align=left>

<TABLE cellSpacing=0 border=0>



<TR>

   <TD width="23%"></TD>

   <TD width="19%"></TD>

   <TD width="19%"></TD>

   <TD width="16%"></TD>

   <TD width="21%"></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=middle colSpan=5><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Derivative Financial Instruments</FONT></B><B><SUP><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2</FONT></SUP></B></TD></TR>

<TR>

   <TD colSpan=5>

   <HR noShade SIZE=1>

</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Valuation Inputs</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=middle><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Level 1</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=middle><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Level 2</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Level 3</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=middle><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Total</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Liabilities:</FONT></B>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Interest</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>rate</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2px; BORDER-BOTTOM: #000000 1px solid" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>contracts $</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=middle><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(173,375)</FONT>&nbsp;</TD>

   <TD style="TEXT-INDENT: 6px; BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>&#8212;</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>&#8212;</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=middle><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ (173,375)</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px"><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2 </FONT></SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Derivative financial instruments are financial futures contracts, which are valued</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>at the unrealized appreciation/depreciation on the instrument.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>See Notes to Financial Statements.</FONT></P>

<DIV align=left>

<TABLE cellSpacing=0 border=0>



<TR>

   <TD width="13%"></TD>

   <TD width="49%"></TD>

   <TD width="37%"></TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif color=#231f20 size=1>36</FONT>&nbsp;</TD>

   <TD align=left><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif color=#231f20 size=1>ANNUAL REPORT</FONT>&nbsp;</TD>

   <TD align=left><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif color=#231f20 size=1>APRIL 30, 2011</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<HR align=center width="100%" noShade SIZE=2>



<DIV style="PAGE-BREAK-BEFORE: always"></DIV>

<!--$$/page=--><A name="page_38"></A><BR>

<DIV align=left>

<TABLE cellSpacing=0 border=0>



<TR>

   <TD width="32%"></TD>

   <TD width="3%"></TD>

   <TD width="9%"></TD>

   <TD width="10%"></TD>

   <TD width="11%"></TD>

   <TD width="11%"></TD>

   <TD width="11%"></TD>

   <TD width="10%"></TD></TR>

<TR vAlign=bottom>

   <TD align=left colSpan=3><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif color=#394c87 size=4>Statements of Assets and Liabilities</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>BlackRock</FONT></B>&nbsp;</TD>

   <TD align=middle><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>BlackRock</FONT></B>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=middle><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>BlackRock</FONT></B>&nbsp;</TD>

   <TD align=middle><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>BlackRock</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Investment</FONT></B>&nbsp;</TD>

   <TD align=middle><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Long-Term</FONT></B>&nbsp;</TD>

   <TD align=middle><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>BlackRock</FONT></B>&nbsp;</TD>

   <TD align=middle><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>BlackRock</FONT></B>&nbsp;</TD>

   <TD align=middle><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Pennsylvania</FONT></B>&nbsp;</TD>

   <TD align=middle><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Strategic</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD style="TEXT-INDENT: 1px" align=left><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Quality</FONT></B>&nbsp;</TD>

   <TD align=middle><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Municipal</FONT></B>&nbsp;</TD>

   <TD align=middle><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Municipal</FONT></B>&nbsp;</TD>

   <TD style="TEXT-INDENT: 2px" align=middle><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Municipal</FONT></B>&nbsp;</TD>

   <TD align=middle><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Strategic</FONT></B>&nbsp;</TD>

   <TD align=middle><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Municipal</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=middle colSpan=2><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Municipal Trust Inc.</FONT></B>&nbsp;</TD>

   <TD align=right><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Advantage Trust</FONT></B>&nbsp;</TD>

   <TD align=middle><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2020 Term Trust</FONT></B>&nbsp;</TD>

   <TD align=middle><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Income Trust</FONT></B>&nbsp;</TD>

   <TD align=middle><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Municipal Trust</FONT></B>&nbsp;</TD>

   <TD align=middle><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Trust</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 3px double" align=left><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>April 30, 2011</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" align=left>&nbsp;</TD>

   <TD style="TEXT-INDENT: 2px; BORDER-BOTTOM: #000000 3px double" align=left><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(BKN)</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" align=middle><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(BTA)</FONT></B>&nbsp;</TD>

   <TD style="TEXT-INDENT: 4px; BORDER-BOTTOM: #000000 3px double" align=middle><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(BKK)</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" align=middle><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(BFK)</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" align=middle><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(BPS)</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" align=middle><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(BSD)</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3px; BORDER-BOTTOM: #000000 1px solid" align=left bgColor=#e3e3ef><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#394c87 size=1>Assets</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left bgColor=#e3e3ef>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left bgColor=#e3e3ef>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left bgColor=#e3e3ef>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left bgColor=#e3e3ef>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left bgColor=#e3e3ef>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left bgColor=#e3e3ef>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left bgColor=#e3e3ef>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Investments at value &#8212; unaffiliated</FONT><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1</FONT></SUP>&nbsp;</TD>

   <TD align=right colSpan=2><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 351,930,182</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 219,193,039</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 463,726,655</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 856,731,756</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 45,576,493</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 144,591,626</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Investments at value &#8212; affiliated</FONT><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2</FONT></SUP>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,084,525</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,227,518</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>3,220,721</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>30,616,864</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,311,773</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,457,085</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Cash pledged as collateral for financial futures contracts</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>400,000</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>205,000</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>&#8212;</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>780,000</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>20,000</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>130,000</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Cash</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>38</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>661</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>28</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>&#8212;</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>3</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Investments sold receivable</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>9,214,838</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>4,598,344</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>520,000</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>718,969</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>73,409</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>108,409</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Interest receivable</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5,587,335</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>4,025,938</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>7,822,211</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>14,651,645</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>788,191</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2,392,850</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Income receivable &#8212; affiliated</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>150</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>34</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>115</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>551</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>11</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>23</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Prepaid expenses</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>35,983</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>29,238</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>44,292</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>86,340</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>4,031</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>18,806</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Other assets</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>50,835</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>11,708</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>38,979</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>190,822</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>4,193</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>8,233</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 3px double" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Total assets</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>368,303,886</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>229,291,480</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>475,373,001</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>903,776,947</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>47,778,104</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>148,707,037</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3px; BORDER-BOTTOM: #000000 1px solid" align=left bgColor=#e3e3ef><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#394c87 size=1>Accrued Liabilities</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left bgColor=#e3e3ef>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left bgColor=#e3e3ef>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left bgColor=#e3e3ef>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left bgColor=#e3e3ef>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left bgColor=#e3e3ef>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left bgColor=#e3e3ef>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left bgColor=#e3e3ef>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Bank overdraft</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>&#8212;</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>&#8212;</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>&#8212;</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>138</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>&#8212;</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>&#8212;</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Investments purchased payable</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>9,836,079</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>&#8212;</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>&#8212;</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>12,009,809</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>521,032</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,956,803</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Income dividends payable &#8212; Common Shares</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,432,697</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>835,792</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,259,730</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>3,565,537</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>154,006</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>539,839</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Investment advisory fees payable</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>104,655</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>81,806</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>198,674</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>446,556</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>23,432</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>73,519</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Officer's and Trustees' fees payable</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>52,994</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>14,147</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>41,754</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>192,593</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5,739</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>10,366</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Administration fees payable</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>44,888</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>&#8212;</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>&#8212;</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>&#8212;</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>&#8212;</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>&#8212;</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Margin variation payable</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>30,250</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>19,687</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>&#8212;</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>75,937</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,875</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>12,375</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Interest expense and fees payable</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>10,735</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>280,084</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>6,044</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>58,221</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>3,863</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>9,872</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Other accrued expenses payable</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>147,891</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>87,977</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>174,152</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>259,073</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>43,556</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>100,134</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 3px double" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Total accrued liabilities</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>11,660,189</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,319,493</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,680,354</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>16,607,864</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>753,503</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2,702,908</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3px; BORDER-BOTTOM: #000000 1px solid" align=left bgColor=#e3e3ef><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#394c87 size=1>Other Liabilities</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left bgColor=#e3e3ef>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left bgColor=#e3e3ef>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left bgColor=#e3e3ef>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left bgColor=#e3e3ef>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left bgColor=#e3e3ef>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left bgColor=#e3e3ef>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left bgColor=#e3e3ef>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Trust certificates</FONT><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>3</FONT></SUP>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>13,137,401</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>87,461,565</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>3,750,000</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>75,182,147</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>4,124,755</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>13,546,164</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 3px double" align=left><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Total Liabilities</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>24,797,590</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>88,781,058</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5,430,354</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>91,790,011</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>4,878,258</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>16,249,072</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3px; BORDER-BOTTOM: #000000 1px solid" align=left bgColor=#e3e3ef><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#394c87 size=1>Preferred Shares at Redemption Value</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left bgColor=#e3e3ef>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left bgColor=#e3e3ef>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left bgColor=#e3e3ef>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left bgColor=#e3e3ef>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left bgColor=#e3e3ef>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left bgColor=#e3e3ef>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left bgColor=#e3e3ef>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$25,000 per share liquidation preference, plus</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>unpaid dividends</FONT><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>4,5,6</FONT></SUP>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>125,964,879</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>&#8212;</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>173,860,783</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>270,889,850</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>16,325,735</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>42,976,936</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 3px double" align=left><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Net Assets Applicable to Common Shareholders</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" align=right colSpan=2><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 217,541,417</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 140,510,422</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 296,081,864</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 541,097,086</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 26,574,111</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 89,481,029</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3px; BORDER-BOTTOM: #000000 1px solid" align=left bgColor=#e3e3ef colSpan=2><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#394c87 size=1>Net Assets Applicable to Common Shareholders Consist of</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left bgColor=#e3e3ef>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left bgColor=#e3e3ef>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left bgColor=#e3e3ef>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left bgColor=#e3e3ef>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left bgColor=#e3e3ef>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left bgColor=#e3e3ef>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Paid-in capital</FONT><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>6,7,8</FONT></SUP>&nbsp;</TD>

   <TD align=right colSpan=2><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 236,979,741</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 191,097,044</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 287,184,576</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 620,404,631</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 28,527,301</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 103,431,840</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Undistributed net investment income</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>4,562,727</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2,620,458</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>16,058,078</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>11,725,402</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>748,019</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,781,260</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Accumulated net realized loss</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(11,032,742)</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(36,592,571)</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(2,829,124)</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(36,594,059)</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(1,847,876)</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(11,015,521)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Net unrealized appreciation/depreciation</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(12,968,309)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(16,614,509)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(4,331,666)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(54,438,888)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(853,333)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(4,716,550)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Net Assets Applicable to Common Shareholders</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right colSpan=2><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 217,541,417</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 140,510,422</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 296,081,864</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 541,097,086</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 26,574,111</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 89,481,029</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Net asset value per Common Share</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right colSpan=2><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 12.75</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 10.51</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 14.63</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 12.16</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 13.11</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 12.27</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3px" align=left><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1 </FONT></SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Investments at cost &#8212; unaffiliated</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right colSpan=2><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 364,507,011</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 235,531,724</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 468,058,321</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 910,106,749</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 46,403,557</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 149,134,801</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3px" align=left><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2 </FONT></SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Investments at cost &#8212; affiliated</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right colSpan=2><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 1,084,525</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 1,227,518</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 3,220,721</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 30,616,864</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 1,311,773</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 1,457,085</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3px" align=left><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>3 </FONT></SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Represents short-term floating rate certificates</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>issued by TOBs.</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3px" align=left><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>4 </FONT></SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Preferred Shares outstanding</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5,038</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>&#8212;</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>6,954</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>10,835</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>653</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,719</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3px" align=left><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5 </FONT></SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Preferred Shares authorized</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5,862</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>&#8212;</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>unlimited</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>unlimited</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>unlimited</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>unlimited</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3px" align=left><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>6 </FONT></SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Par value per Preferred and Common Share</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$0.01</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$0.001</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$0.001</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$0.001</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$0.001</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$0.001</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3px" align=left><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>7 </FONT></SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Common Shares outstanding</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>17,055,911</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>13,372,678</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>20,236,628</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>44,513,574</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2,026,389</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>7,295,125</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3px" align=left><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>8 </FONT></SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Common Shares authorized</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>200 million</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>unlimited</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>unlimited</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>unlimited</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>unlimited</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>unlimited</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<P style="TEXT-ALIGN: left"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>See Notes to Financial Statements.</FONT></P>

<DIV align=left>

<TABLE cellSpacing=0 border=0>



<TR>

   <TD width="37%"></TD>

   <TD width="48%"></TD>

   <TD width="13%"></TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif color=#231f20 size=1>ANNUAL REPORT</FONT>&nbsp;</TD>

   <TD align=left><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif color=#231f20 size=1>APRIL 30, 2011</FONT>&nbsp;</TD>

   <TD align=left><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif color=#231f20 size=1>37</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<HR align=center width="100%" noShade SIZE=2>



<DIV style="PAGE-BREAK-BEFORE: always"></DIV>

<!--$$/page=--><A name="page_39"></A><BR>

<DIV align=left>

<TABLE cellSpacing=0 border=0>



<TR>

   <TD width="32%"></TD>

   <TD width="13%"></TD>

   <TD width="10%"></TD>

   <TD width="11%"></TD>

   <TD width="11%"></TD>

   <TD width="11%"></TD>

   <TD width="10%"></TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif color=#394c87 size=4>Statements of Operations</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=middle><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>BlackRock</FONT></B>&nbsp;</TD>

   <TD align=middle><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>BlackRock</FONT></B>&nbsp;</TD>

   <TD align=middle>&nbsp;</TD>

   <TD align=middle>&nbsp;</TD>

   <TD align=middle><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>BlackRock</FONT></B>&nbsp;</TD>

   <TD align=middle><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>BlackRock</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=middle><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Investment</FONT></B>&nbsp;</TD>

   <TD align=middle><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Long-Term</FONT></B>&nbsp;</TD>

   <TD align=middle><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>BlackRock</FONT></B>&nbsp;</TD>

   <TD align=middle><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>BlackRock</FONT></B>&nbsp;</TD>

   <TD align=middle><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Pennsylvania</FONT></B>&nbsp;</TD>

   <TD align=middle><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Strategic</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD style="TEXT-INDENT: 5px" align=middle><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Quality</FONT></B>&nbsp;</TD>

   <TD align=middle><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Municipal</FONT></B>&nbsp;</TD>

   <TD align=middle><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Municipal</FONT></B>&nbsp;</TD>

   <TD style="TEXT-INDENT: 2px" align=middle><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Municipal</FONT></B>&nbsp;</TD>

   <TD align=middle><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Strategic</FONT></B>&nbsp;</TD>

   <TD align=middle><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Municipal</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=middle><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Municipal Trust Inc.</FONT></B>&nbsp;</TD>

   <TD align=middle><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Advantage Trust</FONT></B>&nbsp;</TD>

   <TD align=middle><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2020 Term Trust</FONT></B>&nbsp;</TD>

   <TD align=middle><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Income Trust</FONT></B>&nbsp;</TD>

   <TD align=middle><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Municipal Trust</FONT></B>&nbsp;</TD>

   <TD style="TEXT-INDENT: 4px" align=middle><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Trust</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 3px double" align=left><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Year Ended April 30, 2011</FONT></B>&nbsp;</TD>

   <TD style="TEXT-INDENT: 5px; BORDER-BOTTOM: #000000 3px double" align=middle><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(BKN)</FONT></B>&nbsp;</TD>

   <TD style="TEXT-INDENT: 4px; BORDER-BOTTOM: #000000 3px double" align=middle><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(BTA)</FONT></B>&nbsp;</TD>

   <TD style="TEXT-INDENT: 4px; BORDER-BOTTOM: #000000 3px double" align=middle><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(BKK)</FONT></B>&nbsp;</TD>

   <TD style="TEXT-INDENT: 4px; BORDER-BOTTOM: #000000 3px double" align=middle><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(BFK)</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" align=middle><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(BPS)</FONT></B>&nbsp;</TD>

   <TD style="TEXT-INDENT: 4px; BORDER-BOTTOM: #000000 3px double" align=middle><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(BSD)</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3px; BORDER-BOTTOM: #000000 1px solid" align=left bgColor=#e3e3ef><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#394c87 size=1>Investment Income</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left bgColor=#e3e3ef>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left bgColor=#e3e3ef>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left bgColor=#e3e3ef>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left bgColor=#e3e3ef>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left bgColor=#e3e3ef>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left bgColor=#e3e3ef>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Interest</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 20,220,200</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 12,256,111</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 24,586,584</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 51,697,074</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 2,417,384</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 8,110,201</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Income &#8212; affiliated</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>11,642</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2,752</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>14,154</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>31,851</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>257</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>3,785</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 3px double" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Total income</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>20,231,842</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>12,258,863</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>24,600,738</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>51,728,925</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2,417,641</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>8,113,986</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3px; BORDER-BOTTOM: #000000 1px solid" align=left bgColor=#e3e3ef><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#394c87 size=1>Expenses</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left bgColor=#e3e3ef>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left bgColor=#e3e3ef>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left bgColor=#e3e3ef>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left bgColor=#e3e3ef>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left bgColor=#e3e3ef>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left bgColor=#e3e3ef>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Investment advisory</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,279,167</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,458,179</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2,368,704</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5,492,747</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>284,575</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>893,617</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Administration</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>548,214</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>&#8212;</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>&#8212;</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>&#8212;</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>&#8212;</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>&#8212;</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Commissions for Preferred Shares</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>178,407</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>&#8212;</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>260,358</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>347,692</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>19,085</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>55,693</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Professional</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>86,194</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>84,833</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>102,375</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>260,969</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>34,482</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>78,359</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Accounting services</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>63,995</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>26,274</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>69,232</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>95,103</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>15,504</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>38,265</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Printing</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>42,816</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>21,703</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>56,139</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>97,367</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>8,454</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>19,373</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Officer and Trustees</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>31,196</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>17,892</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>37,524</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>85,077</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>3,783</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>11,563</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Transfer agent</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>29,320</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>11,652</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>31,674</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>44,110</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>17,051</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>23,682</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Custodian</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>23,385</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>16,119</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>28,598</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>44,006</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>6,966</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>12,478</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Registration</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>9,478</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>9,392</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>9,318</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>15,856</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>901</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>9,326</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Miscellaneous</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>66,601</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>45,587</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>71,655</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>117,190</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5,040</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>38,603</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Total expenses excluding interest expense and fees</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2,358,773</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,691,631</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>3,035,577</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>6,600,117</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>395,841</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,180,959</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Interest expense and fees</FONT><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1</FONT></SUP>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>94,982</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>947,345</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>25,619</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>561,601</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>32,546</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>101,232</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Total expenses</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2,453,755</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2,638,976</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>3,061,196</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>7,161,718</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>428,387</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,282,191</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Less fees waived by advisor</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(2,049)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(550,046)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(3,553)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(120,577)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(4,006)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(897)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Total expenses after fees waived</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2,451,706</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2,088,930</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>3,057,643</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>7,041,141</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>424,381</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,281,294</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 3px double" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Net investment income</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>17,780,136</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>10,169,933</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>21,543,095</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>44,687,784</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,993,260</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>6,832,692</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3px; BORDER-BOTTOM: #000000 1px solid" align=left bgColor=#e3e3ef><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#394c87 size=1>Realized and Unrealized Gain (Loss)</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left bgColor=#e3e3ef>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left bgColor=#e3e3ef>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left bgColor=#e3e3ef>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left bgColor=#e3e3ef>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left bgColor=#e3e3ef>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left bgColor=#e3e3ef>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Net realized gain (loss) from:</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Investments</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,747,990</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(1,858,791)</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(1,134,472)</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(374,343)</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(19,802)</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(493,005)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Financial futures contracts</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(79,167)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(72,294)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>&#8212;</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(458,914)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(21,030)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(71,021)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,668,823</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(1,931,085)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(1,134,472)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(833,257)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(40,832)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(564,026)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Net change in unrealized appreciation/depreciation on:</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Investments</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(17,185,008)</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(8,349,433)</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(2,036,387)</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(47,296,058)</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(1,564,489)</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(4,822,833)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Financial futures contracts</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(391,480)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(275,825)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>&#8212;</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(1,063,895)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(26,269)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(173,375)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(17,576,488)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(8,625,258)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(2,036,387)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(48,359,953)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(1,590,758)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(4,996,208)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 3px double" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Total realized and unrealized loss</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(15,907,665)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(10,556,343)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(3,170,859)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(49,193,210)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(1,631,590)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(5,560,234)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3px; BORDER-BOTTOM: #000000 1px solid" align=left bgColor=#e3e3ef><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#394c87 size=1>Dividends to Preferred Shareholders From</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left bgColor=#e3e3ef>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left bgColor=#e3e3ef>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left bgColor=#e3e3ef>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left bgColor=#e3e3ef>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left bgColor=#e3e3ef>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left bgColor=#e3e3ef>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Net investment income</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(521,567)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>&#8212;</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(722,225)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(1,124,179)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(68,058)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(179,417)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Net Increase (Decrease) in Net Assets Applicable to</FONT></B>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2px" align=left><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Common Shareholders Resulting from Operations</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 1,350,904</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ (386,410)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 17,650,011</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ (5,629,605)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 293,612</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 1,093,041</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2px" align=left><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1 </FONT></SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Related to TOBs.</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<P style="TEXT-ALIGN: left"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>See Notes to Financial Statements.</FONT></P>

<DIV align=left>

<TABLE cellSpacing=0 border=0>



<TR>

   <TD width="13%"></TD>

   <TD width="49%"></TD>

   <TD width="37%"></TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif color=#231f20 size=1>38</FONT>&nbsp;</TD>

   <TD align=left><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif color=#231f20 size=1>ANNUAL REPORT</FONT>&nbsp;</TD>

   <TD align=left><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif color=#231f20 size=1>APRIL 30, 2011</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<HR align=center width="100%" noShade SIZE=2>



<DIV style="PAGE-BREAK-BEFORE: always"></DIV>

<!--$$/page=--><A name="page_40"></A><BR>

<DIV align=left>

<TABLE cellSpacing=0 border=0>



<TR>

   <TD width="49%"></TD>

   <TD width="14%"></TD>

   <TD width="13%"></TD>

   <TD width="12%"></TD>

   <TD width="10%"></TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif color=#394c87 size=4>Statements of Changes in Net Assets</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=middle colSpan=2><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>BlackRock Investment Quality</FONT></B>&nbsp;</TD>

   <TD align=middle colSpan=2><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>BlackRock Long-Term</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD style="TEXT-INDENT: 4px; BORDER-BOTTOM: #000000 1px solid" align=middle colSpan=2><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Municipal Trust Inc. (BKN)</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=middle colSpan=2><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Municipal Advantage Trust (BTA)</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Increase (Decrease) in Net Assets</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=middle colSpan=2><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Year Ended April 30,</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=middle colSpan=2><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Year Ended April 30,</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 3px double" align=left><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Applicable to Common Shareholders:</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" align=middle><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2011</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" align=middle><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2010</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" align=middle><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2011</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" align=middle><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2010</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3px; BORDER-BOTTOM: #000000 1px solid" align=left bgColor=#e3e3ef><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#394c87 size=1>Operations</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left bgColor=#e3e3ef>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left bgColor=#e3e3ef>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left bgColor=#e3e3ef>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left bgColor=#e3e3ef>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Net investment income</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 17,780,136</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 18,107,138</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 10,169,933</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 10,043,253</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Net realized gain (loss)</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,668,823</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(3,242,493)</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(1,931,085)</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(5,654,774)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Net change in unrealized appreciation/depreciation</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(17,576,488)</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>36,666,543</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(8,625,258)</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>28,098,398</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Dividends to Preferred Shareholders from net investment income</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(521,567)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(573,855)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>&#8212;</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>&#8212;</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Net increase (decrease) in net assets applicable to Common Shareholders</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2px; BORDER-BOTTOM: #000000 3px double" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>resulting from operations</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,350,904</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>50,957,333</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(386,410)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>32,486,877</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3px; BORDER-BOTTOM: #000000 1px solid" align=left bgColor=#e3e3ef><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#394c87 size=1>Dividends to Common Shareholders From</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left bgColor=#e3e3ef>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left bgColor=#e3e3ef>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left bgColor=#e3e3ef>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left bgColor=#e3e3ef>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 3px double" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Net investment income</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(17,199,346)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(16,049,999)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(9,767,868)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(9,208,155)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3px; BORDER-BOTTOM: #000000 1px solid" align=left bgColor=#e3e3ef><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#394c87 size=1>Capital Share Transactions</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left bgColor=#e3e3ef>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left bgColor=#e3e3ef>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left bgColor=#e3e3ef>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left bgColor=#e3e3ef>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 3px double" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Reinvestment of common dividends</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>918,594</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>752,867</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>307,466</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>&#8212;</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3px; BORDER-BOTTOM: #000000 1px solid" align=left bgColor=#e3e3ef><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#394c87 size=1>Net Assets Applicable to Common Shareholders</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left bgColor=#e3e3ef>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left bgColor=#e3e3ef>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left bgColor=#e3e3ef>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left bgColor=#e3e3ef>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Total increase (decrease) in net assets applicable to Common Shareholders</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(14,929,848)</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>35,660,201</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(9,846,812)</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>23,278,722</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Beginning of year</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>232,471,265</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>196,811,064</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>150,357,234</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>127,078,512</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>End of year</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$217,541,417</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 232,471,265</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$140,510,422</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 150,357,234</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Undistributed net investment income</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 4,562,727</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 4,523,905</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 2,620,458</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 2,312,458</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<DIV align=left>

<TABLE cellSpacing=0 border=0>



<TR>

   <TD width="48%"></TD>

   <TD width="15%"></TD>

   <TD width="13%"></TD>

   <TD width="12%"></TD>

   <TD width="10%"></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD style="TEXT-INDENT: 3px" align=middle colSpan=2><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>BlackRock Municipal 2020</FONT></B>&nbsp;</TD>

   <TD align=middle colSpan=2><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>BlackRock Municipal</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=middle colSpan=2><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Term Trust (BKK)</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=middle colSpan=2><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Income Trust (BFK)</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Increase (Decrease) in Net Assets</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=middle colSpan=2><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Year Ended April 30,</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=middle colSpan=2><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Year Ended April 30,</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 3px double" align=left><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Applicable to Common Shareholders:</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" align=middle><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2011</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" align=middle><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2010</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" align=middle><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2011</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" align=middle><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2010</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3px; BORDER-BOTTOM: #000000 1px solid" align=left bgColor=#e3e3ef><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#394c87 size=1>Operations</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left bgColor=#e3e3ef>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left bgColor=#e3e3ef>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left bgColor=#e3e3ef>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left bgColor=#e3e3ef>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Net investment income</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 21,543,095</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 22,246,419</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 44,687,784</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 45,737,048</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Net realized gain (loss)</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(1,134,472)</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>658,970</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(833,257)</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(2,396,662)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Net change in unrealized appreciation/depreciation</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(2,036,387)</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>42,967,169</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(48,359,953)</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>109,819,979</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Dividends to Preferred Shareholders from net investment income</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(722,225)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(778,339)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(1,124,179)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(1,235,954)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Net increase (decrease) in net assets applicable to Common Shareholders</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2px; BORDER-BOTTOM: #000000 3px double" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>resulting from operations</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>17,650,011</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>65,094,219</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(5,629,605)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>151,924,411</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3px; BORDER-BOTTOM: #000000 1px solid" align=left bgColor=#e3e3ef><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#394c87 size=1>Dividends to Common Shareholders From</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left bgColor=#e3e3ef>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left bgColor=#e3e3ef>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left bgColor=#e3e3ef>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left bgColor=#e3e3ef>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 3px double" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Net investment income</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(15,116,761)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(15,116,761)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(42,289,617)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(41,349,932)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3px; BORDER-BOTTOM: #000000 1px solid" align=left bgColor=#e3e3ef><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#394c87 size=1>Capital Share Transactions</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left bgColor=#e3e3ef>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left bgColor=#e3e3ef>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left bgColor=#e3e3ef>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left bgColor=#e3e3ef>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 3px double" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Reinvestment of common dividends</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>&#8212;</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>&#8212;</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,766,716</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,861,576</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3px; BORDER-BOTTOM: #000000 1px solid" align=left bgColor=#e3e3ef><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#394c87 size=1>Net Assets Applicable to Common Shareholders</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left bgColor=#e3e3ef>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left bgColor=#e3e3ef>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left bgColor=#e3e3ef>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left bgColor=#e3e3ef>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Total increase (decrease) in net assets applicable to Common Shareholders</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2,533,250</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>49,977,458</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(46,152,506)</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>112,436,055</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Beginning of year</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>293,548,614</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>243,571,156</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>587,249,592</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>474,813,537</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>End of year</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$296,081,864</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 293,548,614</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$541,097,086</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 587,249,592</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Undistributed net investment income</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 16,058,078</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 10,354,633</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 11,725,402</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 10,453,607</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<P style="TEXT-ALIGN: left"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>See Notes to Financial Statements.</FONT></P>

<DIV align=left>

<TABLE cellSpacing=0 border=0>



<TR>

   <TD width="37%"></TD>

   <TD width="48%"></TD>

   <TD width="13%"></TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif color=#231f20 size=1>ANNUAL REPORT</FONT>&nbsp;</TD>

   <TD align=left><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif color=#231f20 size=1>APRIL 30, 2011</FONT>&nbsp;</TD>

   <TD align=left><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif color=#231f20 size=1>39</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<HR align=center width="100%" noShade SIZE=2>



<DIV style="PAGE-BREAK-BEFORE: always"></DIV>

<!--$$/page=--><A name="page_41"></A><BR>

<DIV align=left>

<TABLE cellSpacing=0 border=0>



<TR>

   <TD width="52%"></TD>

   <TD width="11%"></TD>

   <TD width="13%"></TD>

   <TD width="12%"></TD>

   <TD width="10%"></TD></TR>

<TR vAlign=bottom>

   <TD align=left colSpan=2><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif color=#394c87 size=4>Statements of Changes in Net Assets (concluded)</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD style="TEXT-INDENT: 5px" align=middle colSpan=2><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>BlackRock Pennsylvania</FONT></B>&nbsp;</TD>

   <TD style="TEXT-INDENT: 6px" align=middle colSpan=2><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>BlackRock Strategic</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD style="TEXT-INDENT: 2px; BORDER-BOTTOM: #000000 1px solid" align=middle colSpan=2><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Strategic Municipal Trust (BPS)</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=middle colSpan=2><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Municipal Trust (BSD)</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Increase (Decrease) in Net Assets</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=middle colSpan=2><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Year Ended April 30,</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=middle colSpan=2><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Year Ended April 30,</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 3px double" align=left><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Applicable to Common Shareholders:</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" align=middle><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2011</FONT></B>&nbsp;</TD>

   <TD style="TEXT-INDENT: 5px; BORDER-BOTTOM: #000000 3px double" align=middle><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2010</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" align=middle><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2011</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" align=middle><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2010</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3px; BORDER-BOTTOM: #000000 1px solid" align=left bgColor=#e3e3ef><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#394c87 size=1>Operations</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left bgColor=#e3e3ef>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left bgColor=#e3e3ef>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left bgColor=#e3e3ef>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left bgColor=#e3e3ef>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Net investment income</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 1,993,260</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 1,860,231</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 6,832,692</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 7,023,486</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Net realized loss</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(40,832)</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(241,650)</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(564,026)</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(4,257,032)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Net change in unrealized appreciation/depreciation</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(1,590,758)</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>3,925,374</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(4,996,208)</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>18,437,955</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Dividends to Preferred Shareholders from net investment income</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(68,058)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(73,835)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(179,417)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(198,039)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 3px double" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Net increase in net assets applicable to Common Shareholders resulting from operations</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>293,612</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5,470,120</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,093,041</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>21,006,370</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3px; BORDER-BOTTOM: #000000 1px solid" align=left bgColor=#e3e3ef><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#394c87 size=1>Dividends to Common Shareholders From</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left bgColor=#e3e3ef>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left bgColor=#e3e3ef>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left bgColor=#e3e3ef>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left bgColor=#e3e3ef>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 3px double" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Net investment income</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(1,798,072)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(1,454,867)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(6,423,978)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(6,104,489)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3px; BORDER-BOTTOM: #000000 1px solid" align=left bgColor=#e3e3ef><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#394c87 size=1>Capital Share Transactions</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left bgColor=#e3e3ef>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left bgColor=#e3e3ef>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left bgColor=#e3e3ef>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left bgColor=#e3e3ef>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 3px double" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Reinvestment of common dividends</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>40,206</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>&#8212;</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>75,734</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>14,173</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3px; BORDER-BOTTOM: #000000 1px solid" align=left bgColor=#e3e3ef><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#394c87 size=1>Net Assets Applicable to Common Shareholders</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left bgColor=#e3e3ef>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left bgColor=#e3e3ef>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left bgColor=#e3e3ef>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left bgColor=#e3e3ef>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Total increase (decrease) in net assets applicable to Common Shareholders</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(1,464,254)</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>4,015,253</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(5,255,203)</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>14,916,054</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Beginning of year</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>28,038,365</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>24,023,112</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>94,736,232</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>79,820,178</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>End of year</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 26,574,111</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 28,038,365</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 89,481,029</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 94,736,232</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Undistributed net investment income</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 748,019</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 620,889</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 1,781,260</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 1,552,284</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<P style="TEXT-ALIGN: left"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>See Notes to Financial Statements.</FONT></P>

<DIV align=left>

<TABLE cellSpacing=0 border=0>



<TR>

   <TD width="13%"></TD>

   <TD width="49%"></TD>

   <TD width="37%"></TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif color=#231f20 size=1>40</FONT>&nbsp;</TD>

   <TD align=left><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif color=#231f20 size=1>ANNUAL REPORT</FONT>&nbsp;</TD>

   <TD align=left><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif color=#231f20 size=1>APRIL 30, 2011</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<HR align=center width="100%" noShade SIZE=2>



<DIV style="PAGE-BREAK-BEFORE: always"></DIV>

<!--$$/page=--><A name="page_42"></A><BR>

<DIV align=left>

<TABLE cellSpacing=0 border=0>



<TR>

   <TD width="58%"></TD>

   <TD width="32%"></TD>

   <TD width="8%"></TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif color=#394c87 size=4>Statement of Cash Flows</FONT>&nbsp;</TD>

   <TD align=right colSpan=2><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#394c87 size=2>BlackRock Long-Term Municipal Advantage Trust (BTA)</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 3px double" align=left><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Year Ended April 30, 2011</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3px; BORDER-BOTTOM: #000000 1px solid" align=left bgColor=#e3e3ef><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#394c87 size=1>Cash Provided by Operating Activities</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left bgColor=#e3e3ef>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left bgColor=#e3e3ef>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Net decrease in net assets resulting from operations</FONT>&nbsp;</TD>

   <TD align=right colSpan=2><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ (386,410)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left colSpan=2><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Adjustments to reconcile net increase in net assets resulting from operations to net cash provided by operating activities:</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Increase in other assets</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(823)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Decrease in interest receivable</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>141,501</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Decrease in prepaid expenses</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5,835</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Decrease in income receivable &#8212; affiliated</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>8</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Increase in cash pledged for financial futures contracts</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(205,000)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Increase in investment advisory fees payable</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>3,717</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Decrease in interest expense payable</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(19,559)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Decrease in other affiliates payable</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(1,442)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Increase in other accrued expenses payable</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>12,412</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Increase in margin variation payable</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>19,687</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Increase in Officers and Trustees&#8217; fees payable</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,617</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Net realized and unrealized loss</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>10,208,224</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Amortization of premium and accretion of discount on investments</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>462,932</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Proceeds from sales and paydowns of long-term investments</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>31,732,956</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Purchases of long-term investments</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(32,734,203)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Net proceeds from sales of short-term securities</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(1,193,709)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 3px double" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Cash provided by operating activities</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>8,047,743</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3px; BORDER-BOTTOM: #000000 1px solid" align=left bgColor=#e3e3ef><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#394c87 size=1>Cash Used for Financing Activities</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left bgColor=#e3e3ef>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left bgColor=#e3e3ef>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Cash receipts from trust certificates</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>23,286,896</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Cash payments for trust certificates</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(21,915,331)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Cash dividends paid to Common Shareholders</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(9,418,647)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 3px double" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Cash used for financing activities</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(8,047,082)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3px; BORDER-BOTTOM: #000000 1px solid" align=left bgColor=#e3e3ef><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#394c87 size=1>Cash</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left bgColor=#e3e3ef>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left bgColor=#e3e3ef>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Net increase in cash</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>661</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Cash at beginning of year</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>&#8212;</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 3px double" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Cash at end of year</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" align=right colSpan=2><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 661</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3px; BORDER-BOTTOM: #000000 1px solid" align=left bgColor=#e3e3ef><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#394c87 size=1>Cash Flow Information</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left bgColor=#e3e3ef>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left bgColor=#e3e3ef>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 3px double" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Cash paid for interest</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" align=right colSpan=2><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 966,904</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3px; BORDER-BOTTOM: #000000 1px solid" align=left bgColor=#e3e3ef><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#394c87 size=1>Noncash Financing Activities</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left bgColor=#e3e3ef>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left bgColor=#e3e3ef>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Capital shares issued in reinvestment of dividends and distributions paid to Common Shareholders</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right colSpan=2><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 307,466</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1><BR>A Statement of Cash Flows is presented when a Trust had a significant amount of borrowing during the period based on the average borrowing outstanding</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>in relation to total assets.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>See Notes to Financial Statements.</FONT></P>

<DIV align=left>

<TABLE cellSpacing=0 border=0>



<TR>

   <TD width="37%"></TD>

   <TD width="48%"></TD>

   <TD width="13%"></TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif color=#231f20 size=1>ANNUAL REPORT</FONT>&nbsp;</TD>

   <TD align=left><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif color=#231f20 size=1>APRIL 30, 2011</FONT>&nbsp;</TD>

   <TD align=left><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif color=#231f20 size=1>41</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<HR align=center width="100%" noShade SIZE=2>



<DIV style="PAGE-BREAK-BEFORE: always"></DIV>

<!--$$/page=--><A name="page_43"></A><BR>

<DIV align=left>

<TABLE cellSpacing=0 border=0>



<TR>

   <TD width="42%"></TD>

   <TD width="11%"></TD>

   <TD width="8%"></TD>

   <TD width="9%"></TD>

   <TD width="8%"></TD>

   <TD width="8%"></TD>

   <TD width="2%"></TD>

   <TD width="8%"></TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif color=#394c87 size=4>Financial Highlights</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right colSpan=5><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#394c87 size=2>BlackRock Investment Quality Municipal Trust Inc. (BKN)</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=middle></TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=middle><STRONG><FONT face=Arial color=#231f20 size=1>Period</FONT></STRONG>&nbsp;&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=middle><STRONG><FONT face=Arial color=#231f20 size=1>November 1,</FONT></STRONG></TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=right colSpan=2>&nbsp;</TD>

   <TD align=middle>&nbsp;<STRONG><FONT face=Arial color=#231f20 size=1>2008 to</FONT></STRONG>&nbsp;</TD>

   <TD align=middle colSpan=3></TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=middle colSpan=2><STRONG><FONT face=Arial color=#231f20 size=1>Year Ended April 30,</FONT></STRONG></TD>

   <TD align=middle><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>April 30,</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right colSpan=2><STRONG><FONT face=Arial color=#231f20 size=1>Year Ended October 31,</FONT></STRONG>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 3px double" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" align=middle><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2011</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" align=middle><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2010</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" align=middle><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2009</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" align=middle><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2008</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" align=middle><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2007</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" align=middle><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2006</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3px; BORDER-BOTTOM: #000000 1px solid" align=left bgColor=#e3e3ef><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#394c87 size=1>Per Share Operating Performance</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left bgColor=#e3e3ef>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left bgColor=#e3e3ef>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left bgColor=#e3e3ef>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left bgColor=#e3e3ef>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left bgColor=#e3e3ef>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left bgColor=#e3e3ef>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left bgColor=#e3e3ef>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Net asset value, beginning of period</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 13.68</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 11.63</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 10.64</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 14.73</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 15.79</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right colSpan=2><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 15.59</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Net investment income</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1.04</FONT><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1</FONT></SUP>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1.07</FONT><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1</FONT></SUP>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>0.50</FONT><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1</FONT></SUP>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1.08</FONT><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1</FONT></SUP>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1.08</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1.10</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Net realized and unrealized gain (loss)</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(0.93)</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1.96</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>0.94</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(3.97)</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(0.79)</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>0.44</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Dividends to Preferred Shareholders from</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>net investment income</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(0.03)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(0.03)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(0.05)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(0.31)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(0.32)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(0.28)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Net increase (decrease) from investment operations</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>0.08</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>3.00</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1.39</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(3.20)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(0.03)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1.26</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Dividends to Common Shareholders from net investment income</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(1.01)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(0.95)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(0.40)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(0.89)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(1.03)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(1.06)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Net asset value, end of period</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 12.75</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 13.68</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 11.63</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 10.64</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 14.73</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right colSpan=2><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 15.79</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 3px double" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Market price, end of period</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 13.08</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 14.19</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 11.35</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 10.25</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 16.35</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" align=right colSpan=2><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 18.97</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3px; BORDER-BOTTOM: #000000 1px solid" align=left bgColor=#e3e3ef><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#394c87 size=1>Total Investment Return</FONT></B><B><SUP><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#394c87 size=1>2</FONT></SUP></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left bgColor=#e3e3ef>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left bgColor=#e3e3ef>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left bgColor=#e3e3ef>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left bgColor=#e3e3ef>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left bgColor=#e3e3ef>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left bgColor=#e3e3ef>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left bgColor=#e3e3ef>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Based on net asset value</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>0.49%</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>26.55%</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>13.63%</FONT><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>3</FONT></SUP>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(22.93)%</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(0.95)%</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>7.38%</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 3px double" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Based on market price</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(0.61)%</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>34.50%</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>15.12%</FONT><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>3</FONT></SUP>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(33.11)%</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(8.49)%</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>21.06%</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3px; BORDER-BOTTOM: #000000 1px solid" align=left bgColor=#e3e3ef><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#394c87 size=1>Ratios to Average Net Assets Applicable to Common Shareholders</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left bgColor=#e3e3ef>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left bgColor=#e3e3ef>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left bgColor=#e3e3ef>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left bgColor=#e3e3ef>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left bgColor=#e3e3ef>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left bgColor=#e3e3ef>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left bgColor=#e3e3ef>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Total expenses</FONT><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>4</FONT></SUP>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1.08%</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1.10%</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1.29%</FONT><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5</FONT></SUP>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1.19%</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1.08%</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1.09%</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Total expenses after fees waived and before fees paid indirectly</FONT><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>4</FONT></SUP>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1.08%</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1.10%</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1.28%</FONT><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5</FONT></SUP>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1.19%</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1.07%</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1.09%</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Total expenses after fees waived and paid indirectly</FONT><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>4</FONT></SUP>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1.08%</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1.10%</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1.28%</FONT><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5</FONT></SUP>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1.17%</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1.07%</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1.09%</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Total expenses after fees waived and paid indirectly and excluding</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>interest expense and fees</FONT><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>4,6</FONT></SUP>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1.04%</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1.06%</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1.20%</FONT><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5</FONT></SUP>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1.07%</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1.07%</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1.09%</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Net investment income</FONT><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>4</FONT></SUP>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>7.83%</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>8.29%</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>9.53%</FONT><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5</FONT></SUP>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>7.84%</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>7.06%</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>7.09%</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Dividends to Preferred Shareholders</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>0.23%</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>0.26%</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>0.87%</FONT><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5</FONT></SUP>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2.28%</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2.07%</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1.81%</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 3px double" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Net investment income to Common Shareholders</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>7.60%</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>8.03%</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>8.66%</FONT><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5</FONT></SUP>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5.56%</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>4.99%</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5.28%</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3px; BORDER-BOTTOM: #000000 1px solid" align=left bgColor=#e3e3ef><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#394c87 size=1>Supplemental Data</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left bgColor=#e3e3ef>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left bgColor=#e3e3ef>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left bgColor=#e3e3ef>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left bgColor=#e3e3ef>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left bgColor=#e3e3ef>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left bgColor=#e3e3ef>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left bgColor=#e3e3ef>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Net assets applicable to Common Shareholders, end of period (000)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 217,541</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 232,471</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 196,811</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 180,188</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 247,272</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right colSpan=2><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 263,878</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Preferred Shares outstanding at $25,000 liquidation preference,</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>end of period (000)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 125,950</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 125,950</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 126,950</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 126,950</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 146,550</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right colSpan=2><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 146,550</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Portfolio turnover</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>38%</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>43%</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>26%</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>26%</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>17%</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>82%</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Asset coverage per Preferred Share at $25,000 liquidation preference,</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>end of period</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 68,183</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 71,147</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 63,762</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 60,495</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 67,185</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right colSpan=2><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 70,054</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px"><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1 </FONT></SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Based on average shares outstanding.</FONT><BR><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2 </FONT></SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Total investment returns based on market price, which can be significantly greater or lesser than the net asset value, may result in substantially different returns. Where applicable,</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>total investment returns exclude the effects of any sales charges and include the reinvestment of dividends and distributions.</FONT><BR><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>3 </FONT></SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Aggregate total investment return.</FONT><BR><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>4 </FONT></SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Do not reflect the effect of dividends to Preferred Shareholders.</FONT><BR><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5 </FONT></SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Annualized.</FONT><BR><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>6 </FONT></SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Interest expense and fees related to TOBs. See Note 1 of the Notes to Financial Statements for details of municipal bonds transferred to TOBs.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>See Notes to Financial Statements.</FONT></P>

<DIV align=left>

<TABLE cellSpacing=0 border=0>



<TR>

   <TD width="13%"></TD>

   <TD width="49%"></TD>

   <TD width="37%"></TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif color=#231f20 size=1>42</FONT>&nbsp;</TD>

   <TD align=left><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif color=#231f20 size=1>ANNUAL REPORT</FONT>&nbsp;</TD>

   <TD align=left><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif color=#231f20 size=1>APRIL 30, 2011</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<HR align=center width="100%" noShade SIZE=2>



<DIV style="PAGE-BREAK-BEFORE: always"></DIV>

<!--$$/page=--><A name="page_44"></A><BR>

<DIV align=left>

<TABLE cellSpacing=0 border=0>



<TR>

   <TD width="42%"></TD>

   <TD width="11%"></TD>

   <TD width="8%"></TD>

   <TD width="8%"></TD>

   <TD width="8%"></TD>

   <TD width="8%"></TD>

   <TD width="11%"></TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif color=#394c87 size=4>Financial Highlights</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right colSpan=4><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#394c87 size=2>BlackRock Long-Term Municipal Advantage Trust (BTA)</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=middle></TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=middle></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=middle><STRONG><FONT face=Arial color=#231f20 size=1>Period</FONT></STRONG>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=middle><STRONG><FONT face=Arial color=#231f20 size=1>Period</FONT></STRONG>&nbsp;&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=middle><STRONG><FONT face=Arial color=#231f20 size=1>November 1,</FONT></STRONG>&nbsp;</TD>

   <TD style="TEXT-INDENT: 8px" align=left colSpan=2></TD>

   <TD align=middle><STRONG><FONT face=Arial color=#231f20 size=1>February 28,</FONT></STRONG></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=right colSpan=2>&nbsp;</TD>

   <TD align=middle>&nbsp;<STRONG><FONT face=Arial color=#231f20 size=1>2008 to</FONT></STRONG>&nbsp;</TD>

   <TD style="TEXT-INDENT: 7px" align=middle colSpan=2><STRONG><FONT face=Arial color=#231f20 size=1>Year Ended</FONT></STRONG>&nbsp;</TD>

   <TD align=middle>&nbsp;<STRONG><FONT size=1><FONT face=Arial color=#231f20>2006<SUP>1 </SUP>to</FONT></FONT></STRONG>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=middle colSpan=2><STRONG><FONT face=Arial color=#231f20 size=1>Year Ended April 30,</FONT></STRONG></TD>

   <TD align=middle><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>April 30,</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=middle colSpan=2><STRONG><FONT face=Arial color=#231f20 size=1>October 31,</FONT></STRONG>&nbsp;</TD>

   <TD align=middle><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>October 31,</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 3px double" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" align=middle><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2011</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" align=middle><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2010</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" align=middle><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2009</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" align=middle><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2008</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" align=middle><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2007</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" align=middle><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2006</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3px; BORDER-BOTTOM: #000000 1px solid" align=left bgColor=#e3e3ef><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#394c87 size=1>Per Share Operating Performance</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left bgColor=#e3e3ef>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left bgColor=#e3e3ef>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left bgColor=#e3e3ef>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left bgColor=#e3e3ef>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left bgColor=#e3e3ef>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left bgColor=#e3e3ef>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Net asset value, beginning of period</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 11.27</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 9.52</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 8.57</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 13.72</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 14.89</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 14.33</FONT><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2</FONT></SUP>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Net investment income</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>0.76</FONT><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>3</FONT></SUP>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>0.75</FONT><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>3</FONT></SUP>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>0.34</FONT><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>3</FONT></SUP>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>0.81</FONT><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>3</FONT></SUP>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>0.70</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>0.45</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Net realized and unrealized gain (loss)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(0.79)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1.69</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>0.94</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(5.30)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(1.15)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>0.62</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Net increase (decrease) from investment operations</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(0.03)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2.44</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1.28</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(4.49)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(0.45)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1.07</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Dividends from net investment income</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(0.73)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(0.69)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(0.33)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(0.66)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(0.72)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(0.48)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Capital charges with respect to issuance of Common Shares</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>&#8212;</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>&#8212;</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>&#8212;</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>&#8212;</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>&#8212;</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(0.03)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Net asset value, end of period</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 10.51</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 11.27</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 9.52</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 8.57</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 13.72</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 14.89</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 3px double" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Market price, end of period</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 10.20</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 10.77</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 8.79</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 8.40</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 12.14</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 14.70</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3px; BORDER-BOTTOM: #000000 1px solid" align=left bgColor=#e3e3ef><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#394c87 size=1>Total Investment Return</FONT></B><B><SUP><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#394c87 size=1>4</FONT></SUP></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left bgColor=#e3e3ef>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left bgColor=#e3e3ef>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left bgColor=#e3e3ef>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left bgColor=#e3e3ef>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left bgColor=#e3e3ef>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left bgColor=#e3e3ef>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Based on net asset value</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(0.18)%</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>26.81%</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>15.78%</FONT><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5</FONT></SUP>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(33.64)%</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(2.93)%</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>7.48%</FONT><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5</FONT></SUP>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 3px double" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Based on market price</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1.37%</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>31.25%</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>9.06%</FONT><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5</FONT></SUP>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(26.49)%</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(13.00)%</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1.40%</FONT><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5</FONT></SUP>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3px; BORDER-BOTTOM: #000000 1px solid" align=left bgColor=#e3e3ef><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#394c87 size=1>Ratios to Average Net Assets Applicable to Common Shareholders</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left bgColor=#e3e3ef>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left bgColor=#e3e3ef>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left bgColor=#e3e3ef>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left bgColor=#e3e3ef>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left bgColor=#e3e3ef>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left bgColor=#e3e3ef>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Total expenses</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1.81%</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1.80%</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2.95%</FONT><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>6</FONT></SUP>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>4.00%</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>4.69%</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>4.55%</FONT><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>6</FONT></SUP>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Total expenses after fees waived and before fees paid indirectly</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1.43%</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1.40%</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2.55%</FONT><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>6</FONT></SUP>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>3.60%</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>4.29%</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>4.14%</FONT><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>6</FONT></SUP>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Total expenses after fees waived and paid indirectly</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1.43%</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1.40%</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2.55%</FONT><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>6</FONT></SUP>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>3.60%</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>4.29%</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>4.11%</FONT><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>6</FONT></SUP>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Total expenses after fees waived and paid indirectly and excluding</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>interest expense and fees</FONT><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>7</FONT></SUP>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>0.78%</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>0.75%</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>0.82%</FONT><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>6</FONT></SUP>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>0.83%</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>0.89%</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>0.97%</FONT><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>6</FONT></SUP>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 3px double" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Net investment income</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>6.97%</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>7.07%</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>7.88%</FONT><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>6</FONT></SUP>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>6.56%</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>4.87%</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>4.79%</FONT><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>6</FONT></SUP>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3px; BORDER-BOTTOM: #000000 1px solid" align=left bgColor=#e3e3ef><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#394c87 size=1>Supplemental Data</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left bgColor=#e3e3ef>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left bgColor=#e3e3ef>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left bgColor=#e3e3ef>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left bgColor=#e3e3ef>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left bgColor=#e3e3ef>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left bgColor=#e3e3ef>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Net assets, end of period (000)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 140,510</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 150,357</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 127,079</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 114,382</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 183,161</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 198,137</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Portfolio turnover</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>12%</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>30%</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>15%</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>16%</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>39%</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>20%</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px"><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1 </FONT></SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Commencement of operations.</FONT><BR><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2 </FONT></SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Net asset value, beginning of period, reflects a deduction of $0.675 per sales charge from the initial offering price of $15.00 per share.</FONT><BR><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>3 </FONT></SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Based on average shares outstanding.</FONT><BR><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>4 </FONT></SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Total investment returns based on market price, which can be significantly greater or lesser than the net asset value, may result in substantially different returns. Where applicable,</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>total investment returns exclude the effects of any sales charges and include the reinvestment of dividends and distributions.</FONT><BR><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5 </FONT></SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Aggregate total investment return.</FONT><BR><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>6 </FONT></SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Annualized.</FONT><BR><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>7 </FONT></SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Interest expense and fees related to TOBs. See Note 1 of the Notes to Financial Statements for details of municipal bonds transferred to TOBs.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>See Notes to Financial Statements.</FONT></P>

<DIV align=left>

<TABLE cellSpacing=0 border=0>



<TR>

   <TD width="37%"></TD>

   <TD width="48%"></TD>

   <TD width="13%"></TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif color=#231f20 size=1>ANNUAL REPORT</FONT>&nbsp;</TD>

   <TD align=left><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif color=#231f20 size=1>APRIL 30, 2011</FONT>&nbsp;</TD>

   <TD align=left><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif color=#231f20 size=1>43</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<HR align=center width="100%" noShade SIZE=2>



<DIV style="PAGE-BREAK-BEFORE: always"></DIV>

<!--$$/page=--><A name="page_45"></A><BR>

<DIV align=left>

<TABLE cellSpacing=0 border=0>



<TR>

   <TD width="42%"></TD>

   <TD width="11%"></TD>

   <TD width="8%"></TD>

   <TD width="8%"></TD>

   <TD width="8%"></TD>

   <TD width="8%"></TD>

   <TD width="2%"></TD>

   <TD width="8%"></TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif color=#394c87 size=4>Financial Highlights</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right colSpan=5><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#394c87 size=2>BlackRock Municipal 2020 Term Trust (BKK)</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=middle></TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=middle><STRONG><FONT face=Arial color=#231f20 size=1>Period</FONT></STRONG>&nbsp;&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=middle><STRONG><FONT face=Arial color=#231f20 size=1>January 1,</FONT></STRONG></TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=right colSpan=2></TD>

   <TD align=middle>&nbsp;<STRONG><FONT face=Arial color=#231f20 size=1>2009 to</FONT></STRONG>&nbsp;</TD>

   <TD align=middle colSpan=3>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=middle colSpan=2><STRONG><FONT face=Arial color=#231f20 size=1>Year Ended April 30,</FONT></STRONG>&nbsp;</TD>

   <TD align=middle><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>April 30,</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=middle colSpan=4><STRONG><FONT face=Arial color=#231f20 size=1>Year Ended December 31,</FONT></STRONG></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 3px double" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" align=middle><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2011</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" align=middle><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2010</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" align=middle><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2009</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" align=middle><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2008</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" align=middle><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2007</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" align=middle>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" align=middle><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2006</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3px; BORDER-BOTTOM: #000000 1px solid" align=left bgColor=#e3e3ef><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#394c87 size=1>Per Share Operating Performance</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left bgColor=#e3e3ef>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left bgColor=#e3e3ef>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left bgColor=#e3e3ef>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left bgColor=#e3e3ef>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left bgColor=#e3e3ef>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left bgColor=#e3e3ef>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left bgColor=#e3e3ef>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Net asset value, beginning of period</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 14.51</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 12.04</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 10.55</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 14.79</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 15.77</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right colSpan=2><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 15.28</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Net investment income</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1.06</FONT><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1</FONT></SUP>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1.10</FONT><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1</FONT></SUP>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>0.35</FONT><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1</FONT></SUP>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1.09</FONT><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1</FONT></SUP>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1.12</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1.10</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Net realized and unrealized gain (loss)</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(0.15)</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2.16</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1.41</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(4.28)</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(0.97)</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>0.48</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Dividends to Preferred Shareholders from net investment income</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(0.04)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(0.04)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(0.02)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(0.30)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(0.33)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(0.29)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Net increase (decrease) from investment operations</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>0.87</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>3.22</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1.74</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(3.49)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(0.18)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1.29</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Dividends to Common Shareholders from net investment income</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(0.75)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(0.75)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(0.25)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(0.75)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(0.80)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(0.80)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Net asset value, end of period</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 14.63</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 14.51</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 12.04</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 10.55</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 14.79</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right colSpan=2><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 15.77</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 3px double" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Market price, end of period</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 15.06</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 14.89</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 12.70</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 10.57</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 13.60</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" align=right colSpan=2><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 15.77</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3px; BORDER-BOTTOM: #000000 1px solid" align=left bgColor=#e3e3ef><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#394c87 size=1>Total Investment Return</FONT></B><B><SUP><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#394c87 size=1>2</FONT></SUP></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left bgColor=#e3e3ef>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left bgColor=#e3e3ef>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left bgColor=#e3e3ef>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left bgColor=#e3e3ef>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left bgColor=#e3e3ef>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left bgColor=#e3e3ef>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left bgColor=#e3e3ef>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Based on net asset value</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5.96%</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>26.97%</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>16.39%</FONT><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>3</FONT></SUP>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(24.57)%</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(1.16)%</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>8.72%</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 3px double" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Based on market price</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>6.29%</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>23.52%</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>22.54%</FONT><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>3</FONT></SUP>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(17.81)%</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(9.11)%</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>18.66%</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3px; BORDER-BOTTOM: #000000 1px solid" align=left bgColor=#e3e3ef><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#394c87 size=1>Ratios to Average Net Assets Applicable to Common Shareholders</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left bgColor=#e3e3ef>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left bgColor=#e3e3ef>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left bgColor=#e3e3ef>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left bgColor=#e3e3ef>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left bgColor=#e3e3ef>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left bgColor=#e3e3ef>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left bgColor=#e3e3ef>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Total expenses</FONT><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>4</FONT></SUP>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1.03%</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1.06%</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1.23%</FONT><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5</FONT></SUP>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1.12%</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1.06%</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1.07%</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Total expenses after fees waived and paid indirectly</FONT><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>4</FONT></SUP>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1.03%</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1.06%</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1.23%</FONT><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5</FONT></SUP>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1.12%</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1.05%</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1.07%</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Total expenses after fees waived and paid indirectly and excluding</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>interest expense and fees</FONT><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>4,6</FONT></SUP>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1.02%</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1.05%</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1.21%</FONT><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5</FONT></SUP>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1.10%</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1.05%</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1.07%</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Net investment income</FONT><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>4</FONT></SUP>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>7.26%</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>8.08%</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>9.28%</FONT><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5</FONT></SUP>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>8.01%</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>7.27%</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>7.09%</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Dividends to Preferred Shareholders</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>0.24%</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>0.28%</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>0.59%</FONT><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5</FONT></SUP>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2.18%</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2.14%</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1.89%</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 3px double" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Net investment income to Common Shareholders</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>7.02%</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>7.80%</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>8.69%</FONT><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5</FONT></SUP>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5.83%</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5.13%</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5.20%</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3px; BORDER-BOTTOM: #000000 1px solid" align=left bgColor=#e3e3ef><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#394c87 size=1>Supplemental Data</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left bgColor=#e3e3ef>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left bgColor=#e3e3ef>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left bgColor=#e3e3ef>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left bgColor=#e3e3ef>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left bgColor=#e3e3ef>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left bgColor=#e3e3ef>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left bgColor=#e3e3ef>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Net assets applicable to Common Shareholders, end of period (000)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 296,082</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 293,549</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 243,571</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 213,472</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 299,372</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right colSpan=2><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 319,131</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Preferred Shares outstanding at $25,000 liquidation preference,</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>end of period (000)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 173,850</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 173,850</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 173,850</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 173,850</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 177,600</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right colSpan=2><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 177,600</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Portfolio turnover</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>9%</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>6%</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1%</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5%</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>4%</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>12%</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Asset coverage per Preferred Share at $25,000 liquidation preference,</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>end of period</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 67,579</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 67,215</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 60,027</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 55,703</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 67,154</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right colSpan=2><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 69,937</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px"><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1 </FONT></SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Based on average shares outstanding.</FONT><BR><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2 </FONT></SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Total investment returns based on market price, which can be significantly greater or lesser than the net asset value, may result in substantially different returns. Where applicable,</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>total investment returns exclude the effects of any sales charges and include the reinvestment of dividends and distributions.</FONT><BR><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>3 </FONT></SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Aggregate total investment return.</FONT><BR><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>4 </FONT></SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Do not reflect the effect of dividends to Preferred Shareholders.</FONT><BR><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5 </FONT></SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Annualized.</FONT><BR><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>6 </FONT></SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Interest expense and fees related to TOBs. See Note 1 of the Notes to Financial Statements for details of municipal bonds transferred to TOBs.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>See Notes to Financial Statements.</FONT></P>

<DIV align=left>

<TABLE cellSpacing=0 border=0>



<TR>

   <TD width="13%"></TD>

   <TD width="49%"></TD>

   <TD width="37%"></TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif color=#231f20 size=1>44</FONT>&nbsp;</TD>

   <TD align=left><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif color=#231f20 size=1>ANNUAL REPORT</FONT>&nbsp;</TD>

   <TD align=left><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif color=#231f20 size=1>APRIL 30, 2011</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<HR align=center width="100%" noShade SIZE=2>



<DIV style="PAGE-BREAK-BEFORE: always"></DIV>

<!--$$/page=--><A name="page_46"></A><BR>

<DIV align=left>

<TABLE cellSpacing=0 border=0>



<TR>

   <TD width="42%"></TD>

   <TD width="11%"></TD>

   <TD width="8%"></TD>

   <TD width="8%"></TD>

   <TD width="8%"></TD>

   <TD width="9%"></TD>

   <TD width="2%"></TD>

   <TD width="8%"></TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif color=#394c87 size=4>Financial Highlights</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right colSpan=4><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#394c87 size=2>BlackRock Municipal Income Trust (BFK)</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=middle></TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=middle><STRONG><FONT face=Arial color=#231f20 size=1>Period</FONT></STRONG>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=middle><STRONG><FONT face=Arial color=#231f20 size=1>November 1,</FONT></STRONG>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=right colSpan=2>&nbsp;</TD>

   <TD align=middle>&nbsp;<STRONG><FONT face=Arial color=#231f20 size=1>2008 to</FONT></STRONG>&nbsp;</TD>

   <TD align=middle colSpan=3></TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=middle colSpan=2><STRONG><FONT face=Arial color=#231f20 size=1>Year Ended April 30,</FONT></STRONG></TD>

   <TD align=middle><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>April 30,</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=middle colSpan=4><STRONG><FONT face=Arial color=#231f20 size=1>Year Ended October 31,</FONT></STRONG>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 3px double" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" align=middle><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2011</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" align=middle><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2010</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" align=middle><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2009</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" align=middle><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2008</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" align=middle><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2007</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" align=middle><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2006</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3px; BORDER-BOTTOM: #000000 1px solid" align=left bgColor=#e3e3ef><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#394c87 size=1>Per Share Operating Performance</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left bgColor=#e3e3ef>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left bgColor=#e3e3ef>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left bgColor=#e3e3ef>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left bgColor=#e3e3ef>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left bgColor=#e3e3ef>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left bgColor=#e3e3ef>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left bgColor=#e3e3ef>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Net asset value, beginning of period</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 13.23</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 10.74</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 10.08</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 14.55</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 15.37</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right colSpan=2><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 14.71</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Net investment income</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1.01</FONT><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1</FONT></SUP>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1.03</FONT><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1</FONT></SUP>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>0.52</FONT><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1</FONT></SUP>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1.12</FONT><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1</FONT></SUP>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1.11</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1.14</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Net realized and unrealized gain (loss)</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(1.11)</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2.42</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>0.58</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(4.38)</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(0.63)</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>0.78</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Dividends and distributions to Preferred Shareholders from:</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Net investment income</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(0.02)</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(0.03)</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(0.03)</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(0.30)</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(0.31)</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(0.27)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Net realized gain</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>&#8212;</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>&#8212;</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>&#8212;</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>&#8212;</FONT>&nbsp;</TD>

   <TD style="TEXT-INDENT: 6px; BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(0.00)</FONT><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2</FONT></SUP>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>&#8212;</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Net increase (decrease) from investment operations</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(0.12)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>3.42</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1.07</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(3.56)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>0.17</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1.65</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Dividends and distributions to Common Shareholders from:</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Net investment income</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(0.95)</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(0.93)</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(0.41)</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(0.91)</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(0.99)</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(0.99)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Net realized gain</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>&#8212;</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>&#8212;</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>&#8212;</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>&#8212;</FONT>&nbsp;</TD>

   <TD style="TEXT-INDENT: 6px; BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(0.00)</FONT><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2</FONT></SUP>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>&#8212;</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Total dividends and distributions to Common Shareholders</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(0.95)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(0.93)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(0.41)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(0.91)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(0.99)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(0.99)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Net asset value, end of period</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 12.16</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 13.23</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 10.74</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 10.08</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 14.55</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right colSpan=2><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 15.37</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 3px double" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Market price, end of period</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 12.35</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 13.44</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 11.10</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 8.75</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 15.92</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" align=right colSpan=2><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 17.30</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3px; BORDER-BOTTOM: #000000 1px solid" align=left bgColor=#e3e3ef><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#394c87 size=1>Total Investment Return</FONT></B><B><SUP><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#394c87 size=1>3</FONT></SUP></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left bgColor=#e3e3ef>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left bgColor=#e3e3ef>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left bgColor=#e3e3ef>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left bgColor=#e3e3ef>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left bgColor=#e3e3ef>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left bgColor=#e3e3ef>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left bgColor=#e3e3ef>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Based on net asset value</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(1.04)%</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>32.75%</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>11.15%</FONT><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>4</FONT></SUP>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(25.69)%</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>0.70%</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>11.24%</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 3px double" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Based on market price</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(1.07)%</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>30.49%</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>32.34%</FONT><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>4</FONT></SUP>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(41.05)%</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(2.11)%</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>17.39%</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3px; BORDER-BOTTOM: #000000 1px solid" align=left bgColor=#e3e3ef><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#394c87 size=1>Ratios to Average Net Assets Applicable to Common Shareholders</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left bgColor=#e3e3ef>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left bgColor=#e3e3ef>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left bgColor=#e3e3ef>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left bgColor=#e3e3ef>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left bgColor=#e3e3ef>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left bgColor=#e3e3ef>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left bgColor=#e3e3ef>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Total expenses</FONT><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5</FONT></SUP>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1.26%</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1.26%</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1.44%</FONT><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>6</FONT></SUP>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1.38%</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1.18%</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1.21%</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Total expenses after fees waived and paid indirectly</FONT><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5</FONT></SUP>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1.24%</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1.15%</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1.26%</FONT><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>6</FONT></SUP>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1.15%</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>0.88%</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>0.83%</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Total expenses after fees waived and paid indirectly and excluding</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>interest expense and fees</FONT><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5,7</FONT></SUP>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1.14%</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1.07%</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1.15%</FONT><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>6</FONT></SUP>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>0.98%</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>0.88%</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>0.83%</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Net investment income</FONT><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5</FONT></SUP>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>7.84%</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>8.37%</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>10.48%</FONT><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>6</FONT></SUP>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>8.34%</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>7.43%</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>7.65%</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Dividends to Preferred Shareholders</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>0.20%</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>0.23%</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>0.70%</FONT><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>6</FONT></SUP>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2.19%</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2.04%</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1.83%</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 3px double" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Net investment income to Common Shareholders</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>7.64%</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>8.14%</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>9.78%</FONT><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>6</FONT></SUP>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>6.15%</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5.39%</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5.82%</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3px; BORDER-BOTTOM: #000000 1px solid" align=left bgColor=#e3e3ef><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#394c87 size=1>Supplemental Data</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left bgColor=#e3e3ef>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left bgColor=#e3e3ef>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left bgColor=#e3e3ef>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left bgColor=#e3e3ef>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left bgColor=#e3e3ef>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left bgColor=#e3e3ef>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left bgColor=#e3e3ef>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Net assets applicable to Common Shareholders, end of period (000)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 541,097</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 587,250</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 474,814</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 445,289</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 640,981</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right colSpan=2><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 674,080</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Preferred Shares outstanding at $25,000 liquidation preference,</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>end of period (000)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 270,875</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 270,875</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 293,125</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 293,125</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 375,125</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right colSpan=2><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 375,125</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Portfolio turnover</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>18%</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>32%</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>11%</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>13%</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>17%</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>77%</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Asset coverage per Preferred Share at $25,000 liquidation preference,</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>end of period</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 74,941</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 79,201</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 65,498</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 62,989</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 67,727</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right colSpan=2><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 69,933</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px"><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1 </FONT></SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Based on average shares outstanding.</FONT><BR><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2 </FONT></SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Amount is less than $(0.01) per share.</FONT><BR><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>3 </FONT></SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Total investment returns based on market price, which can be significantly greater or lesser than the net asset value, may result in substantially different returns. Where applicable,</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>total investment returns exclude the effects of any sales charges and include the reinvestment of dividends and distributions.</FONT><BR><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>4 </FONT></SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Aggregate total investment return.</FONT><BR><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5 </FONT></SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Do not reflect the effect of dividends to Preferred Shareholders.</FONT><BR><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>6 </FONT></SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Annualized.</FONT><BR><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>7 </FONT></SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Interest expense and fees related to TOBs. See Note 1 of the Notes to Financial Statements for details of municipal bonds transferred to TOBs.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>See Notes to Financial Statements.</FONT></P>

<DIV align=left>

<TABLE cellSpacing=0 border=0>



<TR>

   <TD width="37%"></TD>

   <TD width="48%"></TD>

   <TD width="13%"></TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif color=#231f20 size=1>ANNUAL REPORT</FONT>&nbsp;</TD>

   <TD align=left><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif color=#231f20 size=1>APRIL 30, 2011</FONT>&nbsp;</TD>

   <TD align=left><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif color=#231f20 size=1>45</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<HR align=center width="100%" noShade SIZE=2>



<DIV style="PAGE-BREAK-BEFORE: always"></DIV>

<!--$$/page=--><A name="page_47"></A><BR>

<DIV align=left>

<TABLE cellSpacing=0 border=0>



<TR>

   <TD width="42%"></TD>

   <TD width="11%"></TD>

   <TD width="8%"></TD>

   <TD width="9%"></TD>

   <TD width="8%"></TD>

   <TD width="8%"></TD>

   <TD width="2%"></TD>

   <TD width="8%"></TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif color=#394c87 size=4>Financial Highlights</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right colSpan=5><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#394c87 size=2>BlackRock Pennsylvania Strategic Municipal Trust (BPS)</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=middle></TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=middle><STRONG><FONT face=Arial color=#231f20 size=1>Period</FONT></STRONG>&nbsp;&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=middle><STRONG><FONT face=Arial color=#231f20 size=1>January 1,</FONT></STRONG></TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=right colSpan=2>&nbsp;</TD>

   <TD align=middle>&nbsp;<STRONG><FONT face=Arial color=#231f20 size=1>2009 to</FONT></STRONG>&nbsp;</TD>

   <TD align=middle colSpan=3></TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=middle colSpan=2><STRONG><FONT face=Arial color=#231f20 size=1>Year Ended April 30,</FONT></STRONG></TD>

   <TD align=middle><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>April 30,</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=middle colSpan=4><STRONG><FONT face=Arial color=#231f20 size=1>Year Ended December 31,</FONT></STRONG>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 3px double" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" align=middle><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2011</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" align=middle><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2010</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" align=middle><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2009</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" align=middle><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2008</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" align=middle><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2007</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" align=middle>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" align=middle><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2006</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3px; BORDER-BOTTOM: #000000 1px solid" align=left bgColor=#e3e3ef><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#394c87 size=1>Per Share Operating Performance</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left bgColor=#e3e3ef>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left bgColor=#e3e3ef>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left bgColor=#e3e3ef>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left bgColor=#e3e3ef>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left bgColor=#e3e3ef>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left bgColor=#e3e3ef>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left bgColor=#e3e3ef>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Net asset value, beginning of period</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 13.86</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 11.87</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 10.77</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 14.12</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 15.01</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right colSpan=2><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 15.27</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Net investment income</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>0.98</FONT><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1</FONT></SUP>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>0.92</FONT><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1</FONT></SUP>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>0.27</FONT><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1</FONT></SUP>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>0.89</FONT><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1</FONT></SUP>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>0.99</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1.02</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Net realized and unrealized gain (loss)</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(0.81)</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1.83</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1.03</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(3.36)</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(0.74)</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(0.09)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Dividends to Preferred Shareholders from</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>net investment income</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(0.03)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(0.04)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(0.02)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(0.26)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(0.31)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(0.28)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Net increase (decrease) from investment operations</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>0.14</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2.71</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1.28</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(2.73)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(0.06)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>0.65</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Dividends to Common Shareholders from</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>net investment income</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(0.89)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(0.72)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(0.18)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(0.62)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(0.83)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(0.91)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Net asset value, end of period</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 13.11</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 13.86</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 11.87</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 10.77</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 14.12</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right colSpan=2><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 15.01</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 3px double" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Market price, end of period</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 12.99</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 13.88</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 9.85</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 8.42</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 13.55</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" align=right colSpan=2><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 17.43</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3px; BORDER-BOTTOM: #000000 1px solid" align=left bgColor=#e3e3ef><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#394c87 size=1>Total Investment Return</FONT></B><B><SUP><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#394c87 size=1>2</FONT></SUP></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left bgColor=#e3e3ef>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left bgColor=#e3e3ef>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left bgColor=#e3e3ef>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left bgColor=#e3e3ef>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left bgColor=#e3e3ef>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left bgColor=#e3e3ef>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left bgColor=#e3e3ef>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Based on net asset value</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1.07%</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>23.80%</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>12.28%</FONT><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>3</FONT></SUP>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(19.63)%</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(0.82)%</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>4.09%</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 3px double" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Based on market price</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>0.00%</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>49.41%</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>19.18%</FONT><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>3</FONT></SUP>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(34.53)%</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(18.04)%</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>16.45%</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3px; BORDER-BOTTOM: #000000 1px solid" align=left bgColor=#e3e3ef><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#394c87 size=1>Ratios to Average Net Assets Applicable to Common Shareholders</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left bgColor=#e3e3ef>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left bgColor=#e3e3ef>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left bgColor=#e3e3ef>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left bgColor=#e3e3ef>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left bgColor=#e3e3ef>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left bgColor=#e3e3ef>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left bgColor=#e3e3ef>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Total expenses</FONT><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>4</FONT></SUP>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1.56%</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1.60%</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1.63%</FONT><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5</FONT></SUP>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1.61%</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1.55%</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1.51%</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Total expenses after fees waived and before fees</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>paid indirectly</FONT><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>4</FONT></SUP>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1.55%</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1.59%</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1.61%</FONT><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5</FONT></SUP>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1.45%</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1.37%</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1.28%</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Total expenses after fees waived and paid indirectly</FONT><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>4</FONT></SUP>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1.55%</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1.59%</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1.61%</FONT><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5</FONT></SUP>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1.45%</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1.35%</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1.23%</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Total expenses after fees waived and paid indirectly</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>and excluding interest expense and fees</FONT><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>4,6</FONT></SUP>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1.43%</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1.57%</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1.61%</FONT><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5</FONT></SUP>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1.42%</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1.35%</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1.23%</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Net investment income</FONT><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>4</FONT></SUP>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>7.28%</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>6.94%</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>7.38%</FONT><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5</FONT></SUP>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>6.82%</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>6.82%</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>6.73%</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Dividends to Preferred Shareholders</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>0.25%</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>0.28%</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>0.56%</FONT><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5</FONT></SUP>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2.17%</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2.10%</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1.85%</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 3px double" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Net investment income to Common Shareholders</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>7.03%</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>6.66%</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>6.82%</FONT><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5</FONT></SUP>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>4.65%</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>4.72%</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>4.88%</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3px; BORDER-BOTTOM: #000000 1px solid" align=left bgColor=#e3e3ef><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#394c87 size=1>Supplemental Data</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left bgColor=#e3e3ef>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left bgColor=#e3e3ef>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left bgColor=#e3e3ef>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left bgColor=#e3e3ef>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left bgColor=#e3e3ef>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left bgColor=#e3e3ef>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left bgColor=#e3e3ef>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Net assets applicable to Common Shareholders,</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>end of period (000)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 26,574</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 28,038</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 24,023</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 21,799</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 28,560</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right colSpan=2><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 30,306</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Preferred Shares outstanding at $25,000 liquidation</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>preference, end of period (000)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 16,325</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 16,325</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 16,825</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 16,825</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 17,500</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right colSpan=2><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 17,500</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Portfolio turnover</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>17%</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>19%</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>8%</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>45%</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>41%</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>7%</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Asset coverage per Preferred Share at $25,000 liquidation</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>preference, end of period</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 65,697</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 67,939</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 60,696</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 57,399</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 65,817</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right colSpan=2><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 68,305</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px"><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1 </FONT></SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Based on average shares outstanding.</FONT><BR><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2 </FONT></SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Total investment returns based on market price, which can be significantly greater or lesser than the net asset value, may result in substantially different returns. Where applicable,</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>total investment returns exclude the effects of any sales charges and include the reinvestment of dividends and distributions.</FONT><BR><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>3 </FONT></SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Aggregate total investment return.</FONT><BR><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>4 </FONT></SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Do not reflect the effect of dividends to Preferred Shareholders.</FONT><BR><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5 </FONT></SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Annualized. Certain expenses incurred during the period January 1, 2009 to April 30, 2009 have been included in the ratio but not annualized. If these expenses were annualized,</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>the annualized ratio of total expenses, total expenses after fees waived and before fees paid indirectly, total expenses after fees waived and paid indirectly, total expenses after fees</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>waived and paid indirectly and excluding interest expense and fees, net investment income and net investment income to Common Shareholders would have been 1.91%, 1.89%,</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1.89%, 1.89%, 7.09% and 6.53%, respectively.</FONT><BR><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>6 </FONT></SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Interest expense and fees related to TOBs. See Note 1 of the Notes to Financial Statements for details of municipal bonds transferred to TOBs.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>See Notes to Financial Statements.</FONT></P>

<DIV align=left>

<TABLE cellSpacing=0 border=0>



<TR>

   <TD width="13%"></TD>

   <TD width="49%"></TD>

   <TD width="37%"></TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif color=#231f20 size=1>46</FONT>&nbsp;</TD>

   <TD align=left><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif color=#231f20 size=1>ANNUAL REPORT</FONT>&nbsp;</TD>

   <TD align=left><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif color=#231f20 size=1>APRIL 30, 2011</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<HR align=center width="100%" noShade SIZE=2>



<DIV style="PAGE-BREAK-BEFORE: always"></DIV>

<!--$$/page=--><A name="page_48"></A><BR>

<DIV align=left>

<TABLE cellSpacing=0 border=0>



<TR>

   <TD width="42%"></TD>

   <TD width="11%"></TD>

   <TD width="8%"></TD>

   <TD width="8%"></TD>

   <TD width="9%"></TD>

   <TD width="8%"></TD>

   <TD width="2%"></TD>

   <TD width="8%"></TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif color=#394c87 size=4>Financial Highlights</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right colSpan=4><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#394c87 size=2>BlackRock Strategic Municipal Trust (BSD)</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=middle></TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=middle><STRONG><FONT face=Arial color=#231f20 size=1>Period</FONT></STRONG>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=middle><STRONG><FONT face=Arial color=#231f20 size=1>January 1,</FONT></STRONG>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=right colSpan=2></TD>

   <TD align=middle>&nbsp;<STRONG><FONT face=Arial color=#231f20 size=1>2009 to</FONT></STRONG>&nbsp;</TD>

   <TD align=middle colSpan=3></TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=middle colSpan=2><STRONG><FONT face=Arial color=#231f20 size=1>Year Ended April 30,</FONT></STRONG>&nbsp;</TD>

   <TD align=middle><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>April 30,</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=middle colSpan=4><STRONG><FONT face=Arial color=#231f20 size=1>Year Ended December 31,</FONT></STRONG>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 3px double" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" align=middle><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2011</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" align=middle><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2010</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" align=middle><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2009</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" align=middle><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2008</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" align=middle><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2007</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" align=middle><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2006</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3px; BORDER-BOTTOM: #000000 1px solid" align=left bgColor=#e3e3ef><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#394c87 size=1>Per Share Operating Performance</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left bgColor=#e3e3ef>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left bgColor=#e3e3ef>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left bgColor=#e3e3ef>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left bgColor=#e3e3ef>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left bgColor=#e3e3ef>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left bgColor=#e3e3ef>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left bgColor=#e3e3ef>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Net asset value, beginning of period</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 13.00</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 10.95</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 9.90</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 14.27</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 15.64</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right colSpan=2><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 15.68</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Net investment income</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>0.94</FONT><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1</FONT></SUP>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>0.96</FONT><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1</FONT></SUP>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>0.32</FONT><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1</FONT></SUP>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1.02</FONT><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1</FONT></SUP>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1.07</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1.07</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Net realized and unrealized gain (loss)</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(0.77)</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1.96</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1.00</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(4.32)</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(1.10)</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>0.28</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Dividends to Preferred Shareholders from net investment income</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(0.02)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(0.03)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(0.02)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(0.26)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(0.32)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(0.29)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Net increase (decrease) from investment operations</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>0.15</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2.89</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1.30</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(3.56)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(0.35)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1.06</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Dividends to Common Shareholders from net investment income</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(0.88)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(0.84)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(0.25)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(0.81)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(1.02)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(1.10)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Net asset value, end of period</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 12.27</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 13.00</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 10.95</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 9.90</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 14.27</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right colSpan=2><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 15.64</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 3px double" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Market price, end of period</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 11.88</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 12.95</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 10.15</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 8.19</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 13.96</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" align=right colSpan=2><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 18.69</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3px; BORDER-BOTTOM: #000000 1px solid" align=left bgColor=#e3e3ef><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#394c87 size=1>Total Investment Return</FONT></B><B><SUP><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#394c87 size=1>2</FONT></SUP></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left bgColor=#e3e3ef>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left bgColor=#e3e3ef>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left bgColor=#e3e3ef>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left bgColor=#e3e3ef>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left bgColor=#e3e3ef>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left bgColor=#e3e3ef>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left bgColor=#e3e3ef>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Based on net asset value</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1.19%</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>27.36%</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>13.44%</FONT><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>3</FONT></SUP>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(25.70)%</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(2.82)%</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>6.38%</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 3px double" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Based on market price</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(1.65)%</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>36.87%</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>27.11%</FONT><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>3</FONT></SUP>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(37.17)%</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(20.44)%</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>16.29%</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3px; BORDER-BOTTOM: #000000 1px solid" align=left bgColor=#e3e3ef><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#394c87 size=1>Ratios to Average Net Assets Applicable to Common Shareholders</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left bgColor=#e3e3ef>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left bgColor=#e3e3ef>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left bgColor=#e3e3ef>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left bgColor=#e3e3ef>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left bgColor=#e3e3ef>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left bgColor=#e3e3ef>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left bgColor=#e3e3ef>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Total expenses</FONT><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>4</FONT></SUP>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1.39%</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1.36%</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1.49%</FONT><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5</FONT></SUP>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1.54%</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1.30%</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1.31%</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Total expenses after fees waived and before fees paid indirectly</FONT><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>4</FONT></SUP>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1.39%</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1.36%</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1.48%</FONT><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5</FONT></SUP>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1.45%</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1.14%</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1.07%</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Total expenses after fees waived and paid indirectly</FONT><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>4</FONT></SUP>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1.39%</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1.36%</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1.48%</FONT><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5</FONT></SUP>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1.45%</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1.13%</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1.04%</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Total expenses after fees waived and paid indirectly</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>and excluding interest expense and fees</FONT><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>4,6</FONT></SUP>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1.28%</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1.26%</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1.40%</FONT><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5</FONT></SUP>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1.23%</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1.13%</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1.04%</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Net investment income</FONT><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>4</FONT></SUP>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>7.38%</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>7.91%</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>9.48%</FONT><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5</FONT></SUP>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>8.04%</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>7.12%</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>6.89%</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Dividends to Preferred Shareholders</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>0.19%</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>0.22%</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>0.49%</FONT><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5</FONT></SUP>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2.02%</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2.12%</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1.83%</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 3px double" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Net investment income to Common Shareholders</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>7.19%</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>7.69%</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>8.99%</FONT><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5</FONT></SUP>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>6.02%</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5.00%</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5.06%</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3px; BORDER-BOTTOM: #000000 1px solid" align=left bgColor=#e3e3ef><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#394c87 size=1>Supplemental Data</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left bgColor=#e3e3ef>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left bgColor=#e3e3ef>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left bgColor=#e3e3ef>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left bgColor=#e3e3ef>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left bgColor=#e3e3ef>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left bgColor=#e3e3ef>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left bgColor=#e3e3ef>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Net assets applicable to Common Shareholders,</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>end of period (000)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 89,481</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 94,736</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 79,820</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 72,188</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 103,882</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right colSpan=2><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 113,697</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Preferred Shares outstanding at $25,000 liquidation</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>preference, end of period (000)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 42,975</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 42,975</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 47,750</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 47,750</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 62,000</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right colSpan=2><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 62,000</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Portfolio turnover</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>20%</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>32%</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>6%</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>17%</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>21%</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>71%</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Asset coverage per Preferred Share at $25,000 liquidation</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>preference, end of period</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 77,055</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 80,113</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 66,791</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 62,803</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 66,904</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right colSpan=2><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 78,856</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px"><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1 </FONT></SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Based on average shares outstanding.</FONT><BR><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2 </FONT></SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Total investment returns based on market price, which can be significantly greater or lesser than the net asset value, may result in substantially different returns. Where applicable,</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>total investment returns exclude the effects of any sales charges and include the reinvestment of dividends and distributions.</FONT><BR><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>3 </FONT></SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Aggregate total investment return.</FONT><BR><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>4 </FONT></SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Do not reflect the effect of dividends to Preferred Shareholders.</FONT><BR><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5 </FONT></SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Annualized. Certain expenses incurred during the period January 1, 2009 to April 30, 2009 have been included in the ratio but not annualized. If these expenses were annualized,</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>the annualized ratio of total expenses, total expenses after fees waived and before fees paid indirectly, total expenses after fees waived and paid indirectly, total expenses after fees</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>waived and paid indirectly and excluding interest expense and fees, net investment income and net investment income to Common Shareholders would have been 1.91%, 1.89%,</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1.89%, 1.89%, 7.09% and 6.53%, respectively.</FONT><BR><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>6 </FONT></SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Interest expense and fees related to TOBs. See Note 1 of the Notes to Financial Statements for details of municipal bonds transferred to TOBs.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>See Notes to Financial Statements.</FONT></P>

<DIV align=left>

<TABLE cellSpacing=0 border=0>



<TR>

   <TD width="37%"></TD>

   <TD width="48%"></TD>

   <TD width="13%"></TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif color=#231f20 size=1>ANNUAL REPORT</FONT>&nbsp;</TD>

   <TD align=left><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif color=#231f20 size=1>APRIL 30, 2011</FONT>&nbsp;</TD>

   <TD align=left><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif color=#231f20 size=1>47</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<HR align=center width="100%" noShade SIZE=2>



<DIV style="PAGE-BREAK-BEFORE: always"></DIV>

<!--$$/page=--><A name="page_49"></A><BR>

<P style="TEXT-ALIGN: left"><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif color=#394c87 size=4>Notes to Financial Statements</FONT><BR><BR><FONT face=FranklinGothic-Demi,Arial,Helvetica,sans-serif color=#231f20 size=2>1. Organization and Significant Accounting Policies:</FONT><BR><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>BlackRock Investment Quality Municipal Trust Inc. (&#8220;BKN&#8221;) is organized</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>as a Maryland corporation. BlackRock Long-Term Municipal Advantage</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>Trust (&#8220;BTA&#8221;), BlackRock Municipal 2020 Term Trust (&#8220;BKK&#8221;), BlackRock</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>Municipal Income Trust (&#8220;BFK&#8221;), BlackRock Pennsylvania Strategic</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>Municipal Trust (&#8220;BPS&#8221;) and BlackRock Strategic Municipal Trust (&#8220;BSD&#8221;)</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>(collectively, together with BKN, the &#8220;Trusts&#8221; or individually as the &#8220;Trust&#8221;)</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>are organized as Delaware statutory trusts. BKN, BKK, BFK and BSD are</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>registered under the Investment Company Act of 1940, as amended (the</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>&#8220;1940 Act&#8221;), as diversified, closed-end management investment compa-</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>nies. BTA and BPS are registered under the 1940 Act as non-diversified,</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>closed-end management investment companies. The Trusts&#8217; financial state-</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>ments are prepared in conformity with accounting principles generally</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>accepted in the United States of America ("US GAAP"), which may require</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>management to make estimates and assumptions that affect the reported</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>amounts and disclosures in the financial statements. Actual results could</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>differ from those estimates. The Board of Directors and the Board of</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>Trustees of the Trusts are referred to throughout this report as the &#8220;Board</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>of Trustees&#8221; or the &#8220;Board&#8221;. The Trusts determine and make available for</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>publication the net asset values of their Common Shares on a daily basis.</FONT><BR><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>The following is a summary of significant accounting policies followed by</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>the Trusts:</FONT><BR><BR><FONT face=FranklinGothic-MedCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>Valuation: </FONT><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>US GAAP defines fair value as the price the Trusts would receive</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>to sell an asset or pay to transfer a liability in an orderly transaction</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>between market participants at the measurement date. The Trusts fair value</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>their financial instruments at market value using independent dealers or</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>pricing services under policies approved by the Board. Municipal invest-</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>ments (including commitments to purchase such investments on a &#8220;when-</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>issued&#8221; basis) are valued on the basis of prices provided by dealers or</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>pricing services. In determining the value of a particular investment, pricing</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>services may use certain information with respect to transactions in such</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>investments, quotations from dealers, pricing matrixes, market transactions</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>in comparable investments and information with respect to various</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>relationships between investments. Financial futures contracts traded on</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>exchanges are valued at their last sale price. Short-term securities with</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>remaining maturities of 60 days or less may be valued at amortized cost,</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>which approximates fair value. Investments in open-end registered invest-</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>ment companies are valued at net asset value each business day.</FONT><BR><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>In the event that application of these methods of valuation results in a</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>price for an investment which is deemed not to be representative of the</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>market value of such investment or is not available, the investment will</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>be valued in accordance with a policy approved by the Board as reflecting</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>fair value ("Fair Value Assets"). When determining the price for Fair Value</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>Assets, the investment advisor and/or the sub-advisor seeks to determine</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>the price that each Trust might reasonably expect to receive from the cur-</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>rent sale of that asset in an arm&#8217;s-length transaction. Fair value determina-</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>tions shall be based upon all available factors that the investment advisor</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>and/or sub-advisor deems relevant. The pricing of all Fair Value Assets is</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>subsequently reported to the Board or a committee thereof.</FONT><BR><BR><FONT face=FranklinGothic-MedCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>Zero-Coupon Bonds: </FONT><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>The Trusts may invest in zero-coupon bonds, which are</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>normally issued at a significant discount from face value and do not pro</FONT><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>vide <BR>for periodic interest payments. Zero-coupon bonds may experience</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>greater volatility in market value than similar maturity debt obligations</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>which provide for regular interest payments.</FONT><BR><BR><FONT face=FranklinGothic-MedCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>Forward Commitments and When-Issued Delayed Delivery Securities: </FONT><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>The</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>Trusts may purchase securities on a when-issued basis and may purchase</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>or sell securities on a forward commitment basis. Settlement of such trans-</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>actions normally occurs within a month or more after the purchase or sale</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>commitment is made. The Trusts may purchase securities under such condi-</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>tions with the intention of actually acquiring them, but may enter into a</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>separate agreement to sell the securities before the settlement date. Since</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>the value of securities purchased may fluctuate prior to settlement, the</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>Trusts may be required to pay more at settlement than the security is</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>worth. In addition, the Trusts are not entitled to any of the interest earned</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>prior to settlement. When purchasing a security on a delayed delivery</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>basis, the Trusts assume the rights and risks of ownership of the security,</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>including the risk of price and yield fluctuations. In the event of default by</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>the counterparty, the Trusts' maximum amount of loss is the unrealized</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>appreciation of unsettled when-issued transactions, which are shown on</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>the Schedules of Investments.</FONT><BR><BR><FONT face=FranklinGothic-MedCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>Municipal Bonds Transferred to TOBs: </FONT><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>The Trusts leverage their assets</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>through the use of TOBs. A TOB is established by a third party sponsor</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>forming a special purpose entity, into which one or more funds, or an agent</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>on behalf of the funds, transfers municipal bonds. Other funds managed by</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>the investment advisor may also contribute municipal bonds to a TOB into</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>which a Trust has contributed bonds. A TOB typically issues two classes of</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>beneficial interests: short-term floating rate certificates, which are sold to</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>third party investors, and residual certificates (&#8220;TOB Residuals&#8221;), which are</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>generally issued to the participating funds that made the transfer. The TOB</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>Residuals held by a Trust include the right of a Trust (1) to cause the hold-</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>ers of a proportional share of the short-term floating rate certificates to</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>tender their certificates at par, including during instances of a rise in short-</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>term interest rates, and (2) to transfer, within seven days, a corresponding</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>share of the municipal bonds from the TOB to a Trust. The TOB may also be</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>terminated without the consent of a Trust upon the occurrence of certain</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>events as defined in the TOB agreements. Such termination events may</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>include the bankruptcy or default of the municipal bond, a substantial</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>downgrade in credit quality of the municipal bond, the inability of the TOB</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>to obtain quarterly or annual renewal of the liquidity support agreement, a</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>substantial decline in market value of the municipal bond or the inability to</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>remarket the short-term floating rate certificates to third party investors.</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>During the year ended April 30, 2011, no TOBs that the Trusts participated</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>in have been terminated without the consent of the Trusts.</FONT><BR><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>The cash received by the TOB from the sale of the short-term floating rate</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>certificates, less transaction expenses, is paid to a Trust, which typically</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>invests the cash in additional municipal bonds. Each Trust's transfer of the</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>municipal bonds to a TOB is accounted for as a secured borrowing, there-</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>fore the municipal bonds deposited into a TOB are presented in the Trusts'</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>Schedules of Investments and the proceeds from the issuance of the short-</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>term floating rate certificates are shown as trust certificates in the</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>Statements of Assets and Liabilities.</FONT></P>

<DIV align=left>

<TABLE cellSpacing=0 border=0>



<TR>

   <TD width="13%"></TD>

   <TD width="49%"></TD>

   <TD width="37%"></TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif color=#231f20 size=1>48</FONT>&nbsp;</TD>

   <TD align=left><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif color=#231f20 size=1>ANNUAL REPORT</FONT>&nbsp;</TD>

   <TD align=left><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif color=#231f20 size=1>APRIL 30, 2011</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<HR align=center width="100%" noShade SIZE=2>



<DIV style="PAGE-BREAK-BEFORE: always"></DIV>

<!--$$/page=--><A name="page_50"></A><BR>

<P style="TEXT-ALIGN: left"><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif color=#394c87 size=4>Notes to Financial Statements (continued)</FONT><BR><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>Interest income, including amortization and accretion of premiums and dis-</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>counts, from the underlying municipal bonds is recorded by the Trusts on</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>an accrual basis. Interest expense incurred on the secured borrowing and</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>other expenses related to remarketing, administration and trustee services</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>to a TOB are shown as interest expense and fees in the Statements of</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>Operations. The short-term floating rate certificates have interest rates that</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>generally reset weekly and their holders have the option to tender certifi-</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>cates to the TOB for redemption at par at each reset date. At April 30,</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>2011, the aggregate value of the underlying municipal bonds transferred to</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>TOBs, the related liability for trust certificates and the range of interest</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>rates on the liability for trust certificates were as follows:</FONT></P>

<DIV align=left>

<TABLE cellSpacing=0 border=0>



<TR>

   <TD width="22%"></TD>

   <TD width="35%"></TD>

   <TD width="20%"></TD>

   <TD width="21%"></TD></TR>

<TR vAlign=bottom>

   <TD align=middle colSpan=4><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Underlying</FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD align=middle colSpan=4><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Municipal</FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=right><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Bonds</FONT></B>&nbsp;</TD>

   <TD align=right><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Liability</FONT></B>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=right><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Transferred</FONT></B>&nbsp;</TD>

   <TD align=right><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>for Trust</FONT></B>&nbsp;</TD>

   <TD align=right><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Range of</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>to TOBs</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Certificates</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=middle><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Interest Rates</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>BKN</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 24,261,589</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$13,137,401</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>0.26% &#8211; 0.32%</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>BTA</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$123,390,548</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$87,461,565</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>0.26% &#8211; 0.32%</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>BKK</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 5,319,100</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 3,750,000</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>0.31%</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>BFK</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$128,680,527</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$75,182,147</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>0.26% &#8211; 0.35%</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>BPS</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 7,728,032</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 4,124,755</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>0.26% &#8211; 0.46%</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>BSD</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 23,885,266</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$13,546,164</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>0.26% &#8211; 0.33%</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<P style="TEXT-ALIGN: left"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>For the year ended April 30, 2011, the Trusts' average trust certificates out-</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>standing and the daily weighted average interest rate, including fees, were</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>as follows:</FONT></P>

<DIV align=left>

<TABLE cellSpacing=0 border=0>



<TR>

   <TD width="35%"></TD>

   <TD width="49%"></TD>

   <TD width="14%"></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Daily</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Weighted</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=right><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Average Trust</FONT></B>&nbsp;</TD>

   <TD align=right><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Average</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=right><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Certificates</FONT></B>&nbsp;</TD>

   <TD align=right><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Interest</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Outstanding</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Rate</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>BKN</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$12,906,632</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>0.74%</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>BTA</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$88,684,976</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1.07%</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>BKK</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 3,750,000</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>0.69%</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>BFK</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$75,573,519</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>0.75%</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>BPS</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 3,773,655</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>0.86%</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>BSD</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$13,610,207</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>0.75%</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<P style="TEXT-ALIGN: left"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>Should short-term interest rates rise, the Trusts' investments in TOBs</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>may adversely affect the Trusts' net investment income and dividends to</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>Common Shareholders. Also, fluctuations in the market values of municipal</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>bonds deposited into the TOB may adversely affect the Trusts' net asset</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>values per share.</FONT><BR><BR><FONT face=FranklinGothic-MedCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>Segregation and Collateralization: </FONT><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>In cases in which the 1940 Act and the</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>interpretive positions of the Securities and Exchange Commission (&#8220;SEC&#8221;)</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>require that the Trusts either deliver collateral or segregate assets in con-</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>nection with certain investments (e.g., financial futures contracts) the Trusts</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>will, consistent with SEC rules and/or certain interpretive letters issued by</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>the SEC, segregate collateral or designate on their books and records cash</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>or liquid securities having a market value at least equal to the amount that</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>would otherwise be required to be physically segregated. Furthermore,</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>based on requirements and agreements with certain exchanges and third</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>party broker-dealers, each party to such transactions has requirements to</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>deliver/deposit securities as collateral for certain investments.</FONT><BR><BR><FONT face=FranklinGothic-MedCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>Investment Transactions and Investment Income: </FONT><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>For financial reporting</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>purposes, investment transactions are recorded on the dates the transac</FONT><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>tions <BR>are entered into (the trade dates). Realized gains and losses on</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>investment transactions are determined on the identified cost basis.</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>Dividend income is recorded on the ex-dividend dates. Interest income,</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>including amortization and accretion of premiums and discounts on debt</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>securities, is recognized on the accrual basis.</FONT><BR><BR><FONT face=FranklinGothic-MedCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>Dividends and Distributions: </FONT><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>Dividends from net investment income are</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>declared and paid monthly. Distributions of capital gains are recorded on</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>the ex-dividend dates. The amount and timing of dividends and distribu-</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>tions are determined in accordance with federal income tax regulations,</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>which may differ from US GAAP. Dividends and distributions to Preferred</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>Shareholders are accrued and determined as described in Note 7.</FONT><BR><BR><FONT face=FranklinGothic-MedCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>Income Taxes: </FONT><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>It is each Trust's policy to comply with the requirements of</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>the Internal Revenue Code of 1986, as amended, applicable to regulated</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>investment companies and to distribute substantially all of its taxable</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>income to its shareholders. Therefore, no federal income tax provision</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>is required.</FONT><BR><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>Each Trust files US federal and various state and local tax returns. No</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>income tax returns are currently under examination. The statute of limita-</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>tions on the Trusts' US federal tax returns remains open for each of the two</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>years ended April 30, 2011, the period ended April 30, 2009 and the pre-</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>ceding taxable year of the respective Trust. The statutes of limitations on</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>each Trust&#8217;s state and local tax returns may remain open for an additional</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>year depending upon the jurisdiction. Management does not believe there</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>are any uncertain tax positions that require recognition of a tax liability.</FONT><BR><BR><FONT face=FranklinGothic-MedCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>Deferred Compensation and BlackRock Closed-End Share Equivalent</FONT><BR><FONT face=FranklinGothic-MedCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>Investment Plan: </FONT><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>Under the deferred compensation plan approved by each</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>Trust's Board, independent Trustees (&#8220;Independent Trustees&#8221;) may defer a</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>portion of their annual complex-wide compensation. Deferred amounts</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>earn an approximate return as though equivalent dollar amounts had been</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>invested in common shares of certain other BlackRock Closed-End Funds</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>selected by the Independent Trustees. This has approximately the same</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>economic effect for the Independent Trustees as if the Independent</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>Trustees had invested the deferred amounts directly in certain other</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>certain BlackRock Closed-End Funds.</FONT><BR><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>The deferred compensation plan is not funded and obligations thereunder</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>represent general unsecured claims against the general assets of each</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>Trust. Each Trust may, however, elect to invest in common shares of certain</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>other BlackRock Closed-End Funds selected by the Independent Trustees in</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>order to match its deferred compensation obligations. Investments to cover</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>each Trust's deferred compensation liability, if any, are included in other</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>assets in the Statements of Assets and Liabilities. Dividends and distribu-</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>tions from the BlackRock Closed-End Fund investments under the plan are</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>included in income &#8212; affiliated in the Statements of Operations.</FONT><BR><BR><FONT face=FranklinGothic-MedCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>Other: </FONT><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>Expenses directly related to a Trust are charged to that Trust. Other</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>operating expenses shared by several funds are pro rated among those</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>funds on the basis of relative net assets or other appropriate methods.</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>The Trusts have an arrangement with the custodian whereby fees may be</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>reduced by credits earned on uninvested cash balances, which if applica-</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>ble are shown as fees paid indirectly in the Statements of Operations. The</FONT></P>

<DIV align=left>

<TABLE cellSpacing=0 border=0>



<TR>

   <TD width="37%"></TD>

   <TD width="48%"></TD>

   <TD width="13%"></TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif color=#231f20 size=1>ANNUAL REPORT</FONT>&nbsp;</TD>

   <TD align=left><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif color=#231f20 size=1>APRIL 30, 2011</FONT>&nbsp;</TD>

   <TD align=left><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif color=#231f20 size=1>49</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<HR align=center width="100%" noShade SIZE=2>



<DIV style="PAGE-BREAK-BEFORE: always"></DIV>

<!--$$/page=--><A name="page_51"></A><BR>

<P style="TEXT-ALIGN: left"><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif color=#394c87 size=4>Notes to Financial Statements (continued)</FONT><BR><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>custodian imposes fees on overdrawn cash balances, which can be offset</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>by accumulated credits earned or may result in additional custody charges.</FONT><BR><BR><FONT face=FranklinGothic-Demi,Arial,Helvetica,sans-serif color=#231f20 size=2>2. Derivative Financial Instruments:</FONT><BR><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>The Trusts engage in various portfolio investment strategies using derivative</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>contracts both to increase the returns of the Trusts and to economically</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>hedge, or protect, their exposure to certain risks such as interest rate risk.</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>These contracts may be transacted on an exchange.</FONT><BR><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>Losses may arise if the value of the contract decreases due to an unfavor-</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>able change in the market rates or values of the underlying instrument or if</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>the counterparty does not perform under the contract. Counterparty risk</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>related to exchange-traded financial futures contracts is deemed to be</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>minimal due to the protection against defaults provided by the exchange</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>on which these contracts trade.</FONT><BR><BR><FONT face=FranklinGothic-MedCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>Financial Futures Contracts: </FONT><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>The Trusts purchase or sell financial futures</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>contracts and options on financial futures contracts to gain exposure to, or<BR></FONT><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>economically hedge against, changes in interest rates (interest rate risk).</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>Financial futures contracts are agreements between the Trusts and a coun-</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>terparty to buy or sell a specific quantity of an underlying instrument at a</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>specified price and at a specified date. Depending on the terms of the par-</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>ticular contract, futures contracts are settled either through physical deliv-</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>ery of the underlying instrument on the settlement date or by payment of a</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>cash settlement amount on the settlement date. Pursuant to the contract,</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>the Trusts agree to receive from or pay to the broker an amount of cash</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>equal to the daily fluctuation in value of the contract. Such receipts or pay-</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>ments are known as margin variation and are recorded by the Trusts as</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>unrealized appreciation or depreciation. When the contract is closed, the</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>Trusts record a realized gain or loss equal to the difference between the</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>value of the contract at the time it was opened and the value at the time it</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>was closed. The use of financial futures contracts involves the risk of an</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>imperfect correlation in the movements in the price of the financial futures</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>contracts, interest rates and the underlying assets.</FONT></P>

<DIV align=left>

<TABLE cellSpacing=0 border=0>



<TR>

   <TD width="12%"></TD>

   <TD width="23%"></TD>

   <TD width="12%"></TD>

   <TD width="10%"></TD>

   <TD width="17%"></TD>

   <TD width="13%"></TD>

   <TD width="9%"></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left colSpan=2><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Derivative Instruments Categorized by Risk Exposure:</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=middle colSpan=7><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Fair Values of Derivative Instruments as of April 30, 2011</FONT></B></TD></TR>

<TR>

   <TD colSpan=7>

   <HR noShade SIZE=1>

</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Liability Derivatives</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=middle>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=middle>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=middle><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>BKN</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=middle><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>BTA</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=middle><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>BFK</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=middle><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>BPS</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=middle><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>BSD</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=middle><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Statements of Assets and</FONT></B>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=middle><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Liabilities Location</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Interest rate</FONT>&nbsp;</TD>

   <TD align=middle><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Net unrealized</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>contracts:</FONT>&nbsp;</TD>

   <TD align=middle><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>appreciation/deprecation*</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=middle><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$391,480</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=middle><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$275,825</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=middle><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$1,063,895</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=middle><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$26,269</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=middle><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>173,375</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>* Includes cumulative appreciation/depreciation on financial futures contracts as reported in the Schedules of Investments. Only current day&#8217;s margin variation is reported within</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>the Statements of Assets and Liabilities.</FONT></P>

<DIV align=left>

<TABLE cellSpacing=0 border=0>



<TR>

   <TD width="18%"></TD>

   <TD width="19%"></TD>

   <TD width="16%"></TD>

   <TD width="16%"></TD>

   <TD width="15%"></TD>

   <TD width="13%"></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 5px" align=left colSpan=6><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>The Effect of Derivative Instruments in the Statements of Operations</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=middle colSpan=6><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Year Ended April 30, 2011</FONT></B></TD></TR>

<TR>

   <TD colSpan=6>

   <HR noShade SIZE=1>

</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=middle colSpan=6><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Net Realized Loss From</FONT></B></TD></TR>

<TR>

   <TD colSpan=6>

   <HR noShade SIZE=1>

</TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=middle><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>BKN</FONT></B>&nbsp;</TD>

   <TD style="TEXT-INDENT: 3px; BORDER-BOTTOM: #000000 1px solid" align=middle><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>BTA</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=middle><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>BFK</FONT></B>&nbsp;</TD>

   <TD style="TEXT-INDENT: 2px; BORDER-BOTTOM: #000000 1px solid" align=middle><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>BPS</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=middle><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>BSD</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Interest rate</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>contracts:</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Financial</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>futures</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2px; BORDER-BOTTOM: #000000 1px solid" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>contracts</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" align=middle><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ (79,167)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" align=left colSpan=2><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ (72,294)&nbsp;&nbsp;&nbsp;&nbsp; $ (458,914)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" align=left colSpan=2><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>&nbsp;&nbsp; $(21,030)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $ (71,021)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=middle colSpan=6><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Net Change in Unrealized Appreciation/Depreciation From</FONT></B></TD></TR>

<TR>

   <TD colSpan=6>

   <HR noShade SIZE=1>

</TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=middle><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>BKN</FONT></B>&nbsp;</TD>

   <TD style="TEXT-INDENT: 3px; BORDER-BOTTOM: #000000 1px solid" align=middle><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>BTA</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=middle><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>BFK</FONT></B>&nbsp;</TD>

   <TD style="TEXT-INDENT: 2px; BORDER-BOTTOM: #000000 1px solid" align=middle><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>BPS</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=middle><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>BSD</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Interest rate</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>contracts:</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Financial</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>futures</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>contracts</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=middle><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$(391,480)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left colSpan=2><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$(275,825)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(1,063,895)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left colSpan=2><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>&nbsp; $(26,269)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(173,375)</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<P style="TEXT-ALIGN: left"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>For the year ended April 30, 2011, the average quarterly balances of</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>outstanding derivative financial instruments were as follows:</FONT></P>

<DIV align=left>

<TABLE cellSpacing=0 border=0>



<TR>

   <TD width="22%"></TD>

   <TD width="17%"></TD>

   <TD width="18%"></TD>

   <TD width="13%"></TD>

   <TD width="16%"></TD>

   <TD width="11%"></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=middle><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>BKN</FONT></B>&nbsp;</TD>

   <TD style="TEXT-INDENT: 4px; BORDER-BOTTOM: #000000 1px solid" align=middle><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>BTA</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=middle><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>BFK</FONT></B>&nbsp;</TD>

   <TD style="TEXT-INDENT: 3px; BORDER-BOTTOM: #000000 1px solid" align=middle><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>BPS</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=middle><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>BSD</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Financial futures</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>contracts:</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Average number</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>of contracts sold</FONT>&nbsp;</TD>

   <TD align=middle><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>42</FONT>&nbsp;</TD>

   <TD style="TEXT-INDENT: 8px" align=middle><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>26</FONT>&nbsp;</TD>

   <TD align=middle><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>101</FONT>&nbsp;</TD>

   <TD style="TEXT-INDENT: 7px" align=middle><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>3</FONT>&nbsp;</TD>

   <TD align=middle><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>17</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Average notional</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>value of</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px; BORDER-BOTTOM: #000000 1px solid" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>contracts sold</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$5,043,690</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right colSpan=2><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>&nbsp;&nbsp;&nbsp; $3,110,985&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $11,999,515</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right colSpan=2><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$296,284&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1,955,476</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<P style="TEXT-ALIGN: left"><FONT face=FranklinGothic-Demi,Arial,Helvetica,sans-serif color=#231f20 size=2>3. Investment Advisory Agreement and Other Transactions</FONT><BR><FONT face=FranklinGothic-Demi,Arial,Helvetica,sans-serif color=#231f20 size=2>with Affiliates:</FONT><BR><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>As of April 30, 2011, The PNC Financial Services Group, Inc. ("PNC"), Bank</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>of America Corporation ("BAC") and Barclays Bank PLC ("Barclays") were</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>the largest stockholders of BlackRock, Inc. ("BlackRock"). Due to the own-</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>ership structure, PNC is an affiliate of the Trusts for 1940 Act purposes, but</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>BAC and Barclays are not.</FONT><BR><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>Each Trust entered into an Investment Advisory Agreement with BlackRock</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>Advisors, LLC (the &#8220;Manager&#8221;), the Trusts' investment advisor, an indirect,</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>wholly owned subsidiary of BlackRock, to provide investment advisory and</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>administration services. The Manager is responsible for the management</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>of each Trust's portfolio and provides the necessary personnel, facilities,</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>equipment and certain other services necessary to the operations of each</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>Trust. For such services, each Trust pays the Manager a monthly fee at the</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>following annual rates of each Trust's average weekly net assets as follows:</FONT></P>

<DIV align=left>

<TABLE cellSpacing=0 border=0>



<TR>

   <TD width="48%"></TD>

   <TD width="51%"></TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>BKN</FONT>&nbsp;</TD>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>0.35%</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>BTA</FONT>&nbsp;</TD>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1.00%</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>BKK</FONT>&nbsp;</TD>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>0.50%</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>BFK</FONT>&nbsp;</TD>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>0.60%</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>BPS</FONT>&nbsp;</TD>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>0.60%</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>BSD</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>0.60%</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<P style="TEXT-ALIGN: left"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>Average weekly net assets for all of the Trusts, except BTA, is the average</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>weekly value of each Trust&#8217;s total assets minus the sum of its accrued lia-</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>bilities. For BTA, average weekly net assets is the average weekly value of</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>the Trust's total assets minus the sum of its total liabilities.</FONT></P>

<DIV align=left>

<TABLE cellSpacing=0 border=0>



<TR>

   <TD width="13%"></TD>

   <TD width="49%"></TD>

   <TD width="37%"></TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif color=#231f20 size=1>50</FONT>&nbsp;</TD>

   <TD align=left><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif color=#231f20 size=1>ANNUAL REPORT</FONT>&nbsp;</TD>

   <TD align=left><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif color=#231f20 size=1>APRIL 30, 2011</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<HR align=center width="100%" noShade SIZE=2>



<DIV style="PAGE-BREAK-BEFORE: always"></DIV>

<!--$$/page=--><A name="page_52"></A><BR>

<P style="TEXT-ALIGN: left"><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif color=#394c87 size=4>Notes to Financial Statements (continued)</FONT><BR><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>The Manager voluntarily agreed to waive a portion of the investment advi-</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>sory fees or other expenses as a percentage of its average daily net assets</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>as follows:</FONT></P>

<DIV align=left>

<TABLE cellSpacing=0 border=0>



<TR>

   <TD width="19%"></TD>

   <TD width="54%"></TD>

   <TD width="26%"></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=middle><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Through</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=middle><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Rate</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>BTA</FONT>&nbsp;</TD>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>January 31, 2011</FONT>&nbsp;</TD>

   <TD align=middle><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>0.40%</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>January 31, 2012</FONT>&nbsp;</TD>

   <TD align=middle><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>0.30%</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>January 31, 2013</FONT>&nbsp;</TD>

   <TD align=middle><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>0.20%</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>January 31, 2014</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=middle><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>0.10%</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>BFK</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>July 31, 2010</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=middle><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>0.05%</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<P style="TEXT-ALIGN: left"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>For the year ended April 30, 2011, the Manager waived the following</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>amounts, which are included in fees waived by advisor in the Statements of</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>Operations:</FONT></P>

<DIV align=left>

<TABLE cellSpacing=0 border=0>



<TR>

   <TD width="46%"></TD>

   <TD width="53%"></TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>BTA</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$549,525</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>BFK</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$115,236</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<P style="TEXT-ALIGN: left"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>The Manager voluntarily agreed to waive its investment advisory fees by the</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>amount of investment advisory fees each Trust pays to the Manager indi-</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>rectly through its investment in affiliated money market funds, however the</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>Manager does not waive its investment advisory fees by the amount of</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>investment advisory fees paid through each Trust's investment in other affil-</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>iated investment companies, if any. These amounts are shown as, or</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>included in, fees waived by advisor in the Statements of Operations. For the</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>year ended April 30, 2011, the amounts waived were as follows:</FONT></P>

<DIV align=left>

<TABLE cellSpacing=0 border=0>



<TR>

   <TD width="48%"></TD>

   <TD width="51%"></TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>BKN</FONT>&nbsp;</TD>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$2,049</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>BTA</FONT>&nbsp;</TD>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 521</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>BKK</FONT>&nbsp;</TD>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$3,553</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>BFK</FONT>&nbsp;</TD>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$5,341</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>BPS</FONT>&nbsp;</TD>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$4,006</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>BSD</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 897</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<P style="TEXT-ALIGN: left"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>The Manager entered into a sub-advisory agreement with BlackRock</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>Financial Management, LLC (&#8220;BFM&#8221;), an affiliate of the Manager. The</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>Manager pays BFM for services it provides, a monthly fee that is a percent-</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>age of the investment advisory fees paid by each Trust to the Manager.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>BKN has an Administration Agreement with the Manager. The administration</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>fee paid to the Manager is computed at an annual rate of 0.15% of the</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>Trust&#8217;s average weekly net assets including proceeds from the issuance of</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>Preferred Shares and TOBs.</FONT><BR><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>For the period May 1, 2010 through December 31, 2010, each Trust reim-</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>bursed the Manager for certain accounting services, which are included in</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>accounting services in the Statements of Operations. The reimbursements</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>were as follows:</FONT></P>

<DIV align=left>

<TABLE cellSpacing=0 border=0>



<TR>

   <TD width="47%"></TD>

   <TD width="52%"></TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>BTA</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 3,048</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>BKK</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 6,111</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>BFK</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$11,948</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>BPS</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 618</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>BSD</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 1,939</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<P style="TEXT-ALIGN: left"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>Effective January 1, 2011, the Trusts no longer reimburse the Manager for</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>accounting services.</FONT><BR><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>Certain officers and/or trustees of the Trusts are officers and/or directors of</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>BlackRock or its affiliates. The Trusts reimburse the Manager for compensa-</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>tion paid to the Trusts' Chief Compliance Officer.</FONT><BR><BR><FONT face=FranklinGothic-Demi,Arial,Helvetica,sans-serif color=#231f20 size=2>4. Investments:</FONT><BR><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>Purchases and sales of investments excluding short-term securities, for the</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>year ended April 30, 2011, were as follows:</FONT></P>

<DIV align=left>

<TABLE cellSpacing=0 border=0>



<TR>

   <TD width="29%"></TD>

   <TD width="47%"></TD>

   <TD width="22%"></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Purchases</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Sales</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>BKN</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$140,331,601</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$139,294,799</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>BTA</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 26,502,607</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 32,328,967</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>BKK</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 44,302,466</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 40,741,876</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>BFK</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$161,135,851</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$181,705,192</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>BPS</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 9,317,589</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 7,986,523</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>BSD</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 29,295,086</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 30,207,149</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<P style="TEXT-ALIGN: left"><FONT face=FranklinGothic-Demi,Arial,Helvetica,sans-serif color=#231f20 size=2>5. Income Tax Information:</FONT><BR><BR><FONT face=FranklinGothic-MedCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>Reclassifications: </FONT><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>US GAAP require that certain components of net assets be adjusted to reflect permanent differences between financial and tax reporting.</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>These reclassifications have no effect on net assets or net asset values per share. The following permanent differences as of April 30, 2011 attributable to</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>amortization methods on fixed income securities, income recognized from pass-through entities, distributions received from regulated investment compa-</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>nies, the expiration of capital loss carryforwards and the sale of bonds received from tender option bond trusts were reclassified to the following accounts:</FONT></P>

<DIV align=left>

<TABLE cellSpacing=0 border=0>



<TR>

   <TD width="36%"></TD>

   <TD width="24%"></TD>

   <TD width="10%"></TD>

   <TD width="9%"></TD>

   <TD width="11%"></TD>

   <TD width="7%"></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=middle><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>BKN</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=middle><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>BTA</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=middle><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>BKK</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=middle><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>BFK</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=middle><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>BSD</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Paid-in capital</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>&#8212;</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>&#8212;</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>&#8212;</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$(11,416,462)</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>&#8212;</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Undistributed net investment income</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ (20,401)</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ (94,065)</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ (664)</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ (2,193)</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ (321)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Accumulated net realized loss</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 20,401</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 94,065</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 664</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 11,418,655</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 321</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<P style="TEXT-ALIGN: left"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>The tax character of distributions paid during the fiscal years ended April 30, 2011 and April 30, 2010 was as follows:</FONT></P>

<DIV align=left>

<TABLE cellSpacing=0 border=0>



<TR>

   <TD width="26%"></TD>

   <TD width="25%"></TD>

   <TD width="9%"></TD>

   <TD width="10%"></TD>

   <TD width="10%"></TD>

   <TD width="10%"></TD>

   <TD width="7%"></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=middle><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>BKN</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=middle><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>BTA</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=middle><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>BKK</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=middle><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>BFK</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=middle><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>BPS</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=middle><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>BSD</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Tax-exempt income</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>4/30/2011</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$17,680,514</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$9,738,600</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$15,838,986</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$43,381,671</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$1,866,130</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$6,577,857</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>4/30/2010</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>16,623,854</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>9,208,155</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>15,895,100</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>42,585,886</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,528,702</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>6,302,528</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Ordinary income</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>4/30/2011</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 40,399</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 29,268</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>&#8212;</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 32,125</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>&#8212;</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 25,538</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Total distributions</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>4/30/2011</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$17,720,913</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$9,767,868</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$15,838,986</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$43,413,796</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$1,866,130</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$6,603,395</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>4/30/2010</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$16,623,854</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$9,208,155</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$15,895,100</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$42,585,886</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$1,528,702</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$6,302,528</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<DIV align=left>

<TABLE cellSpacing=0 border=0>



<TR>

   <TD width="37%"></TD>

   <TD width="48%"></TD>

   <TD width="13%"></TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif color=#231f20 size=1>ANNUAL REPORT</FONT>&nbsp;</TD>

   <TD align=left><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif color=#231f20 size=1>APRIL 30, 2011</FONT>&nbsp;</TD>

   <TD align=left><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif color=#231f20 size=1>51</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<HR align=center width="100%" noShade SIZE=2>



<DIV style="PAGE-BREAK-BEFORE: always"></DIV>

<!--$$/page=--><A name="page_53"></A><BR>

<P style="TEXT-ALIGN: left"><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif color=#394c87 size=4>Notes to Financial Statements (continued)</FONT><BR><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>As of April 30, 2011, the tax components of accumulated net earnings (losses) were as follows:</FONT></P>

<DIV align=left>

<TABLE cellSpacing=0 border=0>



<TR>

   <TD width="29%"></TD>

   <TD width="20%"></TD>

   <TD width="10%"></TD>

   <TD width="9%"></TD>

   <TD width="10%"></TD>

   <TD width="9%"></TD>

   <TD width="8%"></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=middle><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>BKN</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=middle><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>BTA</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=middle><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>BKK</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=middle><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>BFK</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=middle><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>BPS</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=middle><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>BSD</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Undistributed tax-exempt income</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 4,617,824</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 3,072,049</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$15,601,011</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 11,061,734</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 596,933</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 1,717,899</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Undistributed ordinary income</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,755</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>551</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2,651</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>14,252</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>263</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2,028</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Capital loss carryforwards</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(10,270,670)</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(35,409,855)</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(2,762,977)</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(36,102,683)</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(1,703,952)</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(11,079,147)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Net unrealized losses*</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(13,787,233)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(18,249,367)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(3,943,397)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(54,280,848)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(846,434)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(4,591,591)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Total</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$(19,438,324)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$(50,586,622)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 8,897,288</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$(79,307,545)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$(1,953,190)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$(13,950,811)</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>* The differences between book-basis and tax-basis net unrealized losses were attributable primarily to the tax deferral of losses on wash sales, amortization methods for premiums</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>and discounts on fixed income securities, the deferral of post-October capital losses for tax purposes, the timing and recognition of partnership income, the treatment of residual</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>interests in tender option bond trusts, the accrual of income on securities in default, the realization for tax purposes of unrealized gains/losses on certain futures contracts and the</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>deferral of compensation to trustees.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>As of April 30, 2011, the Funds had capital loss carryforwards available to offset future realized capital gains through the indicated expiration dates:</FONT></P>

<DIV align=left>

<TABLE cellSpacing=0 border=0>



<TR>

   <TD width="25%"></TD>

   <TD width="25%"></TD>

   <TD width="10%"></TD>

   <TD width="10%"></TD>

   <TD width="10%"></TD>

   <TD width="9%"></TD>

   <TD width="8%"></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Expires April 30,</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=middle><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>BKN</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=middle><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>BTA</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=middle><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>BKK</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=middle><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>BFK</FONT></B>&nbsp;</TD>

   <TD style="TEXT-INDENT: 4px; BORDER-BOTTOM: #000000 1px solid" align=middle><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>BPS</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=middle><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>BSD</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2012</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>&#8212;</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>&#8212;</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>&#8212;</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$15,775,833</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>&#8212;</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 427,602</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2013</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>&#8212;</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>&#8212;</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 264,701</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>&#8212;</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 59,917</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,011,077</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2014</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 22,282</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 701,315</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>&#8212;</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>4,991,959</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>&#8212;</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>&#8212;</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2015</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>&#8212;</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>&#8212;</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>524,725</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>606,017</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>&#8212;</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>&#8212;</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2016</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>4,566,913</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>22,052,642</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>411,992</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>10,207,532</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>127,957</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>251,883</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2017</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>4,506,796</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>6,882,935</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>&#8212;</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2,065,704</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>929,529</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>4,028,776</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2018</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,174,679</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>4,821,726</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>471,188</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2,455,638</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>586,549</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2,381,683</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2019</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>&#8212;</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>951,237</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,090,371</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>&#8212;</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>&#8212;</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2,978,126</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Total</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 10,270,670</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$35,409,855</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 2,762,977</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$36,102,683</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 1,703,952</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$11,079,147</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<P style="TEXT-ALIGN: left"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>Under the recently enacted Regulated Investment Company Modernization Act of 2010, capital losses incurred by the Funds after April 30, 2011 will not be</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>subject to expiration. In addition, these losses must be utilized prior to the losses incurred in pre-enactment taxable years.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face=FranklinGothic-Demi,Arial,Helvetica,sans-serif color=#231f20 size=2>6. Concentration, Market and Credit Risk:</FONT><BR><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>The Trusts invest a substantial amount of their assets in issuers located in</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>a single state or limited number of states. Please see the Schedules of</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>Investments for concentration in specific states.</FONT><BR><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>Many municipalities insure repayment of their bonds, which may reduce the</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>potential for loss due to credit risk. The market value of these bonds may</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>fluctuate for other reasons, including market perception of the value of</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>such insurance, and there is no guarantee that the insurer will meet its</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>obligation.</FONT><BR><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>In the normal course of business, the Trusts invest in securities and enter</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>into transactions where risks exist due to fluctuations in the market (market</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>risk) or failure of the issuer of a security to meet all its obligations (credit</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>risk). The value of securities held by the Trusts may decline in response to</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>certain events, including those directly involving the issuers whose securi-</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>ties are owned by the Trusts; conditions affecting the general economy;</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>overall market changes; local, regional or global political, social or eco-</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>nomic instability; and currency and interest rate and price fluctuations.</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>Similar to credit risk, the Trusts may be exposed to counterparty risk, or the</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>risk that an entity with which the Trusts have unsettled or open transactions</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>may default. The Trusts manage counterparty risk by entering into transac-</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>tions only with counterparties that they believe have the financial resources</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>to honor their obligations and by monitoring the financial stability of those</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>counterparties. Financial assets, which potentially expose the Trusts to</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>credit and counterparty risks, consist principally of investments and cash</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>due from counterparties. The extent of the Trusts' exposure to credit and</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>counterparty risks with respect to these financial assets is generally <BR>approx</FONT><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>imated by their value recorded in the Trusts' Statements of Assets and</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>Liabilities, less any collateral held by the Trusts.</FONT><BR><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>As of April 30, 2011, BKN, BFK, BPS and BSD invested a significant portion</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>of their assets in the health sector. Changes in economic conditions affect-</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>ing the health sector would have a greater impact on the Trusts and could</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>affect the value, income and/or liquidity of positions in such securities.</FONT><BR><BR><FONT face=FranklinGothic-Demi,Arial,Helvetica,sans-serif color=#231f20 size=2>7. Capital Share Transactions:</FONT><BR><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>BKK, BFK, BPS and BSD are authorized to issue an unlimited number of</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>shares, including Preferred Shares, par value $0.001 per share, all of which</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>were initially classified as Common Shares. BKN is authorized to issue 200</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>million shares including Preferred Shares, all of which were initially classi-</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>fied as Common Shares, par value $0.01 per share. BTA is authorized to</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>issue an unlimited number of Common Shares, par value $0.001 per</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>share. BTA is also allowed to issue Preferred Shares but has not done so.</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>The Board is authorized, however, to reclassify any unissued shares without</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>approval of Common Shareholders.</FONT><BR><BR><FONT face=FranklinGothic-MedCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>Common Shares</FONT><BR><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>At April 30, 2011, the shares owned by an affiliate of the Manager of the</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>Trusts were as follows:</FONT></P>

<DIV align=left>

<TABLE cellSpacing=0 border=0>



<TR>

   <TD width="47%"></TD>

   <TD width="52%"></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Shares</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>BTA</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>9,704</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<DIV align=left>

<TABLE cellSpacing=0 border=0>



<TR>

   <TD width="13%"></TD>

   <TD width="49%"></TD>

   <TD width="37%"></TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif color=#231f20 size=1>52</FONT>&nbsp;</TD>

   <TD align=left><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif color=#231f20 size=1>ANNUAL REPORT</FONT>&nbsp;</TD>

   <TD align=left><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif color=#231f20 size=1>APRIL 30, 2011</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<HR align=center width="100%" noShade SIZE=2>



<DIV style="PAGE-BREAK-BEFORE: always"></DIV>

<!--$$/page=--><A name="page_54"></A><BR>

<P style="TEXT-ALIGN: left"><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif color=#394c87 size=4>Notes to Financial Statements (continued)</FONT><BR><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>For the years shown, shares issued and outstanding increased by the fol-</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>lowing amounts as a result of dividend reinvestment:</FONT></P>

<DIV align=left>

<TABLE cellSpacing=0 border=0>



<TR>

   <TD width="38%"></TD>

   <TD width="47%"></TD>

   <TD width="13%"></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=middle><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Year</FONT></B>&nbsp;</TD>

   <TD align=middle><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Year</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=middle><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Ended</FONT></B>&nbsp;</TD>

   <TD align=middle><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Ended</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=middle><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>April 30,</FONT></B>&nbsp;</TD>

   <TD align=middle><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>April 30,</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=middle><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2011</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=middle><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2010</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>BKN</FONT>&nbsp;</TD>

   <TD align=middle><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>68,294</FONT>&nbsp;</TD>

   <TD align=middle><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>58,180</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>BTA</FONT>&nbsp;</TD>

   <TD align=middle><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>27,526</FONT>&nbsp;</TD>

   <TD align=middle><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>&#8212;</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>BFK</FONT>&nbsp;</TD>

   <TD align=middle><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>136,583</FONT>&nbsp;</TD>

   <TD align=middle><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>152,317</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>BPS</FONT>&nbsp;</TD>

   <TD align=middle><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2,930</FONT>&nbsp;</TD>

   <TD align=middle><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>&#8212;</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>BSD</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=middle><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5,864</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=middle><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,237</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<P style="TEXT-ALIGN: left"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>Shares issued and outstanding remained constant for BKK for the years</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>ended April 30, 2011 and April 30, 2010.</FONT><BR><BR><FONT face=FranklinGothic-MedCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>Preferred Shares</FONT><BR><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>The Preferred Shares are redeemable at the option of each Trust, in whole</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>or in part, on any dividend payment date at their liquidation preference</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>per share plus any accumulated and unpaid dividends whether or not</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>declared. The Preferred Shares are also subject to mandatory redemption</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>at their liquidation preference plus any accumulated and unpaid dividends,</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>whether or not declared, if certain requirements relating to the composition</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>of the assets and liabilities of a Trust, as set forth in each Trust's Articles</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>Supplementary (the &#8220;Governing Instrument&#8221;) are not satisfied.</FONT><BR><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>From time to time in the future, each Trust may effect repurchases of its</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>Preferred Shares at prices below their liquidation preference as agreed</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>upon by the Trust and seller. Each Trust also may redeem its Preferred</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>Shares from time to time as provided in the applicable Governing</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>Instrument. Each Trust intends to effect such redemptions and/or repur-</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>chases to the extent necessary to maintain applicable asset coverage</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>requirements or for such other reasons as the Board may determine.</FONT><BR><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>The holders of Preferred Shares have voting rights equal to the holders of</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>Common Shares (one vote per share) and will vote together with holders</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>of Common Shares (one vote per share) as a single class. However, the</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>holders of Preferred Shares, voting as a separate class, are also entitled</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>to elect two Trustees for each Trust. In addition, the 1940 Act requires that</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>along with approval by shareholders that might otherwise be required, the</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>approval of the holders of a majority of any outstanding Preferred Shares,</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>voting separately as a class would be required to (a) adopt any plan of</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>reorganization that would adversely affect the Preferred Shares, (b) change</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>a Trust's sub-classification as a closed-end investment company or change</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>its fundamental investment restrictions or (c) change its business so as to</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>cease to be an investment company.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>The Trusts had the following series of Preferred Shares outstanding,</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>effective yields and reset frequency as of April 30, 2011:</FONT></P>

<DIV align=left>

<TABLE cellSpacing=0 border=0>



<TR>

   <TD width="21%"></TD>

   <TD width="27%"></TD>

   <TD width="18%"></TD>

   <TD width="16%"></TD>

   <TD width="14%"></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=middle><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Reset</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=middle><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Preferred</FONT></B>&nbsp;</TD>

   <TD align=middle><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Effective</FONT></B>&nbsp;</TD>

   <TD align=middle><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Frequency</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=middle><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Series</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=middle><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Shares</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=middle><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Yield</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=middle><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Days</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>BKN</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>T7</FONT>&nbsp;</TD>

   <TD align=middle><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2,804</FONT>&nbsp;</TD>

   <TD align=middle><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>0.40%</FONT>&nbsp;</TD>

   <TD align=middle><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>7</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>T28</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=middle><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2,234</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=middle><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>0.38%</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=middle><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>28</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>BKK</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>M7</FONT>&nbsp;</TD>

   <TD align=middle><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2,318</FONT>&nbsp;</TD>

   <TD align=middle><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>0.40%</FONT>&nbsp;</TD>

   <TD align=middle><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>7</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>W7</FONT>&nbsp;</TD>

   <TD align=middle><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2,318</FONT>&nbsp;</TD>

   <TD align=middle><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>0.41%</FONT>&nbsp;</TD>

   <TD align=middle><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>7</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>F7</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=middle><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2,318</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=middle><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>0.41%</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=middle><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>7</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>BFK</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>M7</FONT>&nbsp;</TD>

   <TD align=middle><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2,167</FONT>&nbsp;</TD>

   <TD align=middle><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>0.40%</FONT>&nbsp;</TD>

   <TD align=middle><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>7</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>T7</FONT>&nbsp;</TD>

   <TD align=middle><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2,167</FONT>&nbsp;</TD>

   <TD align=middle><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>0.40%</FONT>&nbsp;</TD>

   <TD align=middle><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>7</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>W7</FONT>&nbsp;</TD>

   <TD align=middle><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2,167</FONT>&nbsp;</TD>

   <TD align=middle><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>0.41%</FONT>&nbsp;</TD>

   <TD align=middle><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>7</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>R7</FONT>&nbsp;</TD>

   <TD align=middle><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2,167</FONT>&nbsp;</TD>

   <TD align=middle><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>0.41%</FONT>&nbsp;</TD>

   <TD align=middle><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>7</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>F7</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=middle><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2,167</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=middle><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>0.41%</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=middle><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>7</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>BPS</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>W7</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=middle><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>653</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=middle><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>0.41%</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=middle><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>7</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>BSD</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>W7</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=middle><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1,719</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=middle><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>0.41%</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=middle><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>7</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<P style="TEXT-ALIGN: left"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>Dividends on seven-day and 28-day Preferred Shares are cumulative at</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>a rate which is reset every seven or 28 days, respectively, based on the</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>results of an auction. If the Preferred Shares fail to clear the auction on an</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>auction date, each Trust is required to pay the maximum applicable rate on</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>the Preferred Shares to holders of such shares for successive dividend peri-</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>ods until such time as the shares are successfully auctioned. The maximum</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>applicable rate on all series of Preferred Shares is the higher of 110% of</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>the AA commercial paper rate of 110% of 90% of the Kenny S&amp;P 30-day</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>High Grade Index rate divided by 1.00 minus the marginal tax rate. The low,</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>high and average dividend rates on the Preferred Shares for each Trust for</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>the year ended April 30, 2011 were as follows:</FONT></P>

<DIV align=left>

<TABLE cellSpacing=0 border=0>



<TR>

   <TD width="20%"></TD>

   <TD width="28%"></TD>

   <TD width="18%"></TD>

   <TD width="17%"></TD>

   <TD width="14%"></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Series</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=middle><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Low</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=middle><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>High</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=middle><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Average</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>BKN</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>T7</FONT>&nbsp;</TD>

   <TD align=middle><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>0.35%</FONT>&nbsp;</TD>

   <TD align=middle><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>0.50%</FONT>&nbsp;</TD>

   <TD align=middle><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>0.42%</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>T28</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=middle><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>0.35%</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=middle><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>0.49%</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=middle><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>0.41%</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>BKK</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>M7</FONT>&nbsp;</TD>

   <TD align=middle><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>0.35%</FONT>&nbsp;</TD>

   <TD align=middle><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>0.50%</FONT>&nbsp;</TD>

   <TD align=middle><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>0.42%</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>W7</FONT>&nbsp;</TD>

   <TD align=middle><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>0.37%</FONT>&nbsp;</TD>

   <TD align=middle><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>0.50%</FONT>&nbsp;</TD>

   <TD align=middle><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>0.42%</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>F7</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=middle><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>0.35%</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=middle><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>0.50%</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=middle><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>0.42%</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>BFK</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>M7</FONT>&nbsp;</TD>

   <TD align=middle><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>0.35%</FONT>&nbsp;</TD>

   <TD align=middle><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>0.50%</FONT>&nbsp;</TD>

   <TD align=middle><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>0.42%</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>T7</FONT>&nbsp;</TD>

   <TD align=middle><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>0.35%</FONT>&nbsp;</TD>

   <TD align=middle><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>0.50%</FONT>&nbsp;</TD>

   <TD align=middle><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>0.42%</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>W7</FONT>&nbsp;</TD>

   <TD align=middle><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>0.37%</FONT>&nbsp;</TD>

   <TD align=middle><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>0.50%</FONT>&nbsp;</TD>

   <TD align=middle><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>0.42%</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>R7</FONT>&nbsp;</TD>

   <TD align=middle><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>0.35%</FONT>&nbsp;</TD>

   <TD align=middle><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>0.50%</FONT>&nbsp;</TD>

   <TD align=middle><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>0.42%</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>F7</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=middle><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>0.35%</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=middle><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>0.50%</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=middle><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>0.41%</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>BPS</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>W7</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=middle><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>0.37%</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=middle><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>0.50%</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=middle><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>0.42%</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>BSD</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>W7</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=middle><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>0.37%</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=middle><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>0.50%</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=middle><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>0.42%</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<P style="TEXT-ALIGN: left"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>Since February 13, 2008, the Preferred Shares of the Trusts failed to clear</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>any of their auctions. As a result, the Preferred Shares dividend rates were</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>reset to the maximum applicable rate, which ranged from 0.35% to 0.50%</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>for the year ended April 30, 2011. A failed auction is not an event of</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>default for the Trusts but it has a negative impact on the liquidity of</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>Preferred Shares. A failed auction occurs when there are more sellers of a</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>Trust's auction rate preferred shares than buyers. A successful auction for</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>the Trusts' Preferred Shares may not occur for some time, if ever, and even</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>if liquidity does resume, Preferred Shareholders may not have the ability</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>to sell the Preferred Shares at their liquidation preference.</FONT></P>

<DIV align=left>

<TABLE cellSpacing=0 border=0>



<TR>

   <TD width="37%"></TD>

   <TD width="48%"></TD>

   <TD width="13%"></TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif color=#231f20 size=1>ANNUAL REPORT</FONT>&nbsp;</TD>

   <TD align=left><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif color=#231f20 size=1>APRIL 30, 2011</FONT>&nbsp;</TD>

   <TD align=left><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif color=#231f20 size=1>53</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<HR align=center width="100%" noShade SIZE=2>



<DIV style="PAGE-BREAK-BEFORE: always"></DIV>

<!--$$/page=--><A name="page_55"></A><BR>

<P style="TEXT-ALIGN: left"><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif color=#394c87 size=4>Notes to Financial Statements (concluded)</FONT><BR><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>The Trusts may not declare dividends or make other distributions on</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>Common Shares or purchase any such shares if, at the time of the</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>declaration, distribution or purchase, asset coverage with respect to the</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>outstanding Preferred Shares is less than 200%.</FONT><BR><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>The Trusts pay commissions of 0.15% on the aggregate principal amount of</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>all shares that fail to clear their auctions and 0.25% on the aggregate prin-</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>cipal amount of all shares that successfully clear their auctions. Certain</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>broker dealers have individually agreed to reduce commissions for failed</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>auctions.</FONT><BR><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>Preferred Shares issued and outstanding remained constant for all Trusts</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>for the year ended April 30, 2011 and for the year ended April 30, 2010</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>for BKK.</FONT><BR><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>During the year ended April 30, 2010, the Trusts announced the following</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>redemptions of Preferred Shares at a price of $25,000 per share plus any</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>accrued and unpaid dividends through the redemption date:</FONT></P>

<DIV align=left>

<TABLE cellSpacing=0 border=0>



<TR>

   <TD width="20%"></TD>

   <TD width="26%"></TD>

   <TD width="21%"></TD>

   <TD width="16%"></TD>

   <TD width="15%"></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=middle><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Redemption</FONT></B>&nbsp;</TD>

   <TD style="TEXT-INDENT: 1px" align=middle><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Shares</FONT></B>&nbsp;</TD>

   <TD align=middle><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Aggregate</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Series</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=middle><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Date</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=middle><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Redeemed</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=middle><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Principal</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>BKN</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>T7</FONT>&nbsp;</TD>

   <TD align=middle><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>7/08/09</FONT>&nbsp;</TD>

   <TD align=middle><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>22</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 550,000</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>T28</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=middle><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>7/08/09</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=middle><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>18</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 450,000</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>BFK</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>M7</FONT>&nbsp;</TD>

   <TD align=middle><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>7/14/09</FONT>&nbsp;</TD>

   <TD align=middle><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>178</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$4,450,000</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>T7</FONT>&nbsp;</TD>

   <TD align=middle><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>7/08/09</FONT>&nbsp;</TD>

   <TD align=middle><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>178</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$4,450,000</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>W7</FONT>&nbsp;</TD>

   <TD align=middle><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>7/09/09</FONT>&nbsp;</TD>

   <TD align=middle><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>178</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$4,450,000</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>R7</FONT>&nbsp;</TD>

   <TD align=middle><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>7/10/09</FONT>&nbsp;</TD>

   <TD align=middle><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>178</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$4,450,000</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>F7</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=middle><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>7/13/09</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=middle><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>178</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$4,450,000</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>BPS</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>W7</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=middle><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>7/09/09</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=middle><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>20</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 500,000</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>BSD</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>W7</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=middle><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>7/09/09</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=middle><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>191</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$4,775,000</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<P style="TEXT-ALIGN: left"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>The Trusts financed the Preferred Share redemptions with cash received</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>from TOB transactions.</FONT><BR><BR><FONT face=FranklinGothic-Demi,Arial,Helvetica,sans-serif color=#231f20 size=2>8. Subsequent Events:</FONT><BR><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>Management's evaluation of the impact of all subsequent events on the</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>Trusts' financial statements was completed through the date the financial</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>statements were issued and the following items were noted:</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>Each Trust paid a net investment income dividend on June 1, 2011 to</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>Common Shareholders of record on May 16, 2011 as follows:</FONT></P>

<DIV align=left>

<TABLE cellSpacing=0 border=0>



<TR>

   <TD width="41%"></TD>

   <TD width="58%"></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=right><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Common Dividend</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Per Share</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>BKN</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$0.08400</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>BTA</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$0.06250</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>BKK</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$0.06225</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>BFK</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$0.08010</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>BPS</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$0.07600</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>BSD</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$0.07400</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<P style="TEXT-ALIGN: left"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>The dividends declared on Preferred Shares for the period May 1, 2011 to</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>May 31, 2011 were as follows:</FONT></P>

<DIV align=left>

<TABLE cellSpacing=0 border=0>



<TR>

   <TD width="38%"></TD>

   <TD width="45%"></TD>

   <TD width="16%"></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Dividends</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Series</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Declared</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>BKN</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>T7</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$19,959</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>T28</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$16,500</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>BKK</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>M7</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$16,855</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>W7</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$16,545</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>F7</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$16,737</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>BFK</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>M7</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$15,757</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>T7</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$15,425</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>W7</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$15,467</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>R7</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$15,147</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>F7</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$15,646</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>BPS</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>W7</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 4,658</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>BSD</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>W7</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$12,269</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<P style="TEXT-ALIGN: left"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>Each Trust will pay a net investment income dividend on July 1, 2011 to</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>Common Shareholders of record on June 15, 2011 as follows:</FONT></P>

<DIV align=left>

<TABLE cellSpacing=0 border=0>



<TR>

   <TD width="41%"></TD>

   <TD width="58%"></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=right><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Common Dividend</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Per Share</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>BKN</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$0.08400</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>BTA</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$0.06250</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>BKK</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$0.06225</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>BFK</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$0.08010</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>BPS</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$0.07600</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>BSD</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$0.07400</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<DIV align=left>

<TABLE cellSpacing=0 border=0>



<TR>

   <TD width="13%"></TD>

   <TD width="49%"></TD>

   <TD width="37%"></TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif color=#231f20 size=1>54</FONT>&nbsp;</TD>

   <TD align=left><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif color=#231f20 size=1>ANNUAL REPORT</FONT>&nbsp;</TD>

   <TD align=left><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif color=#231f20 size=1>APRIL 30, 2011</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<HR align=center width="100%" noShade SIZE=2>



<DIV style="PAGE-BREAK-BEFORE: always"></DIV>

<!--$$/page=--><A name="page_56"></A><BR>

<P style="TEXT-ALIGN: left"><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif color=#394c87 size=4>Report of Independent Registered Public Accounting Firm</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face=FranklinGothic-Demi,Arial,Helvetica,sans-serif color=#231f20 size=2>To the Shareholders and Board of Directors/Trustees of:</FONT><BR><FONT face=FranklinGothic-Demi,Arial,Helvetica,sans-serif color=#231f20 size=2>BlackRock Investment Quality Municipal Trust Inc.</FONT><BR><FONT face=FranklinGothic-Demi,Arial,Helvetica,sans-serif color=#231f20 size=2>BlackRock Long-Term Municipal Advantage Trust</FONT><BR><FONT face=FranklinGothic-Demi,Arial,Helvetica,sans-serif color=#231f20 size=2>BlackRock Municipal 2020 Term Trust</FONT><BR><FONT face=FranklinGothic-Demi,Arial,Helvetica,sans-serif color=#231f20 size=2>BlackRock Municipal Income Trust</FONT><BR><FONT face=FranklinGothic-Demi,Arial,Helvetica,sans-serif color=#231f20 size=2>BlackRock Pennsylvania Strategic Municipal Trust</FONT><BR><FONT face=FranklinGothic-Demi,Arial,Helvetica,sans-serif color=#231f20 size=2>BlackRock Strategic Municipal Trust (collectively</FONT><BR><FONT face=FranklinGothic-Demi,Arial,Helvetica,sans-serif color=#231f20 size=2>the &#8220;Trusts&#8221;):</FONT><BR><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>We have audited the accompanying statements of assets and liabilities</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>of BlackRock Investment Quality Municipal Trust Inc., BlackRock Long-</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>Term Municipal Advantage Trust, BlackRock Municipal 2020 Term Trust,</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>BlackRock Municipal Income Trust, BlackRock Pennsylvania Strategic</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>Municipal Trust, and BlackRock Strategic Municipal Trust, including the</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>schedules of investments, as of April 30, 2011, the related statements</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>of operations for the year then ended, the statement of cash flows for the</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>year then ended for BlackRock Long-Term Municipal Advantage Trust, the</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>statements of changes in net assets for each of the two years in the period</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>then ended, and the financial highlights for each of the periods presented.</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>These financial statements and financial highlights are the responsibility of</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>the Trusts&#8217; management. Our responsibility is to express an opinion on</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>these financial statements and financial highlights based on our audits.</FONT><BR><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>We conducted our audits in accordance with the standards of the Public</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>Company Accounting Oversight Board (United States). Those standards</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>require that we plan and perform the audit to obtain reasonable assurance</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>about whether the financial statements and financial highlights are free of</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>material misstatement. The Trusts are not required to have, nor were we</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>engaged to perform, an audit of their internal control over financial report-</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>ing. Our audits included consideration of internal control over financial<BR></FONT><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>reporting as a basis for designing audit procedures that are appropriate</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>in the circumstances, but not for the purpose of expressing an opinion</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>on the effectiveness of the Trusts&#8217; internal control over financial reporting.</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>Accordingly, we express no such opinion. An audit also includes examining,</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>on a test basis, evidence supporting the amounts and disclosures in the</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>financial statements, assessing the accounting principles used and signifi-</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>cant estimates made by management, as well as evaluating the overall</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>financial statement presentation. Our procedures included confirmation of</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>securities owned as of April 30, 2011, by correspondence with the custo-</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>dian and brokers; where replies were not received from brokers, we per-</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>formed other auditing procedures. We believe that our audits provide a</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>reasonable basis for our opinion.</FONT><BR><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>In our opinion, the financial statements and financial highlights referred</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>to above present fairly, in all material respects, the financial position</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>of BlackRock Investment Quality Municipal Trust Inc., BlackRock Long-</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>Term Municipal Advantage Trust, BlackRock Municipal 2020 Term Trust,</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>BlackRock Municipal Income Trust, BlackRock Pennsylvania Strategic</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>Municipal Trust, and BlackRock Strategic Municipal Trust as of April 30,</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>2011, the results of their operations for the year then ended, the cash</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>flows for the year then ended for BlackRock Long-Term Municipal Advantage</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>Trust, the changes in their net assets for each of the two years in the period</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>then ended, and the financial highlights for each of the periods presented,</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>in conformity with accounting principles generally accepted in the United</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>States of America.</FONT><BR><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>Deloitte &amp; Touche LLP</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>Princeton, New Jersey</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>June 27, 2011</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif color=#394c87 size=4>Important Tax Information (Unaudited)</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>The following table summarizes the taxable per share distributions paid by BKN, BTA, BFK and BSD during the taxable year ended April 30, 2011:</FONT></P>

<DIV align=left>

<TABLE cellSpacing=0 border=0>



<TR>

   <TD width="44%"></TD>

   <TD width="42%"></TD>

   <TD width="12%"></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>BKN</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Payable Date</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Ordinary Income</FONT></B><B><SUP><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1</FONT></SUP></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Common Shareholders</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>12/31/2010</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 0.002301</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Preferred Shareholders:</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Series T7</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>11/24/2010</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 0.14</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Series T7</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>12/15/2010</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 0.10</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Series T28</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>11/24/2010</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 0.14</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2px; BORDER-BOTTOM: #000000 1px solid" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Series T28</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>12/22/2010</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 0.10</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>BTA</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Common Shareholders</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>12/31/2010</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 0.002190</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>BFK</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Common Shareholders</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>12/31/2010</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 0.000703</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Preferred Shareholders:</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Series M7</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>11/30/2010</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 0.08</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Series T7</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>11/24/2010</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 0.08</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Series W7</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>11/26/2010</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 0.08</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2px" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Series R7.</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>11/26/2010</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 0.08</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2px; BORDER-BOTTOM: #000000 1px solid" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Series F7</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>11/29/2010</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 0.08</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>BSD</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Common Shareholders</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>12/31/2010</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 0.003405</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Preferred Shareholders:</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2px; BORDER-BOTTOM: #000000 1px solid" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Series W7</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>11/26/2010</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$ 0.41</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px"><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1 </FONT></SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Additionally, all ordinary income distributions consist of Interest Related Dividends and are eligible for exemption from US withholding tax for nonresident aliens and</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>foreign corporations.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>All other net investment income distributions paid by BKN, BTA, BKK, BFK, BPS and BSD during the taxable year ended April 30, 2011 qualify as</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>tax-exempt interest dividends for federal income tax purposes.</FONT></P>

<DIV align=left>

<TABLE cellSpacing=0 border=0>



<TR>

   <TD width="37%"></TD>

   <TD width="48%"></TD>

   <TD width="13%"></TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif color=#231f20 size=1>ANNUAL REPORT</FONT>&nbsp;</TD>

   <TD align=left><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif color=#231f20 size=1>APRIL 30, 2011</FONT>&nbsp;</TD>

   <TD align=left><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif color=#231f20 size=1>55</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<HR align=center width="100%" noShade SIZE=2>



<DIV style="PAGE-BREAK-BEFORE: always"></DIV>

<!--$$/page=--><A name="page_57"></A><BR>

<P style="TEXT-ALIGN: left"><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif color=#394c87 size=4>Automatic Dividend Reinvestment Plans</FONT><BR><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>Pursuant to each Trust&#8217;s Dividend Reinvestment Plan (the &#8220;Reinvestment</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>Plan&#8221;), Common Shareholders are automatically enrolled to have all distri-</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>butions of dividends and capital gains reinvested by Computershare Trust</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>Company, N.A. (the &#8220;Reinvestment Plan Agent&#8221;) in the respective Trust&#8217;s</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>shares pursuant to the Reinvestment Plan. Shareholders who do not partic-</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>ipate in the Reinvestment Plan will receive all distributions in cash paid by</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>check and mailed directly to the shareholders of record (or if the shares</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>are held in street or other nominee name, then to the nominee) by the</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>Reinvestment Plan Agent, which serves as agent for the shareholders in</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>administering the Reinvestment Plan.</FONT><BR><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>After BKN, BTA, BFK, BPS and BSD declare a dividend or determine to</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>make a capital gain distribution, the Reinvestment Plan Agent will acquire</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>shares for the participants&#8217; accounts, depending upon the following circum</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>stances, either (i) through receipt of unissued but authorized shares from</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>the Trust (&#8220;newly issued shares&#8221;) or (ii) by purchase of outstanding shares</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>on the open market, on the Trust&#8217;s primary exchange (&#8220;open-market pur-</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>chases&#8221;). If, on the dividend payment date, the NAV per share is equal to</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>or less than the market price per share plus estimated brokerage commis-</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>sions (such condition often referred to as a &#8220;market premium&#8221;), the</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>Reinvestment Plan Agent will invest the dividend amount in newly issued</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>shares on behalf of the participants. The number of newly issued shares to</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>be credited to each participant&#8217;s account will be determined by dividing</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>the dollar amount of the dividend by the NAV on the date the shares are</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>issued. However, if the NAV per share is less than 95% of the market price</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>on the payment date, the dollar amount of the dividend will be divided by</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>95% of the market price on the payment date. If, on the dividend payment</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>date, the NAV per share is greater than the market value per share plus</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>estimated brokerage commissions (such condition often referred to as a</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>&#8220;market discount&#8221;), the Reinvestment Plan Agent will invest the dividend</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>amount in shares acquired on behalf of the participants in open-market</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>purchases. If the Reinvestment Plan Agent is unable to invest the full divi-</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>dend amount in open market purchases, or if the market discount shifts to<BR></FONT><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>a market premium during the purchase period, the Reinvestment Plan</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>Agent will invest any un-invested portion in newly issued shares.</FONT><BR><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>After BKK declares a dividend or determines to make a capital gain distri-</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>bution, the Reinvestment Plan Agent will acquire shares for the participants&#8217;</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>account by the purchase of outstanding shares on the open market, on</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>BKK&#8217;s primary exchange (&#8220;open market purchases&#8221;). BKK will not issue any</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>new shares under the Reinvestment Plan.</FONT><BR><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>Participation in the Reinvestment Plan is completely voluntary and may be</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>terminated or resumed at any time without penalty by notice if received</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>and processed by the Reinvestment Plan Agent prior to the dividend record</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>date; otherwise such termination or resumption will be effective with</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>respect to any subsequently declared dividend or other distribution.</FONT><BR><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>The Reinvestment Plan Agent&#8217;s fees for the handling of the reinvestment</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>of dividends and distributions will be paid by each Trust. However, each</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>participant will pay a pro rata share of brokerage commissions incurred</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>with respect to the Reinvestment Plan Agent&#8217;s open market purchases in</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>connection with the reinvestment of dividends and distributions. The auto-</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>matic reinvestment of dividends and distributions will not relieve partici-</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>pants of any federal income tax that maybe payable on such dividends</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>or distributions.</FONT><BR><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>Each Trust reserves the right to amend or terminate the Reinvestment Plan.</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>There is no direct service charge to participants in the Reinvestment Plan;</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>however, each Trust reserves the right to amend the Reinvestment Plan to</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>include a service charge payable by the participants. Participants that</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>request a sale of shares through the Reinvestment Plan Agent are subject</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>to a $2.50 sales fee and a $0.15 per share sold brokerage commission.</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>All correspondence concerning the Reinvestment Plan should be directed</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>to the Reinvestment Plan Agent at P.O. Box 43078, Providence, RI 02940-</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>3078 or by calling (800) 699-1BFM. All overnight correspondence should</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>be directed to the Reinvestment Plan Agent at 250 Royall Street, Canton,</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>MA 02021.</FONT></P>

<DIV align=left>

<TABLE cellSpacing=0 border=0>



<TR>

   <TD width="13%"></TD>

   <TD width="49%"></TD>

   <TD width="37%"></TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif color=#231f20 size=1>56</FONT>&nbsp;</TD>

   <TD align=left><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif color=#231f20 size=1>ANNUAL REPORT</FONT>&nbsp;</TD>

   <TD align=left><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif color=#231f20 size=1>APRIL 30, 2011</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<HR align=center width="100%" noShade SIZE=2>



<DIV style="PAGE-BREAK-BEFORE: always"></DIV>

<!--$$/page=--><A name="page_58"></A><BR>

<DIV align=left>

<TABLE cellSpacing=0 border=0>



<TR>

   <TD width="15%"></TD>

   <TD width="9%"></TD>

   <TD width="6%"></TD>

   <TD width="46%"></TD>

   <TD width="9%"></TD>

   <TD width="12%"></TD></TR>

<TR vAlign=bottom>

   <TD align=left colSpan=2><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif color=#394c87 size=4>Officers and Trustees</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Number of</FONT></B>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Length of</FONT></B>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>BlackRock-</FONT></B>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Position(s)</FONT></B>&nbsp;</TD>

   <TD align=left><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Time</FONT></B>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Advised Funds</FONT></B>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Name, Address</FONT></B>&nbsp;</TD>

   <TD align=left><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Held with</FONT></B>&nbsp;</TD>

   <TD align=left><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Served as</FONT></B>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>and Portfolios</FONT></B>&nbsp;</TD>

   <TD align=left><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Public</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>and Year of Birth</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Trusts</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>a Trustee</FONT></B><B><SUP><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2</FONT></SUP></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Principal Occupation(s) During Past Five Years</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Overseen</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Directorships</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3px; BORDER-BOTTOM: #000000 1px solid" align=left bgColor=#e3e3ef><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#394c87 size=1>Independent Trustees</FONT></B><B><SUP><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#394c87 size=1>1</FONT></SUP></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left bgColor=#e3e3ef>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left bgColor=#e3e3ef>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left bgColor=#e3e3ef>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left bgColor=#e3e3ef>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left bgColor=#e3e3ef>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Richard E. Cavanagh</FONT></B>&nbsp;</TD>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Chairman</FONT>&nbsp;</TD>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Since</FONT>&nbsp;</TD>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Trustee, Aircraft Finance Trust from 1999 to 2009; Director, The Guardian Life</FONT>&nbsp;</TD>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>95 Funds</FONT>&nbsp;</TD>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Arch Chemical</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>55 East 52nd Street</FONT>&nbsp;</TD>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>of the Board</FONT>&nbsp;</TD>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1994</FONT>&nbsp;</TD>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Insurance Company of America since 1998; Trustee, Educational Testing Service</FONT>&nbsp;</TD>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>95 Portfolios</FONT>&nbsp;</TD>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(chemical and allied</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>New York, NY 10055</FONT>&nbsp;</TD>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>and Trustee</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>from 1997 to 2009 and Chairman thereof from 2005 to 2009; Senior Advisor,</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>products)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1946</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>The Fremont Group since 2008 and Director thereof since 1996; Adjunct Lecturer,</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Harvard University since 2007; President and Chief Executive Officer, The Conference</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=middle colSpan=6><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Board, Inc. (global business research organization) from 1995 to 2007.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></TD></TR>

<TR>

   <TD colSpan=6>

   <HR noShade SIZE=1>

</TD></TR>

<TR vAlign=bottom>

   <TD align=left><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Karen P. Robards</FONT></B>&nbsp;</TD>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Vice Chair of</FONT>&nbsp;</TD>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Since</FONT>&nbsp;</TD>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Partner of Robards &amp; Company, LLC (financial advisory firm) since 1987;</FONT>&nbsp;</TD>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>95 Funds</FONT>&nbsp;</TD>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>AtriCure, Inc.</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>55 East 52nd Street</FONT>&nbsp;</TD>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>the Board,</FONT>&nbsp;</TD>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2007</FONT>&nbsp;</TD>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Co-founder and Director of the Cooke Center for Learning and Development,</FONT>&nbsp;</TD>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>95 Portfolios</FONT>&nbsp;</TD>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(medical devices)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>New York, NY 10055</FONT>&nbsp;</TD>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Chair of</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(a not-for-profit organization) since 1987; Director of Care Investment Trust, Inc.</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1950</FONT>&nbsp;</TD>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>the Audit</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(health care real estate investment trust) from 2007 to 2010; Director of Enable</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Committee</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Medical Corp. from 1996 to 2005; Investment Banker at Morgan Stanley from</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>and Trustee</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1976 to 1987.</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Michael Castellano</FONT></B>&nbsp;</TD>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Trustee and</FONT>&nbsp;</TD>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Since</FONT>&nbsp;</TD>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Managing Director and Chief Financial Officer of Lazard Group LLC from 2001 to</FONT>&nbsp;</TD>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>95 Funds</FONT>&nbsp;</TD>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>None</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>55 East 52nd Street</FONT>&nbsp;</TD>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Member of</FONT>&nbsp;</TD>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2011</FONT>&nbsp;</TD>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2011; Chief Financial Officer of Lazard Ltd from 2004 to 2001; Director, Support</FONT>&nbsp;</TD>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>95 Portfolios</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>New York, NY 10055</FONT>&nbsp;</TD>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>the Audit</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Our Aging Religions (non-profit) since 2009; Director, National Advisory Board of</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1946</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Committee</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Church Management at Villanova University since 2010.</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Frank J. Fabozzi</FONT></B>&nbsp;</TD>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Trustee and</FONT>&nbsp;</TD>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Since</FONT>&nbsp;</TD>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Consultant/Editor of The Journal of Portfolio Management since 2006; Professor in</FONT>&nbsp;</TD>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>95 Funds</FONT>&nbsp;</TD>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>None</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>55 East 52nd Street</FONT>&nbsp;</TD>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Member of</FONT>&nbsp;</TD>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1993</FONT>&nbsp;</TD>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>the Practice of Finance and Becton Fellow, Yale University, School of Management,</FONT>&nbsp;</TD>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>95 Portfolios</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>New York, NY 10055</FONT>&nbsp;</TD>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>the Audit</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>since 2006; Adjunct Professor of Finance and Becton Fellow, Yale University from</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1948</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Committee</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1994 to 2006.</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Kathleen F. Feldstein</FONT></B>&nbsp;</TD>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Trustee</FONT>&nbsp;</TD>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Since</FONT>&nbsp;</TD>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>President of Economics Studies, Inc. (private economic consulting firm) since</FONT>&nbsp;</TD>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>95 Funds</FONT>&nbsp;</TD>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>The McClatchy</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>55 East 52nd Street</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2005</FONT>&nbsp;</TD>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1987; Chair, Board of Trustees, McLean Hospital from 2000 to 2008 and Trustee</FONT>&nbsp;</TD>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>95 Portfolios</FONT>&nbsp;</TD>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Company</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>New York, NY 10055</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Emeritus thereof since 2008; Member of the Board of Partners Community</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(publishing);</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1941</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Healthcare, Inc. from 2005 to 2009; Member of the Corporation of Partners</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Bell South</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>HealthCare since 1995; Trustee, Museum of Fine Arts, Boston since 1992; Member</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(telecommunications);</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>of the Visiting Committee to the Harvard University Art Museum since 2003; Director,</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Knight Ridder</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Catholic Charities of Boston since 2009.</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(publishing)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>James T. Flynn</FONT></B>&nbsp;</TD>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Trustee and</FONT>&nbsp;</TD>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Since</FONT>&nbsp;</TD>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Chief Financial Officer of JP Morgan &amp; Co., Inc. from 1990 to 1995.</FONT>&nbsp;</TD>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>95 Funds</FONT>&nbsp;</TD>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>None</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>55 East 52nd Street</FONT>&nbsp;</TD>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Member of</FONT>&nbsp;</TD>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2007</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>95 Portfolios</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>New York, NY 10055</FONT>&nbsp;</TD>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>the Audit</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1939</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Committee</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Jerrold B. Harris</FONT></B>&nbsp;</TD>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Trustee</FONT>&nbsp;</TD>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Since</FONT>&nbsp;</TD>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Trustee, Ursinus College since 2000; Director, Troemner LLC (scientific equipment)</FONT>&nbsp;</TD>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>95 Funds</FONT>&nbsp;</TD>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>BlackRock Kelso</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>55 East 52nd Street</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2007</FONT>&nbsp;</TD>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>since 2000; Director of Delta Waterfowl Foundation since 2001; President and</FONT>&nbsp;</TD>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>95 Portfolios</FONT>&nbsp;</TD>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Capital Corp.</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>New York, NY 10055</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Chief Executive Officer, VWR Scientific Products Corporation from 1990 to 1999.</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(business</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1942</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>development</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>company)</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<DIV align=left>

<TABLE cellSpacing=0 border=0>



<TR>

   <TD width="37%"></TD>

   <TD width="48%"></TD>

   <TD width="13%"></TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif color=#231f20 size=1>ANNUAL REPORT</FONT>&nbsp;</TD>

   <TD align=left><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif color=#231f20 size=1>APRIL 30, 2011</FONT>&nbsp;</TD>

   <TD align=left><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif color=#231f20 size=1>57</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<HR align=center width="100%" noShade SIZE=2>



<DIV style="PAGE-BREAK-BEFORE: always"></DIV>

<!--$$/page=--><A name="page_59"></A><BR>

<DIV align=left>

<TABLE cellSpacing=0 border=0>



<TR>

   <TD width="14%"></TD>

   <TD width="8%"></TD>

   <TD width="7%"></TD>

   <TD width="46%"></TD>

   <TD width="9%"></TD>

   <TD width="12%"></TD></TR>

<TR vAlign=bottom>

   <TD align=left colSpan=4><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif color=#394c87 size=4>Officers and Trustees (continued)</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Number of</FONT></B>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Length of</FONT></B>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>BlackRock-</FONT></B>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Position(s)</FONT></B>&nbsp;</TD>

   <TD align=left><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Time</FONT></B>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Advised Funds</FONT></B>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Name, Address</FONT></B>&nbsp;</TD>

   <TD align=left><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Held with</FONT></B>&nbsp;</TD>

   <TD align=left><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Served as</FONT></B>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>and Portfolios</FONT></B>&nbsp;</TD>

   <TD align=left><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Public</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>and Year of Birth</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Trusts</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>a Trustee</FONT></B><B><SUP><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2</FONT></SUP></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Principal Occupation(s) During Past Five Years</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Overseen</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Directorships</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3px; BORDER-BOTTOM: #000000 1px solid" align=left bgColor=#e3e3ef colSpan=2><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#394c87 size=1>Independent Trustees</FONT></B><B><SUP><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#394c87 size=1>1 </FONT></SUP></B><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#394c87 size=1>(concluded)</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left bgColor=#e3e3ef>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left bgColor=#e3e3ef>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left bgColor=#e3e3ef>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left bgColor=#e3e3ef>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>R. Glenn Hubbard</FONT></B>&nbsp;</TD>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Trustee</FONT>&nbsp;</TD>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Since</FONT>&nbsp;</TD>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Dean, Columbia Business School since 2004; Columbia faculty member since</FONT>&nbsp;</TD>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>95 Funds</FONT>&nbsp;</TD>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>ADP (data and</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>55 East 52nd Street</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2004</FONT>&nbsp;</TD>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1988; Co-Director of Columbia Business School&#8217;s Entrepreneurship Program from</FONT>&nbsp;</TD>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>95 Portfolios</FONT>&nbsp;</TD>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>information services);</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>New York, NY 10055</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1997 to 2004; Chairman, U.S. Council of Economic Advisers under the President</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>KKR Financial</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1958</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>of the United States from 2001 to 2003; Chairman, Economic Policy Committee</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Corporation (finance);</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>of the OECD from 2001 to 2003.</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Metropolitan Life</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Insurance Company</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>(insurance)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>W. Carl Kester</FONT></B>&nbsp;</TD>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Trustee and</FONT>&nbsp;</TD>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Since</FONT>&nbsp;</TD>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>George Fisher Baker Jr. Professor of Business Administration, Harvard Business</FONT>&nbsp;</TD>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>95 Funds</FONT>&nbsp;</TD>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>None</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>55 East 52nd Street</FONT>&nbsp;</TD>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Member of</FONT>&nbsp;</TD>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2007</FONT>&nbsp;</TD>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>School; Deputy Dean for Academic Affairs from 2006 to 2010; Chairman of</FONT>&nbsp;</TD>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>95 Portfolios</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>New York, NY 10055</FONT>&nbsp;</TD>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>the Audit</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>the Finance Department, Harvard Business School from 2005 to 2006; Senior</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1951</FONT>&nbsp;</TD>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Committee</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Associate Dean and Chairman of the MBA Program of Harvard Business School</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>from 1999 to 2005; Member of the faculty of Harvard Business School since 1981.</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left colSpan=3><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1 </FONT></SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Trustees serve until their resignation, removal or death, or until December 31 of the year in which they turn 72.</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left colSpan=5><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2 </FONT></SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Date shown is the earliest date a person has served for the Trusts covered by this annual report. Following the combination of Merrill Lynch Investment</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD style="TEXT-INDENT: 1px" align=left colSpan=5><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Managers, L.P. (&#8220;MLIM&#8221;) and BlackRock in September 2006, the various legacy MLIM and legacy BlackRock Fund boards were realigned and consolidated</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD style="TEXT-INDENT: 1px" align=left colSpan=5><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>into three new Fund boards in 2007. As a result, although the chart shows certain Trustees as joining the Trusts&#8217; board in 2007, each Trustee first became</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD style="TEXT-INDENT: 1px" align=left colSpan=5><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>a member of the board of Trustees of other legacy MLIM or legacy BlackRock Funds as follows: Richard E. Cavanagh, 1994; Frank J. Fabozzi, 1988;</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="TEXT-INDENT: 1px; BORDER-BOTTOM: #000000 1px solid" align=left colSpan=5><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Kathleen F. Feldstein, 2005; James T. Flynn, 1996; Jerrold B. Harris, 1999; R. Glenn Hubbard, 2004; W. Carl Kester, 1995; and Karen P. Robards, 1998.</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3px; BORDER-BOTTOM: #000000 1px solid" align=left bgColor=#e3e3ef><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#394c87 size=1>Interested Trustees</FONT></B><B><SUP><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#394c87 size=1>3</FONT></SUP></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left bgColor=#e3e3ef>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left bgColor=#e3e3ef>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left bgColor=#e3e3ef>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left bgColor=#e3e3ef>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left bgColor=#e3e3ef>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Richard S. Davis</FONT></B>&nbsp;</TD>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Trustee</FONT>&nbsp;</TD>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Since</FONT>&nbsp;</TD>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Managing Director, BlackRock, Inc. since 2005; Chief Executive Officer, State</FONT>&nbsp;</TD>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>165 Funds</FONT>&nbsp;</TD>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>None</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>55 East 52nd Street</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2007</FONT>&nbsp;</TD>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Street Research &amp; Management Company from 2000 to 2005; Chairman of</FONT>&nbsp;</TD>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>290 Portfolios</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>New York, NY 10055</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>the Board of Trustees, State Street Research Mutual Funds from 2000 to 2005.</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1945</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Henry Gabbay</FONT></B>&nbsp;</TD>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Trustee</FONT>&nbsp;</TD>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Since</FONT>&nbsp;</TD>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Consultant, BlackRock, Inc. from 2007 to 2008; Managing Director, BlackRock,</FONT>&nbsp;</TD>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>165 Funds</FONT>&nbsp;</TD>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>None</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>55 East 52nd Street</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2007</FONT>&nbsp;</TD>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Inc. from 1989 to 2007; Chief Administrative Officer, BlackRock Advisors, LLC</FONT>&nbsp;</TD>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>290 Portfolios</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>New York, NY 10055</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>from 1998 to 2007; President of BlackRock Funds and BlackRock Bond Allocation</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1947</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Target Shares from 2005 to 2007; Treasurer of certain closed-end funds in the</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>BlackRock fund complex from 1989 to 2006.</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=middle colSpan=6><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>3 </FONT></SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Mr. Davis is an &#8220;interested person,&#8221; as defined in the 1940 Act, of the Trusts based on his position with BlackRock, Inc. and&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD style="TEXT-INDENT: 1px" align=left colSpan=5><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>its affiliates. Mr. Gabbay is an &#8220;interested person&#8221; of the Trusts based on his former positions with BlackRock, Inc. and its affiliates as well as his ownership</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD style="TEXT-INDENT: 1px" align=left colSpan=5><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>of BlackRock, Inc. and the PNC Financial Services Group, Inc. securities. Trustees serve until their resignation, removal or death, or until December 31 of</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD style="TEXT-INDENT: 1px" align=left colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>the year in which they turn 72.</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<DIV align=left>

<TABLE cellSpacing=0 border=0>



<TR>

   <TD width="13%"></TD>

   <TD width="49%"></TD>

   <TD width="37%"></TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif color=#231f20 size=1>58</FONT>&nbsp;</TD>

   <TD align=left><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif color=#231f20 size=1>ANNUAL REPORT</FONT>&nbsp;</TD>

   <TD align=left><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif color=#231f20 size=1>APRIL 30, 2011</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<HR align=center width="100%" noShade SIZE=2>



<DIV style="PAGE-BREAK-BEFORE: always"></DIV>

<!--$$/page=--><A name="page_60"></A><BR>

<DIV align=left>

<TABLE cellSpacing=0 border=0>



<TR>

   <TD width="13%"></TD>

   <TD width="11%"></TD>

   <TD width="9%"></TD>

   <TD width="65%"></TD></TR>

<TR vAlign=bottom>

   <TD align=left colSpan=4><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif color=#394c87 size=4>Officers and Trustees (concluded)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Position(s)</FONT></B>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Name, Address</FONT></B>&nbsp;</TD>

   <TD align=left><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Held with</FONT></B>&nbsp;</TD>

   <TD align=left><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Length of</FONT></B>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>and Year of Birth</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Trusts</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Time Served</FONT></B>&nbsp;</TD>

   <TD style="TEXT-INDENT: 1px; BORDER-BOTTOM: #000000 1px solid" align=left><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Principal Occupation(s) During Past 5 Years</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left bgColor=#e3e3ef><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#394c87 size=1>Officers</FONT></B><B><SUP><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#394c87 size=1>1</FONT></SUP></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left bgColor=#e3e3ef>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left bgColor=#e3e3ef>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left bgColor=#e3e3ef>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>John M. Perlowski</FONT></B>&nbsp;</TD>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>President and</FONT>&nbsp;</TD>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Since</FONT>&nbsp;</TD>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Managing Director of BlackRock, Inc. since 2009; Global Head of BlackRock Fund Administration since 2009;</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>55 East 52nd Street</FONT>&nbsp;</TD>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Chief</FONT>&nbsp;</TD>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2011</FONT>&nbsp;</TD>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Managing Director and Chief Operating Officer of the Global Product Group at Goldman Sachs Asset Management,</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>New York, NY 10055</FONT>&nbsp;</TD>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Executive</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>L.P. from 2003 to 2009; Treasurer of Goldman Sachs Mutual Funds from 2003 to 2009 and Senior Vice President</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1964</FONT>&nbsp;</TD>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Officer</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>thereof from 2007 to 2009; Director of Goldman Sachs Offshore Funds from 2002 to 2009; Director of Family Resource</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Network (charitable foundation) since 2009.</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Anne Ackerley</FONT></B>&nbsp;</TD>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Vice</FONT>&nbsp;</TD>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Since</FONT>&nbsp;</TD>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Managing Director of BlackRock, Inc. since 2000; President and Chief Executive Officer of the BlackRock-advised funds</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>55 East 52nd Street</FONT>&nbsp;</TD>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>President</FONT>&nbsp;</TD>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2007</FONT><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2</FONT></SUP>&nbsp;</TD>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>from 2009 to 2011; Vice President of the BlackRock-advised funds from 2007 to 2009; Chief Operating Officer of</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>New York, NY 10055</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>BlackRock&#8217;s Global Client Group since 2009; Chief Operating Officer of BlackRock&#8217;s U.S. Retail Group from 2006 to 2009;</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1962</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Head of BlackRock&#8217;s Mutual Fund Group from 2000 to 2006.</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Brendan Kyne</FONT></B>&nbsp;</TD>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Vice</FONT>&nbsp;</TD>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Since</FONT>&nbsp;</TD>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Managing Director of BlackRock, Inc. since 2010; Director of BlackRock, Inc. from 2008 to 2009; Head of Product</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>55 East 52nd Street</FONT>&nbsp;</TD>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>President</FONT>&nbsp;</TD>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2009</FONT>&nbsp;</TD>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Development and Management for BlackRock&#8217;s U.S. Retail Group since 2009, Co-head thereof from 2007 to</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>New York, NY 10055</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2009; Vice President of BlackRock, Inc. from 2005 to 2008.</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1977</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Neal Andrews</FONT></B>&nbsp;</TD>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Chief</FONT>&nbsp;</TD>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Since</FONT>&nbsp;</TD>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Managing Director of BlackRock, Inc. since 2006; Senior Vice President and Line of Business Head of Fund</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>55 East 52nd Street</FONT>&nbsp;</TD>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Financial</FONT>&nbsp;</TD>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2007</FONT>&nbsp;</TD>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Accounting and Administration at PNC Global Investment Servicing (U.S.) Inc. from 1992 to 2006.</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>New York, NY 10055</FONT>&nbsp;</TD>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Officer</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1966</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Jay Fife</FONT></B>&nbsp;</TD>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Treasurer</FONT>&nbsp;</TD>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Since</FONT>&nbsp;</TD>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Managing Director of BlackRock, Inc. since 2007 and Director in 2006; Assistant Treasurer of the MLIM and Fund Asset</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>55 East 52nd Street</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2007</FONT>&nbsp;</TD>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Management, L.P. advised funds from 2005 to 2006; Director of MLIM Fund Services Group from 2001 to 2006.</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>New York, NY 10055</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1970</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Brian Kindelan</FONT></B>&nbsp;</TD>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Chief</FONT>&nbsp;</TD>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Since</FONT>&nbsp;</TD>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Chief Compliance Officer of the BlackRock-advised funds since 2007; Managing Director and Senior Counsel of</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>55 East 52nd Street</FONT>&nbsp;</TD>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Compliance</FONT>&nbsp;</TD>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2007</FONT>&nbsp;</TD>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>BlackRock, Inc. since 2005.</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>New York, NY 10055</FONT>&nbsp;</TD>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Officer</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1959</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Ira P. Shapiro</FONT></B>&nbsp;</TD>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Secretary</FONT>&nbsp;</TD>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Since</FONT>&nbsp;</TD>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Managing Director of BlackRock, Inc. since 2009; Managing Director and Associate General Counsel of Barclays Global</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>55 East 52nd Street</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2010</FONT>&nbsp;</TD>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Investors from 2008 to 2009; Principal thereof from 2004 to 2008.</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>New York, NY 10055</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1963</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left colSpan=3><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>1 </FONT></SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Officers of the Trusts serve at the pleasure of the Boards.</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left colSpan=3><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>2 </FONT></SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Ms. Ackerley was President and Chief Executive Officer from 2009 to 2011.</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<DIV align=left>

<TABLE cellSpacing=0 border=0>



<TR>

   <TD width="18%"></TD>

   <TD width="19%"></TD>

   <TD width="20%"></TD>

   <TD width="23%"></TD>

   <TD width="18%"></TD></TR>

<TR vAlign=bottom>

   <TD align=left><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>Investment Advisor</FONT></B>&nbsp;</TD>

   <TD align=left><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>Custodian</FONT></B>&nbsp;</TD>

   <TD align=left><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>Auction Agent</FONT></B>&nbsp;</TD>

   <TD align=left><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>Accounting Agent</FONT></B>&nbsp;</TD>

   <TD align=left><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>Legal Counsel</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>BlackRock Advisors, LLC</FONT>&nbsp;</TD>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>State Street Bank</FONT>&nbsp;</TD>

   <TD align=left><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>Preferred Shares:</FONT></B>&nbsp;</TD>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>State Street Bank</FONT>&nbsp;</TD>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>Skadden, Arps, Slate,</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>Wilmington, DE 19809</FONT>&nbsp;</TD>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>and Trust Company</FONT>&nbsp;</TD>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>The Bank of</FONT>&nbsp;</TD>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>and Trust Company</FONT>&nbsp;</TD>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>Meagher &amp; Flom LLP</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>Boston, MA 02111</FONT>&nbsp;</TD>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>New York Mellon</FONT>&nbsp;</TD>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>Princeton, NJ 08540</FONT>&nbsp;</TD>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>New York, NY 10036</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>New York, NY 10286</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>Sub-Advisor</FONT></B>&nbsp;</TD>

   <TD align=left><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>Transfer Agent</FONT></B>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>Independent Registered</FONT></B>&nbsp;</TD>

   <TD align=left><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>Address of the Trusts</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>BlackRock Financial</FONT>&nbsp;</TD>

   <TD align=left><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>Common Shares:</FONT></B>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>Public Accounting Firm</FONT></B>&nbsp;</TD>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>100 Bellevue Parkway</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>Management, Inc.</FONT>&nbsp;</TD>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>Computershare Trust</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>Deloitte &amp; Touche LLP</FONT>&nbsp;</TD>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>Wilmington, DE 19809</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>New York, NY 10022</FONT>&nbsp;</TD>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>Company, N.A.</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>Princeton, NJ 08540</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>Canton, MA 02021</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<P style="TEXT-ALIGN: center"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>Effective November 10, 2010, Ira P. Shapiro became Secretary of the Trusts.</FONT><BR><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>Effective February 11, 2011, John M. Perlowski became President and Chief Executive Officer of the Trusts.</FONT><BR><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>Effective April 14, 2011, Michael Castellano became a Trustee of the Trusts and a Member of the Audit Committee.</FONT></P>

<DIV align=left>

<TABLE cellSpacing=0 border=0>



<TR>

   <TD width="37%"></TD>

   <TD width="48%"></TD>

   <TD width="13%"></TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif color=#231f20 size=1>ANNUAL REPORT</FONT>&nbsp;</TD>

   <TD align=left><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif color=#231f20 size=1>APRIL 30, 2011</FONT>&nbsp;</TD>

   <TD align=left><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif color=#231f20 size=1>59</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<HR align=center width="100%" noShade SIZE=2>



<DIV style="PAGE-BREAK-BEFORE: always"></DIV>

<!--$$/page=--><A name="page_61"></A><BR>

<P style="TEXT-ALIGN: left"><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif color=#394c87 size=4>Additional Information</FONT><BR><BR><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#394c87 size=1>Trust Certification</FONT></B><BR><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>Those Trusts listed for trading on the New York Stock Exchange (&#8220;NYSE&#8221;)</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>have filed with the NYSE their annual chief executive officer certification</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>regarding compliance with the NYSE&#8217;s listing standards. Each Trust filed<BR></FONT><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>with the Securities and Exchange Commission (&#8220;SEC&#8221;) the certification of</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>its chief executive officer and chief financial officer required by section 302</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>of the Sarbanes-Oxley Act.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#394c87 size=1>Dividend Policy</FONT></B><BR><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>The Trusts&#8217; dividend policy is to distribute all or a portion of their net invest-</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>ment income to their shareholders on a monthly basis. In order to provide</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>shareholders with a more stable level of dividend distributions, the Trusts</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>may at times pay out less than the entire amount of net investment income</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>earned in any particular month and may at times in any particular month</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>pay out such accumulated but undistributed income in addition to net<BR></FONT><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>investment income earned in that month. As a result, the dividends</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>paid by the Trusts for any particular month may be more or less than the</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>amount of net investment income earned by the Trusts during such month.</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>The Trusts&#8217; current accumulated but undistributed net investment income,</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>if any, is disclosed in the Statements of Assets and Liabilities, which com-</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>prises part of the financial information included in this report.</FONT></P>

<DIV align=left>

<TABLE cellSpacing=0 border=0>



<TR>

   <TD width="13%"></TD>

   <TD width="49%"></TD>

   <TD width="37%"></TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif color=#231f20 size=1>60</FONT>&nbsp;</TD>

   <TD align=left><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif color=#231f20 size=1>ANNUAL REPORT</FONT>&nbsp;</TD>

   <TD align=left><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif color=#231f20 size=1>APRIL 30, 2011</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<HR align=center width="100%" noShade SIZE=2>



<DIV style="PAGE-BREAK-BEFORE: always"></DIV>

<!--$$/page=--><A name="page_62"></A><BR>

<P style="TEXT-ALIGN: left"><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif color=#394c87 size=4>Additional Information (continued)</FONT><BR><BR><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#394c87 size=1>General Information</FONT></B><BR><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>On July 29, 2010, the Manager announced that a derivative complaint</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>had been filed by shareholders of BSD and BFK on July 27, 2010 in the</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>Supreme Court of the State of New York, New York County. The complaint</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>names the Manager, BlackRock, Inc. and certain of the trustees, officers</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>and portfolio managers of BSD and BFK (collectively, the &#8220;Defendants&#8221;)</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>as defendants. The complaint alleges, among other things, that the</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>Defendants breached fiduciary duties owed to BSD and BFK and each</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>of their Common Shareholders by redeeming Preferred Shares at their</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>liquidation preference. The complaint seeks unspecified damages for losses</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>purportedly suffered by BSD and BFK as a result of the prior redemptions</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>and injunctive relief preventing BSD and BFK from redeeming Preferred</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>Shares at their liquidation preference in the future. The Defendants believe</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>that the claims asserted in the complaint are without merit and intend to</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>vigorously defend themselves in the litigation.</FONT><BR><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>The Trusts do not make available copies of their Statements of Additional</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>Information because the Trusts&#8217; shares are not continuously offered, which</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>means that the Statement of Additional Information of each Trust has not</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>been updated after completion of the respective Trust&#8217;s offerings and the</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>information contained in each Trust&#8217;s Statement of Additional Information</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>may have become outdated.</FONT><BR><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>During the period, there were no material changes in the Trusts&#8217; invest-</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>ment objectives or policies or to the Trusts&#8217; charters or by-laws that were</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>not approved by shareholders or in the principal risk factors associated</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>with investment in the Trusts. There have been no changes in the persons</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>who are primarily responsible for the day-to-day management of the</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>Trusts&#8217; portfolio.</FONT><BR><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>Quarterly performance, semi-annual and annual reports and other informa-</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>tion regarding the Trusts may be found on BlackRock&#8217;s website, which can</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>be accessed at http://www.blackrock.com. This reference to BlackRock&#8217;s</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>website is intended to allow investors public access to information regard-</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>ing the Trusts and does not, and is not intended to, incorporate BlackRock&#8217;s</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>website into this report.</FONT><BR><BR><FONT face=FranklinGothic-MedCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>Electronic Delivery</FONT><BR><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>Electronic copies of most financial reports are available on the Trusts&#8217; web-</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>sites or shareholders can sign up for e-mail notifications of quarterly state-</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>ments, annual and semi-annual reports by enrolling in the Trusts&#8217; electronic</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>delivery program.</FONT><BR><BR><FONT face=FranklinGothic-MedCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>Shareholders Who Hold Accounts with Investment Advisors, Banks</FONT><BR><FONT face=FranklinGothic-MedCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>or Brokerages:</FONT><BR><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>Please contact your financial advisor to enroll. Please note that not all</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>investment advisors, banks or brokerages may offer this service.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face=FranklinGothic-MedCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>Householding</FONT><BR><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>The Trusts will mail only one copy of shareholder documents, including</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>annual and semi-annual reports and proxy statements, to shareholders</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>with multiple accounts at the same address. This practice is commonly</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>called &#8220;householding&#8221; and is intended to reduce expenses and eliminate</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>duplicate mailings of shareholder documents. Mailings of your shareholder</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>documents may be householded indefinitely unless you instruct us other-</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>wise. If you do not want the mailing of these documents to be combined</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>with those for other members of your household, please</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>call (800) 441-7762.</FONT><BR><BR><FONT face=FranklinGothic-MedCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>Availability of Quarterly Schedule of Investments</FONT><BR><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>Each Trust files its complete schedule of portfolio holdings with the SEC</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>for the first and third quarters of each fiscal year on Form N-Q. The Trusts&#8217;</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>Forms N-Q are available on the SEC&#8217;s website at http://www.sec.gov and</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>may also be reviewed and copied at the SEC&#8217;s Public Reference Room in</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>Washington, DC. Information on how to access documents on the SEC&#8217;s</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>website without charge may be obtained by calling (800) SEC-0330. Each</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>Trust&#8217;s Forms N-Q may also be obtained upon request and without charge</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>by calling (800) 441-7762.</FONT><BR><BR><FONT face=FranklinGothic-MedCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>Availability of Proxy Voting Policies and Procedures</FONT><BR><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>A description of the policies and procedures that the Trusts use to</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>determine how to vote proxies relating to portfolio securities is avail-</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>able (1) without charge, upon request, by calling (800) 441-7762;</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>(2) at http://www.blackrock.com; and (3) on the SEC&#8217;s website at</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>http://www.sec.gov.</FONT><BR><BR><FONT face=FranklinGothic-MedCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>Availability of Proxy Voting Record</FONT><BR><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>Information about how the Trusts voted proxies relating to securities</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>held in the Trusts&#8217; portfolios during the most recent 12-month period</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>ended June 30 is available upon request and without charge</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>(1) at http://www.blackrock.com or by calling (800) 441-7762 and</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>(2) on the SEC&#8217;s website at http://www.sec.gov.</FONT><BR><BR><FONT face=FranklinGothic-MedCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>Availability of Trust Updates</FONT><BR><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>BlackRock will update performance and certain other data for the Trusts</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>on a monthly basis on its website in the &#8220;Closed-end Funds&#8221; section of</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>http://www.blackrock.com. Investors and others are advised to periodically</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>check the website for updated performance information and the release of</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>other material information about the Trusts.</FONT></P>

<DIV align=left>

<TABLE cellSpacing=0 border=0>



<TR>

   <TD width="37%"></TD>

   <TD width="48%"></TD>

   <TD width="13%"></TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif color=#231f20 size=1>ANNUAL REPORT</FONT>&nbsp;</TD>

   <TD align=left><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif color=#231f20 size=1>APRIL 30, 2011</FONT>&nbsp;</TD>

   <TD align=left><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif color=#231f20 size=1>61</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<HR align=center width="100%" noShade SIZE=2>



<DIV style="PAGE-BREAK-BEFORE: always"></DIV>

<!--$$/page=--><A name="page_63"></A><BR>

<P style="TEXT-ALIGN: left"><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif color=#394c87 size=4>Additional Information (concluded)</FONT><BR><BR><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#394c87 size=1>BlackRock Privacy Principles</FONT></B><BR><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>BlackRock is committed to maintaining the privacy of its current and for-</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>mer fund investors and individual clients (collectively, &#8220;Clients&#8221;) and to</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>safeguarding their non-public personal information. The following infor-</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>mation is provided to help you understand what personal information</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>BlackRock collects, how we protect that information and why in certain</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>cases we share such information with select parties.</FONT><BR><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>If you are located in a jurisdiction where specific laws, rules or regulations</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>require BlackRock to provide you with additional or different privacy-related</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>rights beyond what is set forth below, then BlackRock will comply with those</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>specific laws, rules or regulations.</FONT><BR><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>BlackRock obtains or verifies personal non-public information from and</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>about you from different sources, including the following: (i) information we</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>receive from you or, if applicable, your financial intermediary, on applica-</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>tions, forms or other documents; (ii) information about your transactions</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>with us, our affiliates, or others; (iii) information we receive from a consumer</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>reporting agency; and (iv) from visits to our websites.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>BlackRock does not sell or disclose to non-affiliated third parties any non-</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>public personal information about its Clients, except as permitted by law</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>or as is necessary to respond to regulatory requests or to service Client</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>accounts. These non-affiliated third parties are required to protect the</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>confidentiality and security of this information and to use it only for its</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>intended purpose.</FONT><BR><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>We may share information with our affiliates to service your account or to</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>provide you with information about other BlackRock products or services</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>that may be of interest to you. In addition, BlackRock restricts access</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>to non-public personal information about its Clients to those BlackRock</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>employees with a legitimate business need for the information. BlackRock</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>maintains physical, electronic and procedural safeguards that are designed</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>to protect the non-public personal information of its Clients, including pro-</FONT><BR><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>cedures relating to the proper storage and disposal of such information.</FONT></P>

<DIV align=left>

<TABLE cellSpacing=0 border=0>



<TR>

   <TD width="13%"></TD>

   <TD width="49%"></TD>

   <TD width="37%"></TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif color=#231f20 size=1>62</FONT>&nbsp;</TD>

   <TD align=left><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif color=#231f20 size=1>ANNUAL REPORT</FONT>&nbsp;</TD>

   <TD align=left><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif color=#231f20 size=1>APRIL 30, 2011</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<HR align=center width="100%" noShade SIZE=2>



<DIV style="PAGE-BREAK-BEFORE: always"></DIV>


<!--$$/page=-->
<A name="page_65"></A><BR>

<P style="text-align: left;">
<FONT color="#231f20" size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">This report is transmitted to shareholders only. It is not a prospectus. Past performance results shown in this report should not be considered a</FONT><BR>
<BR>
<FONT color="#231f20" size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">representation of future performance. Certain Trusts have leveraged their Common Shares, which creates risks for Common Shareholders, including</FONT><BR>
<BR>
<FONT color="#231f20" size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">the likelihood of greater volatility of net asset value and market price of the Common Shares and the risk that fluctuations in the short-term dividend</FONT><BR>
<BR>
<FONT color="#231f20" size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">rates of the Preferred Shares, currently set at the maximum reset rate as a result of failed auctions, may reduce the Common Shares&#146; yield.</FONT><BR>
<BR>
<FONT color="#231f20" size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">Statements and other information herein are as dated and are subject to change.</FONT></P>
<IMG src="muni6arx64x1.jpg" border=0>
<BR>

<HR noshade align="center" width="100%" size=2><DIV STYLE="page-break-before: always"></div>



<!--$$/page=-->
<A name="page_66"></A><BR>

<P style="text-align: left;">
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Item 2 &#150; Code of Ethics &#150; The registrant (or the &#147;Fund&#148;) has adopted a code of ethics, as of the end</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">of the period covered by this report, applicable to the registrant&#146;s principal executive officer,</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">principal financial officer, principal accounting officer, or controller, or persons performing</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">similar functions. During the period covered by this report, there have been no amendments</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">to or waivers granted under the code of ethics. A copy of the code of ethics is available</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">without charge at www.blackrock.com.</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Item 3 &#150; Audit Committee Financial Expert &#150; The registrant&#146;s board of directors (the &#147;board of</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">directors&#148;), has determined that (i) the registrant has the following audit committee financial</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">experts serving on its audit committee and (ii) each audit committee financial expert is</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">independent:</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Frank J. Fabozzi</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">James T. Flynn</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">W. Carl Kester</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Karen P. Robards</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">The registrant&#146;s board of directors has determined that W. Carl Kester and Karen P. Robards</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">qualify as financial experts pursuant to Item 3(c)(4) of Form N-CSR.</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Prof. Kester has a thorough understanding of generally accepted accounting principles,</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">financial statements and internal control over financial reporting as well as audit committee</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">functions. Prof. Kester has been involved in providing valuation and other financial</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">consulting services to corporate clients since 1978. Prof. Kester&#146;s financial consulting</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">services present a breadth and level of complexity of accounting issues that are generally</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">comparable to the breadth and complexity of issues that can reasonably be expected to be</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">raised by the registrant&#146;s financial statements.</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Ms. Robards has a thorough understanding of generally accepted accounting principles,</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">financial statements and internal control over financial reporting as well as audit committee</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">functions. Ms. Robards has been President of Robards &amp; Company, a financial advisory</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">firm, since 1987. Ms. Robards was formerly an investment banker for more than 10 years</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">where she was responsible for evaluating and assessing the performance of companies based</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">on their financial results. Ms. Robards has over 30 years of experience analyzing financial</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">statements. She also is a member of the audit committee of one publicly held company and</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">a non-profit organization.</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Under applicable securities laws, a person determined to be an audit committee financial</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">expert will not be deemed an &#147;expert&#148; for any purpose, including without limitation for the</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">purposes of Section 11 of the Securities Act of 1933, as a result of being designated or</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">identified as an audit committee financial expert. The designation or identification as an</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">audit committee financial expert does not impose on such person any duties, obligations, or</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">liabilities greater than the duties, obligations, and liabilities imposed on such person as a</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">member of the audit committee and board of directors in the absence of such designation or</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">identification. The designation or identification of a person as an audit committee financial</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">expert does not affect the duties, obligations, or liability of any other member of the audit</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">committee or board of directors.</FONT></P>

<HR noshade align="center" width="100%" size=2><DIV STYLE="page-break-before: always"></div>


<!--$$/page=--><A name="page_67"></A><BR>

<P style="TEXT-ALIGN: left"><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Item 4 &#8211; Principal Accountant Fees and Services</FONT><BR><BR><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">The following table presents fees billed by Deloitte &amp; Touche LLP (&#8220;D&amp;T&#8221;) in each of the</FONT><BR><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">last two fiscal years for the services rendered to the Fund:</FONT></P>

<DIV align=left>

<TABLE border=0 cellSpacing=0>



<TR>

   <TD width="14%"></TD>

   <TD width="12%"></TD>

   <TD width="10%"></TD>

   <TD width="10%"></TD>

   <TD width="10%"></TD>

   <TD width="10%"></TD>

   <TD width="10%"></TD>

   <TD width="10%"></TD>

   <TD width="9%"></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 5px" colSpan=2 align=middle><B><FONT size=1 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">(a) Audit Fees</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 1px" colSpan=2 align=middle><B><FONT size=1 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">(b) Audit-Related Fees</FONT></B><B><SUP><FONT size=1 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">1</FONT></SUP></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 6px" colSpan=2 align=middle><B><FONT size=1 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">(c) Tax Fees</FONT></B><B><SUP><FONT size=1 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">2</FONT></SUP></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 3px" colSpan=2 align=middle><B><FONT size=1 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">(d) All Other Fees</FONT></B><B><SUP><FONT size=1 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">3</FONT></SUP></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=middle><B><FONT size=1 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">Current</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=middle><B><FONT size=1 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">Previous</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=middle><B><FONT size=1 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">Current</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=middle><B><FONT size=1 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">Previous</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=middle><B><FONT size=1 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">Current</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=middle><B><FONT size=1 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">Previous</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=middle><B><FONT size=1 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">Current</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=middle><B><FONT size=1 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">Previous</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=middle><B><FONT size=1 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">Fiscal Year</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=middle><B><FONT size=1 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">Fiscal Year</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=middle><B><FONT size=1 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">Fiscal Year</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=middle><B><FONT size=1 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">Fiscal Year</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=middle><B><FONT size=1 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">Fiscal Year</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=middle><B><FONT size=1 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">Fiscal Year</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=middle><B><FONT size=1 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">Fiscal Year</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=middle><B><FONT size=1 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">Fiscal Year</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 3px double; TEXT-INDENT: 3px" align=left><B><FONT size=1 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">Entity Name</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" align=middle><B><FONT size=1 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">End</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" align=middle><B><FONT size=1 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">End</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" align=middle><B><FONT size=1 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">End</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" align=middle><B><FONT size=1 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">End</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" align=middle><B><FONT size=1 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">End</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" align=middle><B><FONT size=1 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">End</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" align=middle><B><FONT size=1 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">End</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" align=middle><B><FONT size=1 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">End</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT size=1 face="TimesNewRomanPSMT,Times New Roman,Times,serif">BlackRock</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT size=1 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Municipal Income</FONT>&nbsp;</TD>

   <TD align=middle><FONT size=1 face="TimesNewRomanPSMT,Times New Roman,Times,serif">$34,700</FONT>&nbsp;</TD>

   <TD align=middle><FONT size=1 face="TimesNewRomanPSMT,Times New Roman,Times,serif">$33,700</FONT>&nbsp;</TD>

   <TD align=middle><FONT size=1 face="TimesNewRomanPSMT,Times New Roman,Times,serif">$3,500</FONT>&nbsp;</TD>

   <TD align=middle><FONT size=1 face="TimesNewRomanPSMT,Times New Roman,Times,serif">$3,500</FONT>&nbsp;</TD>

   <TD align=middle><FONT size=1 face="TimesNewRomanPSMT,Times New Roman,Times,serif">$20,100</FONT>&nbsp;</TD>

   <TD align=middle><FONT size=1 face="TimesNewRomanPSMT,Times New Roman,Times,serif">$6,100</FONT>&nbsp;</TD>

   <TD align=middle><FONT size=1 face="TimesNewRomanPSMT,Times New Roman,Times,serif">$0</FONT>&nbsp;</TD>

   <TD align=middle><FONT size=1 face="TimesNewRomanPSMT,Times New Roman,Times,serif">$0</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT size=1 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Trust</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<P style="TEXT-ALIGN: left"><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">The following table presents fees billed by D&amp;T that were required to be approved by the</FONT><BR><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">registrant&#8217;s audit committee (the &#8220;Committee&#8221;) for services that relate directly to the</FONT><BR><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">operations or financial reporting of the Fund and that are rendered on behalf of BlackRock</FONT><BR><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Advisors, LLC (&#8220;Investment Adviser&#8221;) and entities controlling, controlled by, or under</FONT><BR><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">common control with BlackRock (not including any sub-adviser whose role is primarily</FONT><BR><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">portfolio management and is subcontracted with or overseen by another investment adviser)</FONT><BR><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">that provide ongoing services to the Fund (&#8220;Fund Service Providers&#8221;):</FONT></P>

<DIV align=left>

<TABLE border=0 cellSpacing=0>



<TR>

   <TD width="30%"></TD>

   <TD width="42%"></TD>

   <TD width="27%"></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=middle><B><FONT size=1 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">Current Fiscal Year End</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=middle><B><FONT size=1 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">Previous Fiscal Year End</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><B><FONT size=1 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">(b) Audit-Related Fees</FONT></B><B><SUP><FONT size=1 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">1</FONT></SUP></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=middle><FONT size=1 face="TimesNewRomanPSMT,Times New Roman,Times,serif">$0</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=middle><FONT size=1 face="TimesNewRomanPSMT,Times New Roman,Times,serif">$0</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><B><FONT size=1 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">(c) Tax Fees</FONT></B><B><SUP><FONT size=1 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">2</FONT></SUP></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=middle><FONT size=1 face="TimesNewRomanPSMT,Times New Roman,Times,serif">$0</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=middle><FONT size=1 face="TimesNewRomanPSMT,Times New Roman,Times,serif">$0</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><B><FONT size=1 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">(d) All Other Fees</FONT></B><B><SUP><FONT size=1 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">3</FONT></SUP></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=middle><FONT size=1 face="TimesNewRomanPSMT,Times New Roman,Times,serif">$3,030,000</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=middle><FONT size=1 face="TimesNewRomanPSMT,Times New Roman,Times,serif">$2,950,000</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD colSpan=3 align=left><SUP><FONT size=1 face="TimesNewRomanPSMT,Times New Roman,Times,serif">1 </FONT></SUP><FONT size=1 face="TimesNewRomanPSMT,Times New Roman,Times,serif">The nature of the services include assurance and related services reasonably related to the performance of the audit of financial statements</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT size=1 face="TimesNewRomanPSMT,Times New Roman,Times,serif">not included in Audit Fees.</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD colSpan=2 align=left><SUP><FONT size=1 face="TimesNewRomanPSMT,Times New Roman,Times,serif">2 </FONT></SUP><FONT size=1 face="TimesNewRomanPSMT,Times New Roman,Times,serif">The nature of the services include tax compliance, tax advice and tax planning.</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD colSpan=2 align=left><SUP><FONT size=1 face="TimesNewRomanPSMT,Times New Roman,Times,serif">3 </FONT></SUP><FONT size=1 face="TimesNewRomanPSMT,Times New Roman,Times,serif">The nature of the services include a review of compliance procedures and attestation thereto.</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<P style="TEXT-ALIGN: left"><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">(e)(1) Audit Committee Pre-Approval Policies and Procedures:</FONT><BR><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">The Committee has adopted policies and procedures with regard to the pre-approval</FONT><BR><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">of services. Audit, audit-related and tax compliance services provided to the registrant on</FONT><BR><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">an annual basis require specific pre-approval by the Committee. The Committee also must</FONT><BR><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">approve other non-audit services provided to the registrant and those non-audit services</FONT><BR><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">provided to the Investment Adviser and Fund Service Providers that relate directly to the</FONT><BR><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">operations and the financial reporting of the registrant. Certain of these non-audit services</FONT><BR><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">that the Committee believes are a) consistent with the SEC&#8217;s auditor independence rules and</FONT><BR><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">b) routine and recurring services that will not impair the independence of the independent</FONT><BR><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">accountants may be approved by the Committee without consideration on a specific case-</FONT><BR><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">by-case basis (&#8220;general pre-approval&#8221;). The term of any general pre-approval is 12 months</FONT><BR><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">from the date of the pre-approval, unless the Committee provides for a different period. Tax</FONT><BR><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">or other non-audit services provided to the registrant which have a direct impact on the</FONT><BR><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">operations or financial reporting of the registrant will only be deemed pre-approved</FONT><BR><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">provided that any individual project does not exceed $10,000 attributable to the registrant or</FONT><BR><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">$50,000 per project. For this purpose, multiple projects will be aggregated to determine if</FONT><BR><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">they exceed the previously mentioned cost levels.</FONT><BR><BR><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Any proposed services exceeding the pre-approved cost levels will require specific</FONT><BR><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">pre-approval by the Committee, as will any other services not subject to general pre-</FONT><BR><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">approval (e.g., unanticipated but permissible services). The Committee is informed of each</FONT><BR><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">service approved subject to general pre-approval at the next regularly scheduled in-person</FONT><BR><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">board meeting. At this meeting, an analysis of such services is presented to the Committee</FONT></P>

<HR align=center SIZE=2 width="100%" noShade>



<DIV style="PAGE-BREAK-BEFORE: always"></DIV>


<!--$$/page=-->
<A name="page_68"></A><BR>

<P style="text-align: left;">
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">for ratification. The Committee may delegate to the Committee Chairman the authority to</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">approve the provision of and fees for any specific engagement of permitted non-audit</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">services, including services exceeding pre-approved cost levels.</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">(e)(2) None of the services described in each of Items 4(b) through (d) were approved by</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">the Committee pursuant to the de minimis exception in paragraph (c)(7)(i)(C) of Rule 2-01</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">of Regulation S-X.</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">(f) Not Applicable</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">(g) The aggregate non-audit fees paid to the accountant for services rendered by the</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">accountant to the registrant, the Investment Adviser and the Fund Service Providers were:</FONT></P>
<DIV align="left">
<TABLE border=0 cellspacing=0>
<TR>
     <TD width=39%></TD>
     <TD width=32%></TD>
     <TD width=28%></TD></TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=center style="border-bottom:1px solid #000000;">
<B><FONT size=1 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">Current Fiscal Year</FONT></B>&nbsp;</TD>
	<TD align=center style="border-bottom:1px solid #000000;">
<B><FONT size=1 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">Previous Fiscal Year</FONT></B>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left style="border-bottom:3px double #000000;" style="TEXT-INDENT:8.000000px">
<B><FONT size=1 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">Entity Name</FONT></B>&nbsp;</TD>
	<TD align=center style="border-bottom:3px double #000000;">
<B><FONT size=1 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">End</FONT></B>&nbsp;</TD>
	<TD align=center style="border-bottom:3px double #000000;">
<B><FONT size=1 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">End</FONT></B>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=1 face="TimesNewRomanPSMT,Times New Roman,Times,serif">BlackRock Municipal Income</FONT>&nbsp;</TD>
	<TD align=center>
<FONT size=1 face="TimesNewRomanPSMT,Times New Roman,Times,serif">&#36;23,600</FONT>&nbsp;</TD>
	<TD align=center>
<FONT size=1 face="TimesNewRomanPSMT,Times New Roman,Times,serif">&#36;20,377</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left style="border-bottom:1px solid #000000;">
<FONT size=1 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Trust</FONT>&nbsp;</TD>
	<TD align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
</TR>
</TABLE>
</DIV>
<P style="MARGIN:0px">&nbsp;</P>
<P style="text-align: left;">
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Additionally, SAS No. 70 fees for the current and previous fiscal years of &#36;3,030,000 and</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">&#36;2,950,000, respectively, were billed by D&amp;T to the Investment Adviser.</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">(h) The Committee has considered and determined that the provision of non-audit services</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">that were rendered to the Investment Adviser (not including any non-affiliated sub-adviser</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">whose role is primarily portfolio management and is subcontracted with or overseen by the</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">registrant&#146;s investment adviser), and the Fund Service Providers that were not pre-approved</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">maintaining the principal accountant&#146;s independence.</FONT></P>
<P style="text-align: left;">
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Item 5 &#150; Audit Committee of Listed Registrants</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">(a) The following individuals are members of the registrant&#146;s separately-designated</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">standing audit committee established in accordance with Section 3(a)(58)(A) of the</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Securities Exchange Act of 1934 (15 U.S.C. 78c(a)(58)(A)):</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Michael Castellano</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Frank J. Fabozzi</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">James T. Flynn</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">W. Carl Kester</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Karen P. Robards</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">(b) Not Applicable</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Item 6 &#150; Investments</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">(a) The registrant&#146;s Schedule of Investments is included as part of the Report to</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Stockholders filed under Item 1 of this Form.</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">(b) Not Applicable due to no such divestments during the semi-annual period covered since</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">the previous Form N-CSR filing.</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Item 7 &#150; Disclosure of Proxy Voting Policies and Procedures for Closed-End Management</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Investment Companies &#150; The board of directors has delegated the voting of proxies for the</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Fund&#146;s portfolio securities to the Investment Adviser pursuant to the Investment Adviser&#146;s</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">proxy voting guidelines. Under these guidelines, the Investment Adviser will vote proxies</FONT></P>

<HR noshade align="center" width="100%" size=2><DIV STYLE="page-break-before: always"></div>



<!--$$/page=-->
<A name="page_69"></A><BR>

<P style="text-align: left;">
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">related to Fund securities in the best interests of the Fund and its stockholders. From time</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">time, a vote may present a conflict between the interests of the Fund&#146;s stockholders, on the</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">one hand, and those of the Investment Adviser, or any affiliated person of the Fund or the</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Investment Adviser, on the other. In such event, provided that the Investment Adviser&#146;s</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Equity Investment Policy Oversight Committee, or a sub-committee thereof (the &#147;Oversight</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Committee&#148;) is aware of the real or potential conflict or material non-routine matter and if</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">the Oversight Committee does not reasonably believe it is able to follow its general voting</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">guidelines (or if the particular proxy matter is not addressed in the guidelines) and vote</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">impartially, the Oversight Committee may retain an independent fiduciary to advise the</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Oversight Committee on how to vote or to cast votes on behalf of the Investment Adviser&#146;s</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">clients. If the Investment Adviser determines not to retain an independent fiduciary, or does</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">not desire to follow the advice of such independent fiduciary, the Oversight Committee shall</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">determine how to vote the proxy after consulting with the Investment Adviser&#146;s Portfolio</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Management Group and/or the Investment Adviser&#146;s Legal and Compliance Department</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">and concluding that the vote cast is in its client&#146;s best interest notwithstanding the conflict.</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">A copy of the Fund&#146;s Proxy Voting Policy and Procedures are attached as Exhibit</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">99.PROXYPOL. Information on how the Fund voted proxies relating to portfolio securities</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">during the most recent 12-month period ended June 30 is available without charge, (i) at</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">www.blackrock.com and (ii) on the SEC&#146;s website at </FONT><U><FONT color="#0000ff" size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">http://www.sec.gov</FONT></U><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">.</FONT></P>
<P style="text-align: left;">
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Item 8 &#150; Portfolio Managers of Closed-End Management Investment Companies &#150; as of April 30,</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">2011.</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">(a)(1) The registrant is managed by a team of investment professionals comprised of</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Theodore R. Jaeckel, Jr., CFA, Managing Director at BlackRock, Inc. (&#147;BlackRock&#148;)</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">and Walter O&#146;Connor, Managing Director at BlackRock. Each is a member of</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">BlackRock&#146;s municipal tax-exempt management group. Each is jointly responsible</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">for the day-to-day management of the registrant&#146;s portfolio, which includes setting</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">the registrant&#146;s overall investment strategy, overseeing the management of the</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">registrant and/or selection of its investments. Messrs. Jaeckel and O&#146;Connor have</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">been members of the registrant&#146;s portfolio management team since 2006 and 2006,</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">respectively.</FONT></P>
<DIV align="left">
<TABLE border=0 cellspacing=0>
<TR>
     <TD width=25%></TD>
     <TD width=74%></TD></TR>
<TR valign="bottom">
	<TD align=left style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">Portfolio Manager</FONT></B>&nbsp;</TD>
	<TD align=left style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">Biography</FONT></B>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Theodore R. Jaeckel, Jr.</FONT>&nbsp;</TD>
	<TD align=left>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Managing Director at BlackRock since 2006; Managing Director of Merrill</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Lynch Investment Managers, L.P. (&#147;MLIM&#148;) from 2005 to 2006; Director</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=left style="border-bottom:1px solid #000000;">
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">of MLIM from 1997 to 2005.</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Walter O&#146;Connor</FONT>&nbsp;</TD>
	<TD align=left>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Managing Director of BlackRock since 2006; Managing Director of MLIM</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=left style="border-bottom:1px solid #000000;">
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">from 2003 to 2006; Director of MLIM from 1998 to 2003.</FONT>&nbsp;</TD>
</TR>
</TABLE>
</DIV>
<P style="MARGIN:0px">&nbsp;</P>

<HR noshade align="center" width="100%" size=2><DIV STYLE="page-break-before: always"></div>


<!--$$/page=--><A name="page_70"></A><BR>

<P style="TEXT-ALIGN: left"><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">(a)(2) As of April 30, 2011:</FONT></P>

<DIV align=left>

<TABLE border=0 cellSpacing=0>



<TR>

   <TD width="19%"></TD>

   <TD width="14%"></TD>

   <TD width="17%"></TD>

   <TD width="10%"></TD>

   <TD width="12%"></TD>

   <TD width="17%"></TD>

   <TD width="8%"></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD colSpan=3 align=middle><B><FONT size=1 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">(ii) Number of Other Accounts Managed</FONT></B>&nbsp;</TD>

   <TD colSpan=3 align=middle><B><FONT size=1 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">(iii) Number of Other Accounts and</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD colSpan=2 align=middle><B><FONT size=1 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">and Assets by Account Type</FONT></B>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD colSpan=3 align=middle><B><FONT size=1 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">Assets for Which Advisory Fee is</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=middle><B><FONT size=1 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">Performance-Based</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=middle><B><FONT size=1 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">Other</FONT></B>&nbsp;</TD>

   <TD align=middle><B><FONT size=1 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">Other Pooled</FONT></B>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=middle><B><FONT size=1 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">Other</FONT></B>&nbsp;</TD>

   <TD align=middle><B><FONT size=1 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">Other Pooled</FONT></B>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=middle><B><FONT size=1 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">(i) Name of</FONT></B>&nbsp;</TD>

   <TD align=middle><B><FONT size=1 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">Registered</FONT></B>&nbsp;</TD>

   <TD align=middle><B><FONT size=1 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">Investment</FONT></B>&nbsp;</TD>

   <TD align=middle><B><FONT size=1 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">Other</FONT></B>&nbsp;</TD>

   <TD align=middle><B><FONT size=1 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">Registered</FONT></B>&nbsp;</TD>

   <TD align=middle><B><FONT size=1 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">Investment</FONT></B>&nbsp;</TD>

   <TD align=middle><B><FONT size=1 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">Other</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=middle><B><FONT size=1 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">Portfolio Manager</FONT></B>&nbsp;</TD>

   <TD align=middle><B><FONT size=1 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">Investment</FONT></B>&nbsp;</TD>

   <TD align=middle><B><FONT size=1 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">Vehicles</FONT></B>&nbsp;</TD>

   <TD align=middle><B><FONT size=1 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">Accounts</FONT></B>&nbsp;</TD>

   <TD align=middle><B><FONT size=1 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">Investment</FONT></B>&nbsp;</TD>

   <TD align=middle><B><FONT size=1 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">Vehicles</FONT></B>&nbsp;</TD>

   <TD align=middle><B><FONT size=1 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">Accounts</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=middle><B><FONT size=1 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">Companies</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=middle><B><FONT size=1 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">Companies</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#ccffff align=middle><FONT size=1 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Theodore R. Jaeckel, Jr.</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#ccffff align=middle><FONT size=1 face="TimesNewRomanPSMT,Times New Roman,Times,serif">68</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#ccffff align=middle><FONT size=1 face="TimesNewRomanPSMT,Times New Roman,Times,serif">0</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#ccffff align=middle><FONT size=1 face="TimesNewRomanPSMT,Times New Roman,Times,serif">0</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#ccffff align=middle><FONT size=1 face="TimesNewRomanPSMT,Times New Roman,Times,serif">0</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#ccffff align=middle><FONT size=1 face="TimesNewRomanPSMT,Times New Roman,Times,serif">0</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#ccffff align=middle><FONT size=1 face="TimesNewRomanPSMT,Times New Roman,Times,serif">0</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=middle><FONT size=1 face="TimesNewRomanPSMT,Times New Roman,Times,serif">$19.12 Billion</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=middle><FONT size=1 face="TimesNewRomanPSMT,Times New Roman,Times,serif">$0</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=middle><FONT size=1 face="TimesNewRomanPSMT,Times New Roman,Times,serif">$0</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=middle><FONT size=1 face="TimesNewRomanPSMT,Times New Roman,Times,serif">$0</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=middle><FONT size=1 face="TimesNewRomanPSMT,Times New Roman,Times,serif">$0</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=middle><FONT size=1 face="TimesNewRomanPSMT,Times New Roman,Times,serif">$0</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#ccffff align=left><FONT size=1 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Walter O&#8217;Connor</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#ccffff align=middle><FONT size=1 face="TimesNewRomanPSMT,Times New Roman,Times,serif">68</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#ccffff align=middle><FONT size=1 face="TimesNewRomanPSMT,Times New Roman,Times,serif">0</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#ccffff align=middle><FONT size=1 face="TimesNewRomanPSMT,Times New Roman,Times,serif">0</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#ccffff align=middle><FONT size=1 face="TimesNewRomanPSMT,Times New Roman,Times,serif">0</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#ccffff align=middle><FONT size=1 face="TimesNewRomanPSMT,Times New Roman,Times,serif">0</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#ccffff align=middle><FONT size=1 face="TimesNewRomanPSMT,Times New Roman,Times,serif">0</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=middle><FONT size=1 face="TimesNewRomanPSMT,Times New Roman,Times,serif">$19.12 Billion</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=middle><FONT size=1 face="TimesNewRomanPSMT,Times New Roman,Times,serif">$0</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=middle><FONT size=1 face="TimesNewRomanPSMT,Times New Roman,Times,serif">$0</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=middle><FONT size=1 face="TimesNewRomanPSMT,Times New Roman,Times,serif">$0</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=middle><FONT size=1 face="TimesNewRomanPSMT,Times New Roman,Times,serif">$0</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=middle><FONT size=1 face="TimesNewRomanPSMT,Times New Roman,Times,serif">$0</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<P style="TEXT-ALIGN: left"><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">(iv) Potential Material Conflicts of Interest</FONT><BR><BR><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">BlackRock has built a professional working environment, firm-wide compliance culture and</FONT><BR><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">compliance procedures and systems designed to protect against potential incentives that may</FONT><BR><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">favor one account over another. BlackRock has adopted policies and procedures that address</FONT><BR><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">the allocation of investment opportunities, execution of portfolio transactions, personal</FONT><BR><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">trading by employees and other potential conflicts of interest that are designed to ensure that</FONT><BR><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">all client accounts are treated equitably over time. Nevertheless, BlackRock furnishes</FONT><BR><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">investment management and advisory services to numerous clients in addition to the Fund,</FONT><BR><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">and BlackRock may, consistent with applicable law, make investment recommendations to</FONT><BR><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">other clients or accounts (including accounts which are hedge funds or have performance or</FONT><BR><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">higher fees paid to BlackRock, or in which portfolio managers have a personal interest in</FONT><BR><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">the receipt of such fees), which may be the same as or different from those made to the</FONT><BR><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Fund. In addition, BlackRock, its affiliates and significant shareholders and any officer,</FONT><BR><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">director, shareholder or employee may or may not have an interest in the securities whose</FONT><BR><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">purchase and sale BlackRock recommends to the Fund. BlackRock, or any of its affiliates</FONT><BR><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">or significant shareholders, or any officer, director, shareholder, employee or any member</FONT><BR><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">of their families may take different actions than those recommended to the Fund by</FONT><BR><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">BlackRock with respect to the same securities. Moreover, BlackRock may refrain from</FONT><BR><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">rendering any advice or services concerning securities of companies of which any of</FONT><BR><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">BlackRock&#8217;s (or its affiliates&#8217; or significant shareholders&#8217;) officers, directors or employees</FONT><BR><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">are directors or officers, or companies as to which BlackRock or any of its affiliates or</FONT><BR><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">significant shareholders or the officers, directors and employees of any of them has any</FONT><BR><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">substantial economic interest or possesses material non-public information. Certain</FONT><BR><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">portfolio managers also may manage accounts whose investment strategies may at times be</FONT><BR><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">opposed to the strategy utilized for a fund. It should also be noted that portfolio managers</FONT><BR><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">may manage certain accounts that are subject to performance fees. In addition, portfolio</FONT><BR><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">managers may assist in managing certain hedge funds and may be entitled to receive a</FONT><BR><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">portion of any incentive fees earned on such funds and a portion of such incentive fees may</FONT><BR><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">be voluntarily or involuntarily deferred. Additional portfolio managers may in the future</FONT><BR><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">manage other such accounts or funds and may be entitled to receive incentive fees.</FONT><BR><BR><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">As a fiduciary, BlackRock owes a duty of loyalty to its clients and must treat each client</FONT><BR><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">fairly. When BlackRock purchases or sells securities for more than one account, the</FONT><BR><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">trades must be allocated in a manner consistent with its fiduciary duties. BlackRock</FONT><BR><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">attempts to allocate investments in a fair and equitable manner among client accounts,</FONT><BR><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">with no account receiving preferential treatment. To this end, BlackRock has adopted</FONT><BR><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">policies that are intended to ensure reasonable efficiency in client transactions and</FONT></P>

<HR align=center SIZE=2 width="100%" noShade>



<DIV style="PAGE-BREAK-BEFORE: always"></DIV>


<!--$$/page=-->
<A name="page_71"></A><BR>

<P style="text-align: left;">
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">provide BlackRock with sufficient flexibility to allocate investments in a manner that is</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">consistent with the particular investment discipline and client base, as appropriate.</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">(a)(3) As of April 30, 2011:</FONT><BR>
<BR>
<B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">Portfolio Manager Compensation Overview</FONT></B><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">BlackRock&#146;s financial arrangements with its portfolio managers, its competitive</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">compensation and its career path emphasis at all levels reflect the value senior management</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">places on key resources. Compensation may include a variety of components and may vary</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">from year to year based on a number of factors. The principal components of compensation</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">include a base salary, a performance-based discretionary bonus, participation in various</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">benefits programs and one or more of the incentive compensation programs established by</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">BlackRock.</FONT><BR>
<BR>
<B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">Base compensation. </FONT></B><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Generally, portfolio managers receive base compensation based on</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">their position with the firm.</FONT><BR>
<BR>
<B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">Discretionary Incentive Compensation</FONT></B><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Discretionary incentive compensation is a function of several components: the performance</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">of BlackRock, the performance of the portfolio manager&#146;s group within BlackRock, the</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">investment performance, including risk-adjusted returns, of the firm&#146;s assets under</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">management or supervision by that portfolio manager relative to predetermined</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">benchmarks, and the individual&#146;s performance and contribution to the overall performance</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">of these portfolios and BlackRock. In most cases, these benchmarks are the same as the</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">benchmark or benchmarks against which the performance of the Fund or other accounts</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">managed by the portfolio managers are measured. BlackRock&#146;s Chief Investment Officers</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">determine the benchmarks against which the performance of funds and other accounts</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">managed by each portfolio manager is compared and the period of time over which</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">performance is evaluated. With respect to the portfolio managers, such benchmarks include</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">a combination of market-based indices (e.g., Barclays Capital Municipal Bond Index),</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">certain customized indices and certain fund industry peer groups.</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Among other things, BlackRock&#146;s Chief Investment Officers make a subjective</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">determination with respect to each portfolio manager&#146;s compensation based on the</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">performance of the Funds and other accounts managed by each portfolio manager relative to</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">the various benchmarks.</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Performance of fixed income funds is measured on both a pre-tax and after-tax basis over</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">various time periods including 1-, 3-, 5- and 10-year periods, as applicable. With respect to</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">the performance of the other listed Index and Multi-Asset Funds, performance is measured</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">on, among other things, a pre-tax basis over various time periods including 1-, 3- and 5-year</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">periods, as applicable.</FONT></P>

<HR noshade align="center" width="100%" size=2><DIV STYLE="page-break-before: always"></div>



<!--$$/page=-->
<A name="page_72"></A><BR>

<P style="text-align: left;">
<B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">Distribution of Discretionary Incentive Compensation</FONT></B><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Discretionary incentive compensation is distributed to portfolio managers in a combination</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">of cash and BlackRock restricted stock units which vest ratably over a number of years. For</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">some portfolio managers, discretionary incentive compensation is also distributed in</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">deferred cash awards that notionally track the returns of select BlackRock investment</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">products they manage and that vest ratably over a number of years. The BlackRock</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">restricted stock units, upon vesting, will be settled in BlackRock, Inc. common stock.</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Typically, the cash bonus, when combined with base salary, represents more than 60% of</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">total compensation for the portfolio managers. Paying a portion of annual bonuses in stock</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">puts compensation earned by a portfolio manager for a given year &#147;at risk&#148; based on</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">BlackRock&#146;s ability to sustain and improve its performance over future periods. Providing a</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">portion of annual bonuses in deferred cash awards that notionally track the BlackRock</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">investment products they manage provides direct alignment with investment product results.</FONT><BR>
<BR>
<I><FONT size=2 face="TimesNewRomanPS-ItalicMT,Times New Roman,Times,serif">Long-Term Incentive Plan Awards &#151; </FONT></I><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">From time to time long-term incentive</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">equity awards are granted to certain key employees to aid in retention, align their interests</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">with long-term shareholder interests and motivate performance. Equity awards are</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">generally granted in the form of BlackRock restricted stock units that, once vested, settle in</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">BlackRock common stock. Messrs. Jaeckel and O&#146;Connor have each received long-term</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">incentive awards.</FONT><BR>
<BR>
<I><FONT size=2 face="TimesNewRomanPS-ItalicMT,Times New Roman,Times,serif">Deferred Compensation Program &#151; </FONT></I><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">A portion of the compensation paid to</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">eligible BlackRock employees may be voluntarily deferred into an account that tracks the</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">performance of certain of the firm&#146;s investment products. Each participant in the deferred</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">compensation program is permitted to allocate his deferred amounts among various</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">BlackRock investment options. All of the portfolio managers have participated in the</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">deferred compensation program.</FONT><BR>
<BR>
<B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">Other compensation benefits. </FONT></B><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">In addition to base compensation and discretionary</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">incentive compensation, portfolio managers may be eligible to receive or participate in one</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">or more of the following:</FONT><BR>
<BR>
<I><FONT size=2 face="TimesNewRomanPS-ItalicMT,Times New Roman,Times,serif">Incentive Savings Plans &#151; </FONT></I><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">BlackRock, Inc. has created a variety of incentive</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">savings plans in which BlackRock employees are eligible to participate, including a</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">401(k) plan, the BlackRock Retirement Savings Plan (RSP), and the BlackRock Employee</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Stock Purchase Plan (ESPP). The employer contribution components of the RSP include a</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">company match equal to 50% of the first 8% of eligible pay contributed to the plan capped</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">at &#36;5,000 per year, and a company retirement contribution equal to 3-5% of eligible</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">compensation. The RSP offers a range of investment options, including registered</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">investment companies and collective investment funds managed by the firm. BlackRock</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">contributions follow the investment direction set by participants for their own contributions</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">or, absent participant investment direction, are invested into an index target date fund that</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">corresponds to, or is closest to, the year in which the participant attains age 65. The ESPP</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">allows for investment in BlackRock common stock at a 5% discount on the fair market</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">value of the stock on the purchase date. Annual participation in the ESPP is limited to the</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">purchase of 1,000 shares or a dollar value of &#36;25,000. Each portfolio manager is eligible to</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">participate in these plans.</FONT></P>

<HR noshade align="center" width="100%" size=2><DIV STYLE="page-break-before: always"></div>



<!--$$/page=-->
<A name="page_73"></A><BR>

<P style="text-align: left;">
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">(a)(4) </FONT><I><FONT size=2 face="TimesNewRomanPS-ItalicMT,Times New Roman,Times,serif">Beneficial Ownership of Securities </FONT></I><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">&#150; As of April 30, 2011.</FONT></P>
<DIV align="left">
<TABLE border=0 cellspacing=0>
<TR>
     <TD width=41%></TD>
     <TD width=58%></TD></TR>
<TR valign="bottom">
	<TD align=left>
<B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">Portfolio Manager</FONT></B>&nbsp;</TD>
	<TD align=left>
<B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">Dollar Range of Equity Securities</FONT></B>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=left style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">of the Fund Beneficially Owned</FONT></B>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left style="border-bottom:1px solid #000000;">
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Theodore R. Jaeckel, Jr.</FONT>&nbsp;</TD>
	<TD align=left style="border-bottom:1px solid #000000;">
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">&#36;10,001 -&#36;50,000</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Walter O&#146;Connor</FONT>&nbsp;</TD>
	<TD align=left>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">None</FONT>&nbsp;</TD>
</TR>
</TABLE>
</DIV>
<P style="MARGIN:0px">&nbsp;</P>
<P style="text-align: left;">
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">(b) Not Applicable</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Item 9 &#150; Purchases of Equity Securities by Closed-End Management Investment Company and</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Affiliated Purchasers &#150; Not Applicable due to no such purchases during the period covered</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">by this report.</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Item 10 &#150; Submission of Matters to a Vote of Security Holders &#150; There have been no material</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">changes to these procedures.</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Item 11 &#150; Controls and Procedures</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">(a) &#150; The registrant&#146;s principal executive and principal financial officers, or persons</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">performing similar functions, have concluded that the registrant&#146;s disclosure controls and</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">amended (the &#147;1940 Act&#148;)) are effective as of a date within 90 days of the filing of this</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">report based on the evaluation of these controls and procedures required by Rule 30a-3(b)</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">under the 1940 Act and Rule 13a-15(b) under the Securities Exchange Act of 1934, as</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">amended.</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">(b) &#150; There were no changes in the registrant&#146;s internal control over financial reporting (as</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">defined in Rule 30a-3(d) under the 1940 Act) that occurred during the second fiscal quarter</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">of the period covered by this report that have materially affected, or are reasonably likely to</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">materially affect, the registrant&#146;s internal control over financial reporting.</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Item 12 &#150; Exhibits attached hereto</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">(a)(1) &#150; Code of Ethics &#150; See Item 2</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">(a)(2) &#150; Certifications &#150; Attached hereto</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">(a)(3) &#150; Not Applicable</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">(b) &#150; Certifications &#150; Attached hereto</FONT></P>

<HR noshade align="center" width="100%" size=2><DIV STYLE="page-break-before: always"></div>



<!--$$/page=-->
<A name="page_74"></A><BR>

<P style="text-align: left;">
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">the undersigned, thereunto duly authorized.</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">BlackRock Municipal Income Trust</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">By: </FONT><U><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">/S/ John M. Perlowski</FONT></U><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">John M. Perlowski</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Chief Executive Officer (principal executive officer) of</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">BlackRock Municipal Income Trust</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Date: July 5, 2011</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Company Act of 1940, this report has been signed below by the following persons on behalf</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">of the registrant and in the capacities and on the dates indicated.</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">By: </FONT><U><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">/S/ John M. Perlowski</FONT></U><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">John M. Perlowski</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Chief Executive Officer (principal executive officer) of</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">BlackRock Municipal Income Trust</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Date: July 5, 2011</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">By: </FONT><U><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">/S/ Neal J. Andrews</FONT></U><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Neal J. Andrews</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Chief Financial Officer (principal financial officer) of</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">BlackRock Municipal Income Trust</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Date: July 5, 2011</FONT></P>

<HR noshade align="center" width="100%" size=2><DIV STYLE="page-break-before: always"></div>


</BODY>

</HTML>

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>2
<FILENAME>muni6arx64x1.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 muni6arx64x1.jpg
M_]C_X``02D9)1@`!`0'_____``#_[@`.061O8F4`9``````!_]L`0P`0"PP.
M#`H0#@T.$A$0$Q@H&A@6%A@Q(R4=*#HS/3PY,S@W0$A<3D!$5T4W.%!M45=?
M8F=H9SY-<7EP9'A<96=C_]L`0P$1$A(8%1@O&AHO8T(X0F-C8V-C8V-C8V-C
M8V-C8V-C8V-C8V-C8V-C8V-C8V-C8V-C8V-C8V-C8V-C8V-C8V-C_\``$0@`
MFP+U`P$B``(1`0,1`?_$`!\```$%`0$!`0$!```````````!`@,$!08'"`D*
M"__$`+40``(!`P,"!`,%!00$```!?0$"`P`$$042(3%!!A-180<B<10R@9&A
M""-"L<$54M'P)#-B<H()"A87&!D:)28G*"DJ-#4V-S@Y.D-$149'2$E*4U15
M5E=865IC9&5F9VAI:G-T=79W>'EZ@X2%AH>(B8J2DY25EI>8F9JBHZ2EIJ>H
MJ:JRL[2UMK>XN;K"P\3%QL?(R<K2T]35UM?8V=KAXN/DY>;GZ.GJ\?+S]/7V
M]_CY^O_$`!\!``,!`0$!`0$!`0$````````!`@,$!08'"`D*"__$`+41``(!
M`@0$`P0'!00$``$"=P`!`@,1!`4A,08205$'87$3(C*!"!1"D:&QP0DC,U+P
M%6)RT0H6)#3A)?$7&!D:)B<H*2HU-C<X.3I#1$5&1TA)2E-455976%E:8V1E
M9F=H:6IS='5V=WAY>H*#A(6&AXB)BI*3E)66EYB9FJ*CI*6FIZBIJK*SM+6V
MM[BYNL+#Q,7&Q\C)RM+3U-76U]C9VN+CY.7FY^CIZO+S]/7V]_CY^O_:``P#
M`0`"$0,1`#\`]`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BJN
MISSVVG3SVL:RS1H65&Z''7]*I0Z<=0A2:^OY;J.10RQQ_NHB",C@<G\2:`)[
MC6;.&4PH[7$X_P"6-NOF-^..GXXJ/=J]Y]Q(M/C/=_WLOY#Y1^9K+U>Z6U::
MSLR;.RM$5K@VRA79F^ZB^A/7-4!YMK>"!4N-.OVC,D)-V9UE(&=K@],T`;PC
METG48&DNI[B"Z_=.TS9VR=5([`'D8'M6S6>@CUO0HS("@N85;CJA(R"/H?Y4
M[2+M[JSQ.`+F%C%.!V<=_H>"/K0!>HHHH`****`"BBB@`HHHH`****`"BBB@
M`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"
MBBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`**
M**`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHH
MH`****`"BLN]\1:387!M[J\5)1U4*S8^N`<5>^U6_P!E^U><GD;=WF;OEQZY
MH\P)J*R[/Q%I-]<BWMKU7E/12K+GZ9`S6I0`4444`%%(2`"2<`5B77B)'F:U
MTB!]0N1P?+XC3_>?I0!M,RJI9B`H&23T%8GAV_M6N+S3;:=)8[=]\)0Y&QN<
M#UVG(^F*B&@WFIL)->O3(G46EN2L8^IZG_/-6+^R@TJ&WO;&!(ELVS(L:_>B
M/#_4CAO^`T`9NOVJK=WT-RX@@U)8S%<-PL<J<!6/8$`<_6J826ST\Q2VUAIR
M,NV6[682RR@]=@Y.3[FNHO\`4=/C3R9V6=I%R($7S&<=OE';]*S+?2'DF\VU
MT^UTM<Y$AC62;\!]U?UH`U(;JTL-*MWE/V.!8U"I,0&48X'UJI9/+/K;W=M;
M2QVDT065Y1LWL/NLJGGID<@=O2KEKI-I;2^>5:>X_P">\[;W_`GI^&*O4`%%
M%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`444
M4`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110
M`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!
M1110`4444`%%%%`!1110`4444`%%%%`!24M)0!R'AR6*#1+V\FLYKQY[IUD6
M&+S'8?3TJE>RV;^#Q%IXN4MS>B-DN,;AW(X[9K831]8TV2YCT>ZM1:SN7"SA
MMT9/7;@<_C4P\,1?\(Z=,,[&1F\TS8_Y:>N/3M0O\AO?[ROXTMXH-&MI(8U1
MX)T\LJ,;?85TPZ"N:?1M9U)K>'5[JU-I`X<B`-NE(Z9R,#\*Z&XN(;6!IKB1
M8XD&69C@"CH(EK+U+7+:PD%NBO<WC?<MX1EC]?0?6J$E_J&M*W]GG[!IP!+7
MLHPS#OL!Z#W-3:4?#^F*4M;ZT:5_ORM<*SR'W.:`&#2M0U<[];G\JW/(LK=L
M#_@;=_PK;MK:"TA6&VB2*->BH,"B>X@MHO-N)HXH^FYV"C\S4F1C.>/6@!::
MRJZE6`*L,$'N*I_VUI7_`$$[/_O^O^-6)KFW@A\Z:>*.+CYW<!>>G)H`99:?
M::?%Y=G;I"O?:.3]3U/XU9JB-9TLD`:E9DGH!.O^-27&I6-K)Y=S>V\,F,[9
M)54X^A-`%JBH;>ZM[M"]M/%,H."T;A@/RI8+F"X#&":.4(VUMC!L'T..]`$M
M%0W-U;VB![F>*!"<!I'"@GTYJ!-7TR1U2/4;1W8X55F4DGT'-`%VBJ]S?V=H
MP6ZNX("W($D@7/YU+'+'-$)8I$>,C(96!!_&@!]%5(M3L)IA#%?6TDI.`BRJ
M6_+-6Z`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@
M`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"
MBBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`**
M**`"BBB@`HHHH`****`"BBB@`HHJG>:G:63B.:7]ZPRL2*7<_P#`1S^-`%RB
ML(>*;5G*+:W;$#<=H0[1ZGYN/QJF_B1M7N$LM*E2U$G#7-Q@'Z(O\1H`UM3U
MF&QD6VB1KJ]?[EO']X^Y/\(]S5:#1IKV9;O7)%GD4YCME_U47X?Q'W-7M,TJ
MVTR-A""TCG,DTAR\A]2:O4`5-5&-(O`.GD/_`.@FN*T[_A'/^$6'VW[-]L\M
M\_\`/3.3C\>E=MJ:L^F7:(I9FA<``9).#6/X9T:U70[5KS381<C)8RP#>#N.
M,Y&:5M_Z[CO:QSCK>:KI>D:,6(E,;SMNZA1G9G\/YBNL\-WQO_#L3N?WD:F*
M3/JO'\L5D66FZK?ZS?ZG'<R::2_E1B2V#%D'H&Q@<"I]`L[W2M6U"RG$DT,R
M^<MP(BJ,W<<<`\]/:F]4_/\`K\A=?3^OS,CP[_PCW]B/_:GV;S][9W_?QVQW
MIDGG?\*[/F[MGV@>5NZ[,\?KFMKPCHT']C@ZAID?G^:W^O@&[';J,U:\96TL
M_AYX;6!Y&#IA(D).`?04Y?Y#6_WE.PG\(W,T$$$5NUPY`4>0PRWU(J'4$T]_
M'+C4S!Y'V48\\@+G/'7OUJ_#XCG"QQG0M4'123`<5'-IOVKQL\EU9>=:_90`
MTD6Y-V?4C&:'O]_Y"6Q6T<6B^,Y1HVTV?V?]]Y1RF[/&.WI^M6?!7^IU+_K\
M?^E+X?M9]&U>\TW[/(;*0^;!,$)4?[);_/3WK/T6^N]&-]%)HVHS>;<M(K1P
M'&*2_3]0?7U_0N>/2@TVS,GW!=+NSZ8.:?ILWA2ZOHHK"*!KG.Y,0,IR.<Y(
M]JK^(YKG5=&M)X=-O%=+H,T+1'>``><>E:-OXBFFN(XCHFI1AV"EWA(5<GJ?
M:A?U^`,PWFT_3_$.HMXAM3(9GS!+)'O39[?ITK1OH+6;PA=+X<`:-SN*Q9R>
M1N&#ST[>E6;K7+VVN9X)]"NYHPQ$;P+YBNOOQQ571X-1TW3K^^CT_P#>W,WF
M1V>[!5?\?;VI=!]2KIMUX3N5MK=K:.WN$*X$D95MP]6'7GU-=E7':O<WGB&U
M6QBT.Z@E=@?.N$VK&`>2#BNA^VSPZI!IXLII(FCRUU@[5(!X/'7CU[U6Y.QH
MT5E0ZK<R)J#-IEPAM<^6"#^_QG[O'M[]:MZ==27EC'<36SVSOG,4GWEYQSP*
M0RU1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444
M`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`
M4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1
M110`4444`%%%%`&7K-_-`$M+(K]LG!*EAD1J.KD?H/4U@W$2Z=8N;Z[C6-R/
M-"1_/.>IRQ.23^6*34;N`WMW,_GR7CS&WMX(9"I94`'..@SN.?RIF@:69`-0
MOAYDS,3"I8LJ+ZC/?.>3_.@"O]FO=5N8H/LZ6MJP,@MN5X&/F?'J>U=!;:+;
M1Q;;A1<-M*X8?(H/95Z*.!^55;F:6PU!KB-$N7F0(L.2'4#T/(QGKD#ZU0;4
M9=5S+*(GLE56>);C8HSGY6./F/'3@?7K3`NV^M2V=RVGV0.HHS;8'9\"-N<H
MSG@X`R._:DU$Z];W-B7U.+S[B<*MK##\FWJQR>2`*J7^JI+I$L=M;PQO;O&T
M+6\@=%;.1@@=?E/'H?K6WHL,U[<MK-ZFQY5VVT1.?*C]?J>M(#;HHHH`**J:
MM_R";S_KB_\`(U2ERZ:COG&Z&17B\U@%B.Q2#[#.>O%`&Q16-+.+K1YL,\I6
M94/FE""=R\97@CFC4KD:?;X4BT<H[@0[-I(`ZE@/7H.:`6ILT5@7=]+MND^U
M/O:-_+6%DPF$SR,;@?\`$5?OY$?2IU242$1@N5()VGJ3CU&:`-"BL9YK.$$Z
M?+'#&TD:RR18V*.<?[.>@_$>U1"\NWADE%TV(H0ZX1<2?.P!/'<*.F.M`&]1
M7/\`]H7OSK)(RK!(L$L@502V2=W/'(V>WS4[[7>&*27[7_JH%<!`C*_SL,DX
M/4*.A]:`>AO45@W%]/&-L<BP`M/M;Y%5F5\`$M^N.:E:>Z\PG[2^'GDBV!5P
MH"$C!QG.1ZTKZ7';4V:*J:;,LEE;@SB60Q*S$L"QR.I_'/Y5C7=VEIK;W<FP
MX;R5BW@/G'#'/.WD^PZ_2K:V%TN=)15#5(8I&M3)$CGSU&64'CFJIEF:X:*&
M7[.BF8XC1>=NT#.0?6D.QLT5A&\NHH,M<.^Z*!RY5`4W,0V.`,8'?I47VZ:%
MY+IIA)Y<:,VW:QDC#N#TXR`03CN*!'145G6*3_:E>Y8&4VR;^1D'))&/3G%:
M-`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444
M`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`
M4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!6
M5K6L#3PEO;Q_:+^?B&`=_<^@JUJ=_%IFGS7DW*Q+G']X]A^)K.\.Z;*@?5-0
M^;4+H;CG_EDG91Z4`<]::1?I?WLKNSWH;$CPRA&4M\V0",$8/MT/M6UIQ:"-
M+&:)HI(8UQR"&7ID$?3FKFJ1/:7:ZG"I9-OEW**,DJ.0X'<KS^!]JJS21/JE
MI<0R!XYX70,&R&P5(Q_X]3`MXYSWK/CBACUI(Y;=2C(?(P%VJ>2Q*]<].?<#
MO6A5:ZMGE>.:&8PSQ9VOC(VG&01D9!P/RH`?KRQ'1KHRHKXC)4,,X;&!^IK6
MLX?LUG!!_P`\HU3\ABL'36N-:F3S=IL[67)E48%PZGY<#T!Y/N*Z2A@%%%%(
M`HIKHLBE74,IZ@C(-<];SFUBC2&18#M0I&JJ/.)D((Z9.!CITS0!T=%9VK7+
M6XB87'DI\Q8*R!VP.V_BJ<]^P\PBX%I&7<^9M4$D1J0#D=>3^5*X[&[30JAB
MP4!FZD#DUC6]U=/MF:Y8CS84,>U=I#(I/;/5L]:FGU!HKMX#.JN;F-40XR4(
M&<#O_%S3$:M%8^BWDERR;KO[3N@#OPH\ML].`/?KZ4C7,D4DJM>-&AN]C.Q7
M]VNS(ZC`!.!SZT`;-%<Y)>2S+;B>ZV$M;LD>%'FYDY/3/8'BE;5Y5D:6*XDE
MBB3S9$81D[=V",+R.#GGGY?K0!T5%5K*1VMT6>17N%4&4`C*D\XP*QTU*<K(
M1>[F\DLZ[5_<G?@GIV&>OI1UL'F;^U0Y?:-Q&"<<XIU4M/F:>&?]\9561E24
M8^88'H,<$D?A66M]-'8VQ^V'?]F5UW;29I,@%3D<]AQSS0!T-%9FLW-S:I$U
MNV#*3"!M!`=A\K?@?YUE?VIJLF5C8;Y?W48,8P)(P#(?Q^8?A0!U%13P1W$>
MR4%ER#C)&<>N.OTK`DU+49(HY+9^;W<;<,@P@4Y].Z^M:=C>?:;`3RR`"X9C
M"K8!V\X`]>!FAZ*X&C17-6-SN@LD^UB>)!`Q)V_NV.X8X`]!UYJ9]4D-PZ0W
M+E2K%MXCS$!(JE@!R,`M][T^M,#?HK!GNVAOHWAF\^(IB2X^4^6N_GI@>WMU
M/2IC/<+$9GO71&NFC)*H%C4,0.WL!SZT@-BBL:UO9)7B%Q>^2I4&-L*//^<C
MN/0+TQ][Z4FC7A"-'<D0(BYC#$#>"Q&[/UXQ]/6@#:HK&:]<02N;W;,)-KQ?
M)^Y7S`"V,9X7G)XYS41N[J17,=X^R.*=U=50^9M("D\>Y'&*!V-QW6-"[L%5
M1DLQP!2UB.\TMU'I\L[3"0Q2$L%!"C);H!QE5'XTPZA=$7!%QM*A]ZG9F+#@
M!@.N`N2=WM0(WZ*YL7DD7FB*\^1YI3Y^8P"P"X!)P,=>G/'UJ26XG0RF'9]H
M^T%B``QXA!P/3.",T`=!16#)J-RUM#-YYACN!))&Y"*`!C8#NXP1SZT^6ZNX
MH[B\>=REO*N^%54J4VKNP<9[D]>U`&W15:Q=VMT6:17N%4>:!CY21G&!5F@`
MHHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"B
MBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`***
M*`"BBB@`HHHH`****`,3Q1$TEK:.8GEMX;I))T1=Q*#.>.XZ9IS>(K>08L+6
M\O'/01P,H'U+`8K9HH`P6L]9U7_C]N!IUL>L%LVZ0CT+]OPHF\*V8A6.RDDM
MMISC)=2<8R03D'W!%;U%`&%'INKQ1K']JM)=HQO>-@Q]S@U(NAO.?^)E>-.G
M_/&)?+C/UY)/YXK9HH`;&B1(J1J$11@*HP`*=110`4444`%%%%`!44\(G38S
MNH[[6QD>E2T4`-1%C140851@#T%+2T4`,AB2&)(HQM1`%49S@4^BB@`J*>".
MXCV2@LN0<9(SCUQU^E2T4`,2*.-W=%`:0[F([G&/Y`4R.V2.9I<NSD;06.<#
M.<"IJ*`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@!I1"X<JN\`@-CD`]
M1^@IU%%`!1110`5%/!'<1[)067(.,D9QZXZ_2I:*`"BBB@`HHHH`****`"BB
MB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHK+UK7K/
M1/)^UB4^=NV[%STQGO[B@#4HKFD\<Z.S`,;A!ZM'Q^AK?M;F"\MTGMI%EB<9
M5E[T`34444`%%%%`!1110`445DZSXALM%ECCNQ*6D4L-B@\?G0!K45SD'C;1
MII`C22PY_BDCX_3-="CK(BNC!D89#`Y!%`#J***`"BBB@`HHHH`****`"BBB
M@`HHHH`****`"BJ>IWZZ=;><T;/S@``_CS@]JB^UW5Q,Z6BQ+Y2*S+*K98G/
M';'`ZX/6@#1HK*_M&3S+X>=;`VY;;%M.\X0')^;U/I5K3K@W-L)&G@F)`)\D
M8"\=#R:`+=%8::Q.9IUW6[E%G.Q5.Y-C8&[GG/X5*FKN=);4#&I5\+`B@EG8
M\<_4]NH%`&O155[Q(M--V6655CWDQ\!N.U59M6:WMKEIK<"XAP!$C[@Y(R,'
M`]\\<8-#T!:FI15*XO'6VMS$JF>X*JBGD#/))]@,G\*D6Z)U%[4Q$!8Q('R/
MFR<8Q0'F6:*K65T;N.1FB,121H]I(/0]>*LT`%%%%`!1110`4444`%%%%`!1
M110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%
M%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444
M`%%%%`!7#?$K_F&_]M?_`&2NYKAOB5_S#?\`MK_[)0!:\0^)M#O-(N((W^U2
MNA5!Y3#:W8Y('3K5&T2_T;P'/<+(T,LLRR1X/*J2H_7%=)J.C:"MJYNK2TMX
M\'+JJQD?0BN"LIIF\,:K#N9K9&B*YZ`ENWU_I0,]"\,W$UWH%I/<2&25U)9C
MU/S&M"XF2VMY)Y3MCC4NQ]`!FLKPC_R+%C_NG_T(UG>/M0,.FQV$63+=-R!U
MVC_$X_6@1D^&_$MX^NQQWT[M;765C#_PDGY<'ZC%;GB[7KC3%@M+`#[7<=&(
MSM'08'J3_*N0U:YCFTRPBM]/NK>2R7'FLN`1U)_/G\35G7+[[7/HNML,IM5)
M`.SHV6'MG/%`S=?1_$MM"EQ;ZRUQ<9&Z!Q\GO@DX/Y"F:SJ6I6_B+1K<S>5Y
MWE>?'&<J27P?PKK8I8YHEEB=7C8;E8'@BN)\7H)_%FD('91)Y8WH<$9DZ@T"
M+VLZS=W^J)HVAR;90V9YQT3'4?AW_*LSQC&;;5-'229I"BC=)(>3\PR32Z+,
MWA/79M/OU7R+DC9<8Q]#GT]?0T[QZBRZSID;<JXP?H6%`R_XSO\`29]%EC\^
MWFNB1Y7EL&93D9/'08S69%J]_I'AO3;"W&+VZ),>X9*(6^7KW.>*AUS2(_#.
ML6M_!;B:Q+#]W(-P![CGVY!_PJ?Q-<Q/XBT754?-HXC8/_NOD_EF@"_>:7K^
MGV#WT>MR331*7>)ERI`Y.,_X?E4C>+_^*5&HB-?M9?R-G\._&<_3'/Z5O:O<
MQ6^CW4\C+L$+8.>#D<#\:\U%C,W@XW85O+6\S^&W&?SP*!'2VFF^([[35U`Z
MS)'/(GF1P!<*0>1GG`S]*3Q%J&M6'AVT>YF6"\,VUVA/WEP>O;/TKH?#]U%>
M:)9R0L&"Q*C#/W6`P0:POB*0VD6V"#_I&./]TT`6=;\026EE;6=EF;4[F-=H
M')3(ZGW]/SK7T:UNK6P1;ZY>XN6^9V8\`^@]A7%RQ3>&-9M=593<VMP@RS<L
MN0,C/8CM[<5WUO/%=0)/`X>*0;E8=Q0!+1110`4444`%%%%`!1110!4O]/@U
M!$6<$A"2,`>A'<>]-GTR&9FVO)"KH(Y$CP`ZCL>..IZ8ZU=HH`I?V<N;@">8
M1W!)>/Y<<KMXXSV]:G-M"T"0R1K(B``!P#TJ:B@#._LB(EMTTS(3(0A*X4OG
M)'&>YZYIPTF%5*QR2QC<KC:1\K#C<,CJ>_:K]%`%(:9:_9?(:,/\C+YC`;^<
MYY[=3TIITFVDBE2YS<-)UDE52PXQQQ@<>U7Z*`*D-C'#/%(I^6&+RXTQ@+ZG
MZG`J7[.GVLW.6WE/+QVQG-344`0V]NEN)`A8[W,ASZFIJ**`"BBB@`HHHH`*
M***`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HH
MHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB
M@`HHHH`****`"BBB@`K)US0+37/(^U23)Y.[;Y3`9SC.<@^E:U%`'+Q^`])1
M@6DNW']UG7'Z**U)]`L)=(;3(XV@MF()\H_-D'.<G.>G>M2B@#E/^$`TK_GX
MO?\`OM?_`(FM&#PQ8P7]K=AYV:UC"1(S#:``><8ZY)/UK:HH`CN(4N;>2"4;
MHY%*,/4$8K(L_"VGVNGSV+&:>WF8.5E8':V,97`&#_A6W10!S">![%,I]LO?
M))YB\P`']*OW'ANRN+RQN2\R&R"")58;<*<C.02?SK8HH`SM9T:TUJV6&[##
M:<JZ$!E^A(JE-X5L[@6?G7-VYM!B,EUR1G(!^6MZB@"MJ%C!J5E):7*DQR#!
MQU'H1[UF0^%=/CTU]/D:>>`MO42L,QMZJ0!BMRB@#EU\#V&562[O)(5.1$T@
MQ_*NA2SMDLQ9K"@MPNSR\<8]*GHH`YEO!%@LK-;W5Y;HQY2.08_E_/-6KCPK
MI\^EQ:?NG2&*0R`JX+%CZY!]:W**`*ESI]O=:<;&==\)0)SUXZ'ZU#HVCQ:-
M;M!;SSR1$[@LK`[3WQ@"M&B@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHH
MH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@
M`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"
MBBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`**
I**`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`/_]D_
`
end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>3
<FILENAME>muni6arx1x1.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 muni6arx1x1.jpg
M_]C_X``02D9)1@`!`0'_____``#_[@`.061O8F4`9``````!_]L`0P`0"PP.
M#`H0#@T.$A$0$Q@H&A@6%A@Q(R4=*#HS/3PY,S@W0$A<3D!$5T4W.%!M45=?
M8F=H9SY-<7EP9'A<96=C_]L`0P$1$A(8%1@O&AHO8T(X0F-C8V-C8V-C8V-C
M8V-C8V-C8V-C8V-C8V-C8V-C8V-C8V-C8V-C8V-C8V-C8V-C8V-C_\``$0@`
M/`#G`P$B``(1`0,1`?_$`!\```$%`0$!`0$!```````````!`@,$!08'"`D*
M"__$`+40``(!`P,"!`,%!00$```!?0$"`P`$$042(3%!!A-180<B<10R@9&A
M""-"L<$54M'P)#-B<H()"A87&!D:)28G*"DJ-#4V-S@Y.D-$149'2$E*4U15
M5E=865IC9&5F9VAI:G-T=79W>'EZ@X2%AH>(B8J2DY25EI>8F9JBHZ2EIJ>H
MJ:JRL[2UMK>XN;K"P\3%QL?(R<K2T]35UM?8V=KAXN/DY>;GZ.GJ\?+S]/7V
M]_CY^O_$`!\!``,!`0$!`0$!`0$````````!`@,$!08'"`D*"__$`+41``(!
M`@0$`P0'!00$``$"=P`!`@,1!`4A,08205$'87$3(C*!"!1"D:&QP0DC,U+P
M%6)RT0H6)#3A)?$7&!D:)B<H*2HU-C<X.3I#1$5&1TA)2E-455976%E:8V1E
M9F=H:6IS='5V=WAY>H*#A(6&AXB)BI*3E)66EYB9FJ*CI*6FIZBIJK*SM+6V
MM[BYNL+#Q,7&Q\C)RM+3U-76U]C9VN+CY.7FY^CIZO+S]/7V]_CY^O_:``P#
M`0`"$0,1`#\`]`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB
M@`HHHH`****`"BBB@`HHHH`****`"BBB@`K.\0,R:#?LI*L(&((.".*T:S?$
M7_(OZA_UP?\`E0!P7AO3+O7I+A?[3F@\D*<\MG.?<>E6M8TG6/#D*WD.JRRQ
M[@I*LRD'MD9((K-\-^(/[!DN&^R^?YP48\S;C&?8^M6-?\53:Y"EKY*6L&\,
MV6+$GW..GX4QG8^'M>^W:`]_>D(;<LLK@<'`!S@>Q%:&FZO8ZJLC6,_FB,@-
M\C+C/3J!6%:V=M9>!+Q+6X2Y#Q.[R(>"Q'(_#`%5?AM_J+__`'D_D:0CM::[
MB-&=L[5!)P,_I3JQO%>I?V9H<TBMB:7]U']3W_`9-`$VGZ_I>IW!@LKH22A=
MVW8R\?B!6G7D%D]SH=]8:@R$*X\Q1_>3)!'XC/YBO2M=U3[%X>FO[=@Q,8\I
MA_M8`/ZYH`=J/B#2],D\JZNU67NB@L1]<=/QIMAXCTG49A#;W:F4]$<%2?IG
MK7)^"=$M]3-Q?WZ>>%?8JOR"W4D^O4?G6]J'@S3;RYCEAW6FW[P@`&[T/L:`
M-'4=>TS2YU@O;GRI&7>%\MFXR1V!]#6E7F_Q!79K5LNXMMM5&6ZGYFZUL^+_
M`!"\;?V3IA+W4GRR,G)7/\(]S^G\@#<A\0:7/?\`V&&Z\RXW%=J1L1D=><8_
M'-<!#%=:IXJEL%OIH1)/*`P).W&X],CTKM/"WA]-%M-\H#7DH_>-_=']T5Q5
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M7`\#-*9#]K63[,),\],Y^NW//M2>"-`M+RSDO[Z)9RSE$5^0`.IQZY_E0!T^
MG:_IFIR>7:72M)_<8%6/T!Z_A2WFO:98WHL[FYV3MC">6QZ].0,5G7/@W3Y=
M1CNX'DM-F#LAP/F!X(STKF_%W_(Y0_\`;+^=`'HW2LVTU_3+V\-I:W/FS#/"
MQL1QU.<8Q[YKGO%FO2W5Q_8NDY>60[)63J3_`'0?Y_\`ZZW/#>A1:)9;>'N9
M`#+)ZGT'L*`-BBBB@`HHHH`*S?$7_(OZA_UP?^5:54]6MI+S2KJVBQYDL3(N
MXX&2*`./^&W^OO\`_=3^9KH_$]C8SZ+=R74<8:.)F20@;E;'&#]>W>N6M/"?
MB*Q+&TNXH"^-VR9AG]*G;PCKNH,!J6J*8P>AD:3'T!P*!F5X:EE_LK7(03Y)
MM"Y'8-T'Z9_*MOX;?ZB__P!Y/Y&MB/PY#8^'[NPL>9IXRK22<%VQQGT%<W:>
M%/$=B&%I>10!_O;)F&?TH`]!KSCQWJ2W>LQV>X^1:\-M_O'K^0P/SK;TC2?$
M=O?+-?7YFB16(C\]B';'`/'3-)X>\+3VVH7-YK`@N'D'RC[X))R2<C_.30(P
M/$>NZ;JVG6]O;6LT,EL0(RP&`N,$=?8?E5BRNWU/P)>V.=TUGM8#UCW9_3G\
MA7<G2]/((-C;8/\`TR7_``KE]&\+ZAI&NF>-H'LF+(RECEHSZC'7I^5`Q?AS
M=(;&ZM,CS%D\W'<@@#^GZUV5<3?>#KVSO_MF@W(CYR$9L%?8'N/K^M2KI_B^
M^"QW>H);1?Q%,!O_`!T?U%`C)^(O_(=@_P"O9?\`T)J-?TVY\-:U'J=GEH&D
MW*S<[6/53]>:U_%?AF_UC48;BV>':D`C8NQ4D@L>F/>NIO;2&^M)+:Y0/%(,
M$?U^M`$&D:I!J]@EU;GKPR'JC=P:\^TJVAO/'#07,:R1//-N5NAP&/\`2M[0
M_#VL:'JK/;RPRV;MAU+D%E['&.HHTOPQ?VGBK^TI6A\CS9'P&.[#!@.,>XH&
M8WB?2'\/:M#?6*[;=G#Q\9"..=OT_P`]JW=>O8]<\$R7=OU4JTB#JI!&1^N?
MI71:GI\.IV$MI./ED'![J>Q%<SX=\.:II5U+'<&WEL;A2DR!SR.Q`Q_G-`B;
MX>3(^B31`_/'.21[$#!_0_E5[QI,L/AFZ#$9D*HH]3N!_D#^58K^%=7TB]>X
MT&\78W\#G!QZ'(P?K39?#GB#6YXSK-XB0H?N@@X^@'&?>@#(ALY9/`<\P4[4
MO!)]0%VD_F?TKI_A_=I-H;6X;]Y!(<K['D'^?Y5OV^G6MOIRV"1@VP0H4/.0
M>N?K7(3>$M5TN^:YT&[`4]%9L,!Z'/!'UH`[FO./&`SXQB!Z'ROYUM6^G^++
MN:)KW4DMHD8,0F,G'LH&?Q-)KWAJ^U'Q#'?0-"(5V9W,0>.O:@9AZG97/A'7
MH[VV!DMV8E"W.0>J$^OO7H&FW\&IV4=U;-E''3NI[@^]&I6$&IV4EK<KE''7
MNI[$>]<WX;T+6=#OV'F02V4APZ[R#[,!C@T".NHHHH`****`"BBB@`HHHH`*
M***`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HH
)HH`****`/__9
`
end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>4
<FILENAME>muni6arx3x1.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 muni6arx3x1.jpg
M_]C_X``02D9)1@`!`0'_____``#_[@`.061O8F4`9``````!_]L`0P`0"PP.
M#`H0#@T.$A$0$Q@H&A@6%A@Q(R4=*#HS/3PY,S@W0$A<3D!$5T4W.%!M45=?
M8F=H9SY-<7EP9'A<96=C_]L`0P$1$A(8%1@O&AHO8T(X0F-C8V-C8V-C8V-C
M8V-C8V-C8V-C8V-C8V-C8V-C8V-C8V-C8V-C8V-C8V-C8V-C8V-C_\``$0@`
M:P#>`P$B``(1`0,1`?_$`!\```$%`0$!`0$!```````````!`@,$!08'"`D*
M"__$`+40``(!`P,"!`,%!00$```!?0$"`P`$$042(3%!!A-180<B<10R@9&A
M""-"L<$54M'P)#-B<H()"A87&!D:)28G*"DJ-#4V-S@Y.D-$149'2$E*4U15
M5E=865IC9&5F9VAI:G-T=79W>'EZ@X2%AH>(B8J2DY25EI>8F9JBHZ2EIJ>H
MJ:JRL[2UMK>XN;K"P\3%QL?(R<K2T]35UM?8V=KAXN/DY>;GZ.GJ\?+S]/7V
M]_CY^O_$`!\!``,!`0$!`0$!`0$````````!`@,$!08'"`D*"__$`+41``(!
M`@0$`P0'!00$``$"=P`!`@,1!`4A,08205$'87$3(C*!"!1"D:&QP0DC,U+P
M%6)RT0H6)#3A)?$7&!D:)B<H*2HU-C<X.3I#1$5&1TA)2E-455976%E:8V1E
M9F=H:6IS='5V=WAY>H*#A(6&AXB)BI*3E)66EYB9FJ*CI*6FIZBIJK*SM+6V
MM[BYNL+#Q,7&Q\C)RM+3U-76U]C9VN+CY.7FY^CIZO+S]/7V]_CY^O_:``P#
M`0`"$0,1`#\`]`HHHH`****`"BBB@`HHHH`****`"BBB@`HHIDDL<2[I)%0>
MK'%`#Z*S?[>TYMWDS^>1VA4OGZ8ZU$FJWERK&TTJ<8Z&X(CS^'6@#7HK(:/7
M;B/F6TLVS_`#(1^)Q0NBRR$-=ZG=S-WV-Y:_D*`-5W2,9=E4>YQ52?5].M@3
M+>P+CJ-X)J!_#^FR',T#3'UED9R?Q)JU#IMC`@2&T@11V6,"@#.?Q5IO'V<S
M7()QF&)F`/UQ4AUJ=X@]OI-\_LZA/YG-:P4+]T`?05!=7EM9J&N9XX0>[MB@
M#/74M6D^YHS)_P!=9E&?RS2-=:\RY33K5#_M7&?Z4[^WHYMPT^UN+LCHR)M0
M_B:KRV>L:O%MO)UT^%NL4!W.1[M_A0!%;^(KW^V8M.N+.$NYPQMY2^P>K<<5
MTE4M-TNSTN'RK2$)GEF/+,?4GO5V@`HHHH`*YJX2*#5)+QDBN(S=*GFJQ6:!
M\`;?=?;W[UTM5VLK1KD7+6L)G'24QC=^?6D'0YC3=2OS'`[7;LBM;H48*=V_
M.221G]:G_M2^^SVSBZ:22\9?W2(F^+YFSMS@=L?-GFNA6RM4`"6T*@%3@1@<
MCI^7:FG3[(K*IL[<B8YD'E+\Y]^.:8'-RZIJHV_ORI6-`RHL3%BTK)G/W0<8
MXSC/XTDMY>Q7<=Q*S>9;1REMVQF:,2)D-MR`<9Z>E=/]BM=A3[-#L*>65\L8
M*_W?I[5#/I=K+;?9TC6!-I3]RBJ=IZJ..`>^*`%TJ:2XL(I9W#2N-Y'`V@\@
M<>@(JY4,%K%;O*\2X:5@S?@`!^@HN;F"UB:6XE6-%&26.*`)J*QFU:ZO5(TF
MR,GI-<?)']?4T^32KF\51?W\I7'S1P#8I]L]<4`6+O5["S.)KE`QX"K\S$^F
M!4$&I7MVA:WTR1!V-RXCS^`R15NST^TLD"6T"1@="!S^=6J`,9K'6+MLW&HK
M;)G[ELG(_P"!-_A4B>']/WAYXWN7[F=R^?SXK4K)MM<@N=1NHDDB6WML*TC,
M!E^X'L*`-2.*.)0L4:HHZ!1@4^LIO$%BQ*VQDNG'18$+9^AZ4TWFL7$8:UTZ
M.'/_`#\R\CZ@9H`UZ9)+'$NZ614'JQQ65'INIR2[[S5FV$?<@0(!^)S4G_"/
MZ>TBR3QO<LO>>0O_`#H`27Q#IZ@^3(URV<8MT+Y/U'%-BO=6NWS%IRVT?9KB
M3YC^`SBM2.*.)0L2*B@8`48`I]`&-_9FI3S%KS57$1'^JMT"`?CR:FM]`TVW
MY^S^:^<[YF,C$_4UIT4`(``,```=A2%E#!2PW'H/6LZ_UJWM28H<W-T>%ABY
M.??TIVG64RN;N_=7NY!T7[L8_NC^I[T`:-%%%`!1110`4444`%%)52]U*ULO
MEEDS(?NQ(-SM]`*`+E4[S4[.Q0M/,H(Z(O+$^@'4FJ(_M35">6TZVZ@C!E;V
M]%JY8Z39V#,\,696^]*YW,WXF@"HEQJNI#]Q"+"`G_62C=(1[+T'XU/!HEI'
M+YT^^ZF_OSG=^0Z"M&LG5=5O+.7RK/2;B[;&0RD*GYT`:P``P!@5%/=06XS/
M-'$.N78"N4>/QGJ`_P!9;6*-Z'YE'ZU/#X/<,)+C47>;O(8PS?@6SC\J`-1O
M$%DS[+837;^D$9;]>E59M=NMSJ(;6T`'#W-P./J!FIH?#-DK;KB2XNF[^;*<
M'\!Q4>JI8::B)9V-N^H3?+;QA!G/K[`>M`&!JNJ2S"*W76Y)II6^;['$=J)W
M)P"3[5HV%OI5E$'LM&N[B4#[SPG+'U^;I6OH>D+IL+22D27DQW32XZGT'M2:
MWK#Z9Y4<%C/=S2_<6,<9]SVH`CBU'47'[O0WB)_YZ2J/Y5(+K62_S:=;JOO<
M9_I_2L]Y/$MU`TTKVFEQ*I9LC>RCW[5F:38W>JA[S5-5N3IJGY"S>7YH]>#P
M*`-34];O]/)\YM.B/9#(S$_D,G\JJZ/XHU74;YK<Z;'M7K("4"_7-0M<6=QN
MMO"UA'-<IP;EE^6/WW'J:8VAQVB_\3S4UC@+>8UO"QS(QZDGJ2:`.L6]42"$
MN)I=^UO*7A/KR<5;/'6L&VOIFMUAT32F2,<*\X\M/KCK3O[%O+V0/JVH,Z=[
M>WRB?3/4T`6;G7K*&5X(V:YN%ZPPKN;-5`NMZJQ$A&F6IZ!2&E/U/05KVME:
MV:[;:WBA'HB@5/0!4T[3+33(?*M8@H/+,>68^I-7***`"BBB@`HHHH`*KW=Y
M;V<>^XD"`G`'=CZ`=S5:?4)97,6G1"9P=K2-Q&GX]_H*6STQ896N+F0W-TW5
MW'"^RCL*`*TKZEJJE+?=I]N3@RL,R,/]D?P_4U<L=+M;'F)-TA&&E<[G;ZDU
M=HH`****`"BBB@`HHJ&ZN8;2W>>XD$<2#+,>U`$&K:E#I5B]S-DXX1%^\['H
M!5+1--F$C:EJ8#7TO09SY2_W14&F12:W?+JUW$T<$1(M(FZX_OD?RKH:`"BB
MB@""[M8;R'R;A-\9()4]#CUKFK^>?5+^ZTJQ0J4'E99?W<2D8+>Y[`5UE0W#
MI;P33E0-J%F(')P*`.7T2"ZM=$M;+3Q&DC3.L\@'.%."P]^U;UEHUG9R><L9
MEN#R9I3O<_B:J^%HI1I:7$^`TQ+H`.BEBP_'YC6U0`4444`%%%%`!1110`44
M44`%%%%`$-K;16END$"!(T&`!7.2W,PUF4*UT&^VA5<S'R@@0,R;=W4C/;OU
MKJ:JMI]JQ8F+):43$[C]\``'K["CJ'0P+G5M0E@MANBC>Y\F:(QAAM!D4;6Y
MYX(Z8[UHR7L\NAZDSL%GMQ+'OB!4$J.".21V[U/_`&'IVQD\AMK8_P"6K_+@
MY`7GY1GG`Q5A+&V2S>T$9\F0,'!8DMNZY).23GKFA[-#ZW,.QU.X^R3S2R>5
M=&2.,13!G"J0"I"+RS$9/']*1-?OI(&G5+<)#;^=(K(V6P[*0.?EX7/.:V)]
M)LIY%DDB;>JJH99&4@#IR".>3S[U67P]9+="0*WDK&$6$.V/O%LGGYAD]#3Z
MBZ&6VKW\5W+-YRO%&MQB)DZ[9`J\@CU'./7UXW=.N9Y9KJWNO+:6W91OC4JK
M`J#T)./SI)-'L)#EX#R7)Q(PSO.6SSR">W2GQ16VFQ,(TD^=MQY:1F.,<DY/
M04EL#+,LJ0Q-+*ZHBC+,QP`*YY(W\2WZSRJRZ7;M^[1ACSV_O8]*N26,^K2[
MK\>59HV4MP>9,="W^%:ZJ%4*H``X`%```%``&`.@%+110`4444`%4-:M)K[3
MI+2%@OG?(['LIZ_I5^B@!D4:Q1)&@PJ*%`]`*?110`4444`%%%%`!1110`44
M44`%%%%`!61)K+QW<BO;*+:.X6W:42G=D@$';MZ<CO6O63'HR&[N[B<!WDE\
MR(>8VU?D"Y*],\'G%(9)#KNFSE!%<%@Y`!\MP.>!DXP,]L]:5=;LG>-8W=_,
M<(#L*CD$AN<97Y3R,UF1>'YXS`&\J11%"LF9I%"E/15P&]LXQ0N@WKO&K/##
M`KAC%'([+G:P+*"/E^\/E''O38B_'K]I)<2J-PACB5_,*,"Q9B``N,GM@C.<
MU(VN:<@0M.WSJ6&(G.`#@D\?+@\<XK+;0K^8(9F@!ABAC01S.N_8Q/)`!7(/
M;.*>V@7#0S*ODQM+;O'CS'?#%]V2S9)X[^O:@#6TW4$U!)6CCD3RI6C.]2,X
M.,\C_P#551]8E6\>,VJ&!;E;8N)3NW$`YV[>G/K3K"&\LKIH#%$]O+-)*9%<
MY`)R`1C`Y..IJK+HL[ZG+<+%:J7N5F6YW'S54``KC;WP>^.:%N@Z,MV^NVLD
M$+SDPO+GY0&8*-Q4$D#`R1WQ2SZY:HP2$^;)YJQD8*CEPI()&&P3VK,ET'46
MM8[?SHC&H''G.H4^86)V@8;(P.>F*DFT.\GM!9,\"VZ295U8^8P\S<><?*<<
M=\GTH&6+G7BK2M:01SP10>>TC2E"1DCY1M.?N^HS5P:Q8^88S-M9022R,%&!
MDC=C&0.HSFLEO#L\L?[XV[R0VZQ6\A&2K(Y*D\<9&`<>].NM"NKI)+=WA2`R
M2S*X8EMSJ1@C'0%CSG\*!%YM=M!)%M)\IM_F.X9#'M7=RI&>13M6U9--LH[G
MRFE$C`!<[3C&2>G8`FJ%_HM]J8B-S)!"R,S`0L3@[0%R2!NY&3[<5:U#2[C4
MWM_/G$*)"X?RL$EV`!^\I&,9]^:&"\R34=:MK%UC^:20NBD*K84,<9)`(SC)
MQU-+-KEA"T0:4E95#A@IPJE2P)_!3[UGIHVH*J(SVSAG@>5B[9!CP#@;><A1
MZ4S_`(1VY6$*&MI"LSL%ER5\O8553CZT`:K:S8I$)&E<`DC;Y+[ACDY7&0!D
M<D=Z:^NZ<DS1>>S2+U5(G;MGC`.>.:H)I&HQ9D1X68I)$L4DSN(T8+T<KDX*
M]".^,T+H5Q#;-#&()?WH=&:1XV4"-5!#*,@Y'OD4`;OG*;?SD(="N]2.XQFJ
M4&J><--/DX^VH7^]]S"[L=.?TIUFMYY$EM<X<QQJ@F_YZ-M^8_G6?!8:I"NG
M#R;,FQ0I_P`?#?/E=N?]7Q^M'5@7$U.66Z=8;0R6R3>0TH?Y@W<[<?=!X)S6
MG61:V6H6TSK&T"02S^>[!B6&>60`K@C/?(^E:]'0.H4444`%%%%`!1110`44
M44`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!111
,0`4444`%%%%`'__9
`
end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>5
<FILENAME>muni6arx4x1.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 muni6arx4x1.jpg
M_]C_X``02D9)1@`!`0'_____``#_[@`.061O8F4`9``````!_]L`0P`0"PP.
M#`H0#@T.$A$0$Q@H&A@6%A@Q(R4=*#HS/3PY,S@W0$A<3D!$5T4W.%!M45=?
M8F=H9SY-<7EP9'A<96=C_]L`0P$1$A(8%1@O&AHO8T(X0F-C8V-C8V-C8V-C
M8V-C8V-C8V-C8V-C8V-C8V-C8V-C8V-C8V-C8V-C8V-C8V-C8V-C_\``$0@!
M!0(P`P$B``(1`0,1`?_$`!\```$%`0$!`0$!```````````!`@,$!08'"`D*
M"__$`+40``(!`P,"!`,%!00$```!?0$"`P`$$042(3%!!A-180<B<10R@9&A
M""-"L<$54M'P)#-B<H()"A87&!D:)28G*"DJ-#4V-S@Y.D-$149'2$E*4U15
M5E=865IC9&5F9VAI:G-T=79W>'EZ@X2%AH>(B8J2DY25EI>8F9JBHZ2EIJ>H
MJ:JRL[2UMK>XN;K"P\3%QL?(R<K2T]35UM?8V=KAXN/DY>;GZ.GJ\?+S]/7V
M]_CY^O_$`!\!``,!`0$!`0$!`0$````````!`@,$!08'"`D*"__$`+41``(!
M`@0$`P0'!00$``$"=P`!`@,1!`4A,08205$'87$3(C*!"!1"D:&QP0DC,U+P
M%6)RT0H6)#3A)?$7&!D:)B<H*2HU-C<X.3I#1$5&1TA)2E-455976%E:8V1E
M9F=H:6IS='5V=WAY>H*#A(6&AXB)BI*3E)66EYB9FJ*CI*6FIZBIJK*SM+6V
MM[BYNL+#Q,7&Q\C)RM+3U-76U]C9VN+CY.7FY^CIZO+S]/7V]_CY^O_:``P#
M`0`"$0,1`#\`[EOO'ZTE*WWC]:2@`HHK,\0W1M=)D*2^2\A6)9-V-I8XSGM@
M9-`&G17%7FLS-H5@L=[LG7>TDGF8+^7QC.>=W'UJV=9,OB>W:.ZQ;,$A\G?]
MXLI;=CZD#-`'545S6O7\UAKMI,)9!;1Q[ID#':06VY(_$53TC5[^$LLS^:TL
MDKGS23LQ&'`'/`YHZ7';6QV-%<O;>(+Z9XBZ6XB>2*,A58-EX]V0<]C3;'6+
MZ6P41"$K%"C2F5VW-N)Z,3VQWSFAB6IU5%<K;ZY>QVT;;86BB@@>3=N+MO.#
M@Y_GFF7^NW4L%W"KHH\LNDD`92N)`N-QX;@]11UL!UM%8?B%[RW^S3V<K!I#
M]G9"Q"Y?A6QZ@U374[FQ>6UC9I9/M/E*\HDF.!&"3@')/T]<T`=117)V>L7\
MMW+&%\J:XD4!)PQ6+$6X@#((YJRM]<Q>"%NA*S7'E#]XQR1EL9R?K0!T=%<_
MYTNE7T5M%>_:DG/S1S.7>/"$YSG."15>/7M3F@>:**UVPVR3R`JV3G.0.?:@
M#J**Y<>)+R:=A;6ZR1@[U"PN[.F_:.1P#@$Y-:.EZE<75]/;W2QQ.F2L6QE<
M#=C.3PPQCD8^E`&O1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%
M%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`444
M4`%%%%`!1110`4444`%%%%`!3H_OBFTZ/[XH`1OO'ZTE*WWC]:2@`J&>VAN'
MB:5-QA?>G)X;U_6IJ*`*46DV,5Q-<)!B2<$2'<3D'KQG`S[4V'1M/@M1;16^
MV(2"4#>V=PZ'.<]A5^B@"I=Z;:7K,;F'S"R>6?F(RN<XX/J!44NBZ?,6+P<L
MQ<D.PY(VGH>F.,=*T**`*$>C:?&%"6^-K*X^=NJC:IZ]A3?["TW$8^S<1J%4
M;VQ@9(SSSC)ZUHT4`9">'[-;WSF!:)4C2.++87;TSS\W;KZ5(-`TP!A]F.&4
MH1YCX"YW8'/`R,\5IT4`0W%M#<JBS)N$;B1>2,,.AXJ"72;*7?OA.7D\TLKL
MIW8QD$'(X]*NT4`9W]AZ=L*"VV@D-\KLI!`P,$'CCBK,=C;1V(LEB'V;:4\L
MDD8].:L44`9HT'31'L%N<;MV?,?=G&/O9SC'&*FM]+LK976&':'C$3#<3E1G
M`Y/N:N44`9YT73RL*_9_EA4(H#MC:#D`\_,,\\YJ6UTVTLYFE@BVNP(R6)P,
MYP`3P,]A5NB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@
M`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"
MBBB@`HHHH`****`"BBB@`IT?WQ3:=']\4`(WWC]:2E;[Q^M)0`4444`)69I&
MK_VF)&\N&-4SPL^]^I'*X&.E:=9<&A0P3&5+JZ\P@*&++D+NW;>G()]<F@"@
MGBQ7P!9_/+M\@>9]\%RO/'R],]ZV-+OEU*PCNE0Q[L@J3G!!P>?PJ@OA>Q56
M`>?/'EMN&8L,6`7CU/?-:5A9Q:?:);0;MB9Y8Y)).230#)7FBC.))40]<,P%
M-^U6_P#SWB_[[%.>&*0YDB1STRR@TW[+;_\`/"+_`+X%`!]JM_\`GO%_WV*/
MM5O_`,]XO^^Q1]EM_P#GA%_WP*/LMO\`\\(O^^!0`?:K?_GO%_WV*/M5O_SW
MB_[[%'V6W_YX1?\`?`H^RV__`#PB_P"^!0`?:K?_`)[Q?]]BC[5;_P#/>+_O
ML4?9;?\`YX1?]\"C[+;_`//"+_O@4`'VJW_Y[Q?]]BC[5;_\]XO^^Q1]EM_^
M>$7_`'P*/LMO_P`\(O\`O@4`'VJW_P">\7_?8H^U6_\`SWB_[[%'V6W_`.>$
M7_?`H^RV_P#SPB_[X%`!]JM_^>\7_?8H^U6__/>+_OL4?9;?_GA%_P!\"C[+
M;_\`/"+_`+X%`!]JM_\`GO%_WV*/M5O_`,]XO^^Q1]EM_P#GA%_WP*/LMO\`
M\\(O^^!0`?:K?_GO%_WV*/M5O_SWB_[[%'V6W_YX1?\`?`H^RV__`#PB_P"^
M!0`?:K?_`)[Q?]]BC[5;_P#/>+_OL4?9;?\`YX1?]\"C[+;_`//"+_O@4`'V
MJW_Y[Q?]]BC[5;_\]XO^^Q1]EM_^>$7_`'P*/LMO_P`\(O\`O@4`'VJW_P">
M\7_?8H^U6_\`SWB_[[%'V6W_`.>$7_?`H^RV_P#SPB_[X%`!]JM_^>\7_?8H
M^U6__/>+_OL4?9;?_GA%_P!\"C[+;_\`/"+_`+X%`!]JM_\`GO%_WV*/M5O_
M`,]XO^^Q1]EM_P#GA%_WP*/LMO\`\\(O^^!0`?:K?_GO%_WV*/M5O_SWB_[[
M%'V6W_YX1?\`?`H^RV__`#PB_P"^!0`?:K?_`)[Q?]]BC[5;_P#/>+_OL4?9
M;?\`YX1?]\"C[+;_`//"+_O@4`'VJW_Y[Q?]]BC[5;_\]XO^^Q1]EM_^>$7_
M`'P*/LMO_P`\(O\`O@4`'VJW_P">\7_?8H^U6_\`SWB_[[%'V6W_`.>$7_?`
MH^RV_P#SPB_[X%`!]JM_^>\7_?8H^U6__/>+_OL4?9;?_GA%_P!\"C[+;_\`
M/"+_`+X%`!]JM_\`GO%_WV*/M5O_`,]XO^^Q1]EM_P#GA%_WP*/LMO\`\\(O
M^^!0`?:K?_GO%_WV*/M5O_SWB_[[%'V6W_YX1?\`?`H^RV__`#PB_P"^!0`?
M:K?_`)[Q?]]BC[5;_P#/>+_OL4?9;?\`YX1?]\"C[+;_`//"+_O@4`'VJW_Y
M[Q?]]BC[5;_\]XO^^Q1]EM_^>$7_`'P*/LMO_P`\(O\`O@4`'VJW_P">\7_?
M8H^U6_\`SWB_[[%'V6W_`.>$7_?`H^RV_P#SPB_[X%`!]JM_^>\7_?8H^U6_
M_/>+_OL4?9;?_GA%_P!\"C[+;_\`/"+_`+X%`!]JM_\`GO%_WV*/M5O_`,]X
MO^^Q1]EM_P#GA%_WP*/LMO\`\\(O^^!0`?:K?_GO%_WV*/M5O_SWB_[[%'V6
MW_YX1?\`?`H^RV__`#PB_P"^!0`?:K?_`)[Q?]]BC[5;_P#/>+_OL4?9;?\`
MYX1?]\"C[+;_`//"+_O@4`'VJW_Y[Q?]]BG)-%(<1RHYZX5@:;]EM_\`GA%_
MWP*<D,49S'$B'IE5`H`DHHHH`*=']\4VG1_?%`"-]X_6DI6^\?K24`%%%%`!
M1110`4444`%%%%`!69>3:LEPRVMK"\79F;D_J*TZK2W]G!(8YKN"-QU5Y`"/
MP)JH[[7$RM=3:JHB^S6L+DKE\MT;TZBE>;5!8HZ6T)N2WS)NX`_/^M2_VKIW
M_/\`VO\`W^7_`!H_M73O^?\`M?\`O\O^-5KV)NNY%%-JALY6DMH1<`_(H;@C
M\_ZU)I\E_('^W01Q8QMV'K^II?[5T[_G_M?^_P`O^-3P7$%RI:WFCE4'!*,&
M`/X4G>VPU;N8]TT\&MK>SP2F&*.0*RX*A<`^O4G/Z5'?VC)8QK]G>2\(\PL(
MF;YBV6"L.%.>Y[8K5EO+=K]+!T+R.OF?=!48/&?>F2:I'''YOD3M$"09`HV@
M!MN>OKZ<U"*,M?-LYC,('$X,WF,4($A9AY8W=#U&/2K<MJ+:ZTI565S$S!V5
M6*\J<DXX&2>M6H[^WN9Q$8FQN;8[@;6*'!QSG@^PI4U*%WM5"2_Z5GRSMXP`
M3DGW`XH`HZ7!)'?1DPNCA)?M#E"`[%P5Y_B[UMU7@NX[BXGA17#0$!BRX!SZ
M>M6*.@!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`
M4444`%%%%`!1110`444R26.$9ED1!ZLP%`#Z*S9]?TN#[UY&Q_V,O_*J#^+;
M1FV6UM<3MV`7&?Z_I5JG-]"'4BNIT-%<[_;.LW'_`!ZZ,R>AF)_KBC9XHN#G
MS+6V]L`_T-/V;ZM"]HNB9T5%<[_8VM3?Z_6F3_KF#_3%'_"+%R3/JEU(2.3G
MK^>:.2/60<TND3HJ89(P<%U!';-8'_"'V3`>9<W3$?[2_P"%/'A#30<[IS[;
MQ_A1RP[_`(!>?;\3:-S`IPTT8/H7%-:]M5^]<PCZR"LK_A$]+_N2_P#?=.'A
M72@.87/UD-%J?=A>?8T?[0LO^?NW_P"_B_XTS^U=._Y_[7_O\O\`C5-?"^D`
M\VQ;ZR-_C2_\(SH__/G_`.1'_P`:/W?=A[_D6FU?35.#?6_X2`TTZWI@&3?0
M?@V:B_X1W2?^?-?^^F_QIRZ!I2CBRC_')_K1^[\P]_R%_MW2_P#G]B_.K%G?
MVM\K-:S+*%.&QVJ!=#TM3D6,/XKFK5M:V]HA6WA2)2<D(N,FD^2VEQKGZDU%
M%%06%.C^^*;3H_OB@!&^\?K24K?>/UI*`"BBB@`HI"2`2!D^E<OH_P!MM=5O
MY[VRNE><)E@@8!LG@$$Y`!'Y<XH#H=317`1:=J(4[K6X\L;/M:F,_O3YI)./
MXN,=,UU?AR*>#18([A61QNPK#!5<G`_*@&:E%1N90?W:(P]6<C^AINZX_P">
M47_?P_\`Q-`$U9EQH&F74[S36H:1SEB'89/T!J[NN/\`GE%_W\/_`,31NN/^
M>47_`'\/_P`333:V8FD]S._X1G1_^?/_`,B/_C1_PC.C_P#/G_Y$?_&M'=<?
M\\HO^_A_^)HW7'_/*+_OX?\`XFJ]I/N3R1[&=_PC.C_\^?\`Y$?_`!J[8Z=:
M:<C+:0B,.<MR23^)J3=<?\\HO^_A_P#B:-UQ_P`\HO\`OX?_`(FDYR>C8U&*
MV10N],E%PUW:SR>=\V$(7&6`&<^@P./:GW>E&>VCMHYDCB10HS'N92/XE.1@
M_G5S=<?\\HO^_A_^)HW7'_/*+_OX?_B:DHS9M)F`"Q3;DW.$&W!02-\Q)SS@
M9QQWJY/9M)/:/%(D:6S$[-F<\$8SD8X-3;KC_GE%_P!_#_\`$T;KC_GE%_W\
M/_Q-`$=O:R17MS<-*K+-MPH3!7`QUSS^56JAW7'_`#RB_P"_A_\`B:-UQ_SR
MB_[^'_XF@":BH=UQ_P`\HO\`OX?_`(FC=<?\\HO^_A_^)H`FHJ'=<?\`/*+_
M`+^'_P")HW7'_/*+_OX?_B:`)J*AW7'_`#RB_P"_A_\`B:-UQ_SRB_[^'_XF
M@":BH=UQ_P`\HO\`OX?_`(FC=<?\\HO^_A_^)H`FHJ'=<?\`/*+_`+^'_P")
MHW7'_/*+_OX?_B:`)J*AW7'_`#RB_P"_A_\`B:-UQ_SRB_[^'_XF@":BH=UQ
M_P`\HO\`OX?_`(FC=<?\\HO^_A_^)H`FHJ'=<?\`/*+_`+^'_P")HW7'_/*+
M_OX?_B:`)J*AW7'_`#RB_P"_A_\`B:-UQ_SRB_[^'_XF@":BJ[S2QKND6!%'
M=I2!_P"@UG7'B.SM\AIK=SZ1R%OY+BFHM[(3DEN;-%<TOBF:X)%EI<TQ]03C
M]!3M_B:\^ZEO9+ZG!/\`7^57[)K?0CVBZ:G153N=6T^UR)KN)2/X0V3^0YK%
M/AS4+D_Z?J#S*?X5D('Z@C]*MV_AVSM\'[#%(P[R3,WZ;<4^6"W=PO-[(9+X
MLL]VRUAGN7[!5P#_`%_2H_[1\07?_'MIB6Z'O,>1^>/Y5M11O`NV&VMXU]$?
M`_\`0:?NN/\`GE%_W\/_`,31S16T0Y9/=F'_`&5KMU_Q]ZL(E/:$?X8IT?A*
MRW;[F>XN'[[FP#_7]:VMUQ_SRB_[^'_XFFO+,@RZ0J/>4C_V6CVLNF@>SCU*
M\&AZ9!_J[*+_`(&-W\\U>1%C7:BA1Z`8JL]X8XA*YMA&3@,9N#_X[40U.,PO
M,'MRB?>(E)Q^&VH?-+<I)+8T**R[?6$N6=851BBES\S=!_P&HK773=SI%%:-
MECC);@?I1R2[#YD;-%8_]KW?G&-=+E)#8SN./Y5)<WVHQS,D6G;P.C!\@_I3
MY&+F1J45F7%SJJ^7Y-E$VY<M^\S@^G:AIM7-JA6VMQ,3\P+]!]/_`*YI<H[F
MG169&^L&V??#;B7/R_,>GT_^O1;MK&7\Y+;[OR_,1@_AFCE\PN:=%95N-:\U
M3,;8I_$N<'^5-,>N&4D36H7.0#TQZ=,T^7S"_D:]%95S#K4D[-!<6\4?9>N/
MS6BY@UB7R_*N((]JX;!/S'U^[2Y?,+^1JT5DR6^KO:)&+F%9`26D!/S#L.E6
M--AOH%=;R9)@>5(/(_2AQ5MPN7J***D84Z/[XIM.C^^*`$;[Q^M)2M]X_6DH
M`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`
MHHHH`****`"BBB@`HHHH`**2LZ]UW3K+(DN59Q_!'\Q_3I^--)O83:6YI45S
MG_"17EYQI>ERR`])).!^G'ZT?8/$-_\`\?5\EHA_ABZC\O\`&M/9M?$[$>T3
MV5S>FN(;==T\T<2^KL!65<^*=,MSA9'G;TB7/ZG`J*+PK8(3)=RS7#=6+O@?
MIS^M7[1-*MMPM1;*44LQ3!(`]^M%H+NPO-^1F_V[J=WQI^D/@]'ER`?Y#]:0
MV?B.\_U][%:H?X8^H_+_`!K1@UJTN;E((1(S-T.WBF?VAJ$EQLBTYE0-@M(<
M<9Z_YS57:VBD*U]W<IIX4@=@][=W%T_J6P/ZG]:T;?1--ML>59Q9'0L-Q_,U
M'=0ZM-<.(;B*&#/RX&3C\J=>:5]MD5IKJ;:%"E5P`3ZTG)O>0U&*V1<FG@MD
M!ED2)>VXX_*H)=5M([7[0)-\>[9\@R<T?V59M##%)%YBPC"EB<U9B@BAC\N*
M-43K@#BL_=+U*4&K+=6\TMO;3.8AD*1][Z4EE>WMS*PDL3"FTD%VQSV'2M*B
MBZ[!9]S+MAK#W"-<&!(@?F4<DBDDTV^EN&=M2D1-V0J#''IUK5HI\[Z"Y3-O
M-(2\N#+)<S@$#Y01@4^?2+6X6)9?,;REV@[SR/>K]%+GEW'RHIC3+,6ZP&!3
M&IW`'U^M2Q6=M%$T<<$81OO+MX/UJ>BES/N%D,CBCB_U<:)_N@"GT44AA111
M0`4444`%%%%`!1110`4444`%%%%`!1110`4Z/[XIM.C^^*`$;[Q^M)2M]X_6
MDH`****`"BDJC8ZK#>W$L"Q3Q/&H;$J;<J21D<^W?%`%^BL1?%%BP;"3YX\M
M=HS+EBH*\^H[XK2L+R+4+1+F#=L?/##!!!P0:`+-%%%`!1110`4444`%%%%`
M!1110`4444`%%%%`!1110`4444`%%(2`,G@56N=0M;6W\^65=F<`KSDTTF]@
MO8M45STWBVS"E;:&::;.%3&`?QJ('Q%JP(PNGPGOR&/]?Y5I[*7VM#/VBZ:F
MY>:C:6*YNKA(_0$\G\.M8DOB>:ZD$6DV9D8G`DE.!G_/O18>%%BN5GO9EN"#
MDJ1D,??-:4&@V,$HD"NY!R`S<"J_=Q\Q>_+R,"X2>>0IK&K,N#\T%NI./8]O
MYU>^R6.ERJEII4EU(5#"1P3_`$_I6]]EM_,,GD1[R<EMHS^=34G5Z#5-(S9Y
M=3DMX6M8(XV8?.'.2M!M+^>Q$<]YY<V_)>(=O3M6E16?-V1=C.M])CCMY89I
MI9Q+C=N8]O2I[73K2S):"$*Q&"223C\:M44.3?4+(8D:1C$:*H]%&*?114C"
MBBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`**
M**`"BBB@`HHHH`*=']\4VG1_?%`"-]X_6DI6^\?K24`%4-6DDBMU*3RP+N^>
M2*(.0,>_3ZX-7ZS=<M4NK5%DLQ=JKAMGG>61[@]_IFDQH@\/2W=S;O-/-,T3
M<()5!/;D,`,C\/QHM=&N;:YGN?MZM+,%#D0!0P!R20#RQZ9X^E6M.EED9R=/
M%I&><EU+,WT7/YYJ_38CFD\)*@!%X2\6WR#Y7W`'+<\_-U]JV=+L5TVPCM5<
MR;<DL1C))R>/QJY10!&\,4AS)$CGIEE!IOV6W_YX1?\`?`J:B@"'[+;_`//"
M+_O@4?9;?_GA%_WP*FHH`A^RV_\`SPB_[X%'V6W_`.>$7_?`J:B@"'[+;_\`
M/"+_`+X%'V6W_P">$7_?`J:B@"'[+;_\\(O^^!1]EM_^>$7_`'P*FHH`A^RV
M_P#SPB_[X%'V6W_YX1?]\"IJ*`(?LMO_`,\(O^^!1]EM_P#GA%_WP*FICR1H
M5#NJECA03C)]J`&?9;?_`)X1?]\"C[+;_P#/"+_O@50?5Y)+LV]G:/*5?:[G
M@"L?6KR#[8Z/=R71)PEO!T!]">GY9-:1IMNQ$II*YL7UYIMDYCDA1I/[B1@F
MLW6M4BMMBP1VT>]-QRBEU/H1V_&FKIVL:J_FW!CT^,C&$7YR/Y_F?PK3L/#V
MGV.&$7G2#^.7YOTZ"KM"&^K(O.6QSI%_K,4*VEB5"#!G8!0WOZ?SK0M/"`.&
MU"Z9SUV1<#\S_@*Z>EI.L]HZ#5);RU*=MI5A:IMAM(A[E<D_B>:F^RV__/"+
M_O@5-163;>YHE;8A^RV__/"+_O@4?9;?_GA%_P!\"IJ*0R'[+;_\\(O^^!1]
MEM_^>$7_`'P*FHH`A^RV_P#SPB_[X%'V6W_YX1?]\"IJ*`(?LMO_`,\(O^^!
M1]EM_P#GA%_WP*FHH`A^RV__`#PB_P"^!1]EM_\`GA%_WP*FHH`A^RV__/"+
M_O@4?9;?_GA%_P!\"IJ*`(?LMO\`\\(O^^!1]EM_^>$7_?`J:B@"'[+;_P#/
M"+_O@4?9;?\`YX1?]\"IJ*`(?LMO_P`\(O\`O@4?9;?_`)X1?]\"IJ*`(?LM
MO_SPB_[X%'V6W_YX1?\`?`J:B@"'[+;_`//"+_O@4?9;?_GA%_WP*FHH`A^R
MV_\`SPB_[X%'V6W_`.>$7_?`J:B@"'[+;_\`/"+_`+X%'V6W_P">$7_?`J:B
M@"'[+;_\\(O^^!1]EM_^>$7_`'P*FHH`A^RV_P#SPB_[X%'V6W_YX1?]\"IJ
M*`(?LMO_`,\(O^^!1]EM_P#GA%_WP*FHH`A^RV__`#PB_P"^!1]EM_\`GA%_
MWP*FHH`A^RV__/"+_O@4Y(8HSF.)$/3*J!4E%`!1110`4Z/[XIM.C^^*`$;[
MQ^M)2M]X_6DH`*QO%"6CZ61>*^T-E72(OL/J1Z=OQK9K(\228T]8=T*"9PI:
M5R@7N#D`X.0.O%)C6Y!X2%M]@F:UDWJTO.(?+`.!T&36]6-X:LWL[)TD>*1R
M_P!Z.7?D``#L,5LU3)04444AA1110`4444`%%%%`!1110`4444`%-9U4@,P!
M/09Y-4CJL!ODM(@TKL<$KT6H;32W2Z-Y?3^;,O*X.%45?+;<5^P6FH7M[=+Y
M5IY=MGYGDZGZ?Y-4KU+#2)?M5_<27-SG=&A/)]./\BEOM?DN)S9:)'Y\YZRX
M^5?<?X]/K4VE^'X[:7[5?/\`:KPG)=N0I]L]?K6GPZO3R,K\VD=2F(=8UX;I
MV^P63?P#[S#^OXX^E;&G:19::O\`H\0W]Y&Y8_C_`(5?HK.51M66B+4$M7JP
MHHHJ"PHHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`*
M***`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`IT
M?WQ3:=']\4`(WWC]:2E;[Q^M)0`55OK"#4(UCN59XU;=L#$!OKCK5JB@""WM
M+:SC9+:&.%"<D(H`SZUSNB:E%]LNY#J;2VXPB":0EG;/W@/X1S@"NIHH`X"+
M4=0*G==7'EG9]K8R']T?-((S_#QCIBNK\.2SSZ+!)<,SN=V&8Y++DX/Y5J44
M`R">6='`BMO-7'7>%YJ+[1>?\^/_`)%%7**`*?VB\_Y\?_(HH^T7G_/C_P"1
M15RB@"G]HO/^?'_R**/M%Y_SX_\`D45<HH`I_:+S_GQ_\BBC[1>?\^/_`)%%
M7*0D*"20`.I-`%3[1>?\^/\`Y%%49-4OIKS[-:VH#QM^\);/'IGH*DU![N\F
MCMK(E('&YKA3QCT!J/4]:ATXBVM4^TWK8&Q1GGU;'?VK6,?FR)22$DNHM%A:
M5[%80QZ^<"S'T'>LV5]6\1@%(6M[`G[H8`O^)Z_R^M7+#09;F<7VMOY\Q^[$
M3E5^O^'3ZUT`````P!3<E#;5]R;.6^B,RQ@?3X!#;::$7N?-&6/J35C[1>?\
M^/\`Y%%7**R;OJS1*VQ3^T7G_/C_`.111]HO/^?'_P`BBKE%(93^T7G_`#X_
M^111]HO/^?'_`,BBKE%`%/[1>?\`/C_Y%%'VB\_Y\?\`R**N44`4_M%Y_P`^
M/_D44?:+S_GQ_P#(HJY10!3^T7G_`#X_^111]HO/^?'_`,BBKE%`%/[1>?\`
M/C_Y%%'VB\_Y\?\`R**N44`4_M%Y_P`^/_D44?:+S_GQ_P#(HJY10!3^T7G_
M`#X_^111]HO/^?'_`,BBKE%`%/[1>?\`/C_Y%%'VB\_Y\?\`R**N44`4_M%Y
M_P`^/_D44?:+S_GQ_P#(HJY10!3^T7G_`#X_^111]HO/^?'_`,BBKE%`%/[1
M>?\`/C_Y%%'VB\_Y\?\`R**N44`4_M%Y_P`^/_D44?:+S_GQ_P#(HJY10!3^
MT7G_`#X_^111]HO/^?'_`,BBKE%`%/[1>?\`/C_Y%%'VB\_Y\?\`R**N44`4
M_M%Y_P`^/_D44?:+S_GQ_P#(HJY10!3^T7G_`#X_^111]HO/^?'_`,BBKE%`
M%/[1>?\`/C_Y%%'VB\_Y\?\`R**N44`4_M%Y_P`^/_D44?:+S_GQ_P#(HJY1
M0!3^T7G_`#X_^111]HO/^?'_`,BBKE%`%/[1>?\`/C_Y%%'VB\_Y\?\`R**N
M44`4_M%Y_P`^/_D45+!+.[D2VWE+CKO#<U/10`4444`%.C^^*;3H_OB@!&^\
M?K24K?>/UI*`"BBB@`HHHH`****`"BBB@`HHHH`***JZA>+8VIF92QSA5'<T
MTKNR`DN;F*UA,L[A5'Z_2LRZ!U:VBF$YM[+DR!^"<'\L5GWNI0B)3JB>==!]
MT5M'P0#V;T^G6G1:7J&M,LNJ.;:U'*6R<<>X[?CS]*V4.57?]>ADYWT0DNIS
M7I&F>'T(C0;7N#P%'L?Z]?2M72-$M],7</WMPWWIF')^GI5VUM8+.$0VT2QH
M.R]_<^M35$IZ6CL.,-;RW"BBBLS0****`"BBB@`HHHH`****`"BBB@`HHHH`
M****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`H
MHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`*=']\4VG1_?%`"-]X_6DI6^\
M?K24`%%%%`!5*QU*"_EN4A#C[.^QBRX!/M5VLJ#3+N"YNYEO(O\`275V'D'C
M'&/O>E`$*^*+%@V$GSQY:[1F7+%05Y]1WQ6E87D6H6B7,&[8^>&&""#@@UAI
MX25`"+PEXMOD'RON`.6YY^;K[5LZ78KIMA':JYDVY)8C&23D\?C0#+E%03V<
M%PX>6/<P&,Y(XJ+^S+/_`)X_^/'_`!H`N453.FV0!)BP!U.X_P"-9#SZ;*TR
MK&8K=$.;DL<`]L#O5*+>PFTC6N;W<L\%DRR72+G;V'.#STXKFHKR\DFEM-,D
M-Q=3$>=<9^5`/0_U_*H;6QDUF3RK)&ALU.)+A^LGX?T_.NGMM$L+:(1QP].I
M+')]S6SY::MU,M9[;$>D:%;Z:/,;]]='EI6ZY]O2M6J?]F6?_/'_`,>/^-']
MF6?_`#Q_\>/^-8RDY.[-4DE9%RBJ?]F6?_/'_P`>/^-']F6?_/'_`,>/^-2,
MN453_LRS_P">/_CQ_P`:/[,L_P#GC_X\?\:`+E%4_P"S+/\`YX_^/'_&C^S+
M/_GC_P"/'_&@"Y15/^S+/_GC_P"/'_&C^S+/_GC_`./'_&@"Y15/^S+/_GC_
M`./'_&C^S+/_`)X_^/'_`!H`N453_LRS_P">/_CQ_P`:/[,L_P#GC_X\?\:`
M+E%4_P"S+/\`YX_^/'_&C^S+/_GC_P"/'_&@"Y15/^S+/_GC_P"/'_&C^S+/
M_GC_`./'_&@"Y15/^S+/_GC_`./'_&C^S+/_`)X_^/'_`!H`N453_LRS_P">
M/_CQ_P`:/[,L_P#GC_X\?\:`+E%4_P"S+/\`YX_^/'_&C^S+/_GC_P"/'_&@
M"Y15/^S+/_GC_P"/'_&C^S+/_GC_`./'_&@"Y15/^S+/_GC_`./'_&C^S+/_
M`)X_^/'_`!H`N453_LRS_P">/_CQ_P`:/[,L_P#GC_X\?\:`+E%4_P"S+/\`
MYX_^/'_&C^S+/_GC_P"/'_&@"Y15/^S+/_GC_P"/'_&C^S+/_GC_`./'_&@"
MY15/^S+/_GC_`./'_&C^S+/_`)X_^/'_`!H`N453_LRS_P">/_CQ_P`:/[,L
M_P#GC_X\?\:`+E%4_P"S+/\`YX_^/'_&C^S+/_GC_P"/'_&@"Y15/^S+/_GC
M_P"/'_&C^S+/_GC_`./'_&@"Y15/^S+/_GC_`./'_&C^S+/_`)X_^/'_`!H`
MN453_LRS_P">/_CQ_P`:/[,L_P#GC_X\?\:`+E%4_P"S+/\`YX_^/'_&C^S+
M/_GC_P"/'_&@"Y15/^S+/_GC_P"/'_&C^S+/_GC_`./'_&@"Y15/^S+/_GC_
M`./'_&I8+."W<O%'M8C&<D\4`3T444`%.C^^*;3H_OB@!&^\?K24K?>/UI*`
M"BBB@`HHHH`****`"F-(B,JNZJ6.%!.,GVJE?ZQ:V$JQS,=Q(W8_A'J:YA9;
M_5M2=[#=(5;B=QA4';'I_GBM84G+5Z(SE42T+]YKLT5QON%*18(6U_BDSQSZ
M#W_+-)8:'<:BR3ZHODP+S':IP!]?3^=:.E:!#8R?:9W-S=GDR/S@^W^-;%5*
MHHZ0$H.6LAD<:11K'&H1%&`JC`%/HHK`U"BBB@`HHHH`****`"BBB@`HHHH`
M****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`H
MHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"G1
M_?%-IT?WQ0`C?>/UI*5OO'ZTE`!1110`44AS@XZUR7A[4YQ=2&\NG*F+]X)6
M)"2F0@+@]..U`=#KJ*X"+4=0*G==7'EG9]K8R']T?-((S_#QCIBNK\.2SSZ+
M!)<,SN=V&8Y++DX/Y4`]"*[\.V]]JC7ES*[H0/W0&!P,=:UHHHX(UCB141>B
MJ,`5'/+.C@16WFKCKO"\U%]HO/\`GQ_\BBJ<FU9DJ*6J+E%4_M%Y_P`^/_D4
M4?:+S_GQ_P#(HJ2BY15/[1>?\^/_`)%%'VB\_P"?'_R**`+E%4_M%Y_SX_\`
MD44?:+S_`)\?_(HH`N453^T7G_/C_P"111]HO/\`GQ_\BB@"Y15/[1>?\^/_
M`)%%'VB\_P"?'_R**`+E%4_M%Y_SX_\`D44?:+S_`)\?_(HH`N453^T7G_/C
M_P"111]HO/\`GQ_\BB@"Y15/[1>?\^/_`)%%'VB\_P"?'_R**`+E%4_M%Y_S
MX_\`D44?:+S_`)\?_(HH`N453^T7G_/C_P"111]HO/\`GQ_\BB@"Y15/[1>?
M\^/_`)%%'VB\_P"?'_R**`+E%4_M%Y_SX_\`D44?:+S_`)\?_(HH`N453^T7
MG_/C_P"111]HO/\`GQ_\BB@"Y15/[1>?\^/_`)%%'VB\_P"?'_R**`+E%4_M
M%Y_SX_\`D44?:+S_`)\?_(HH`N453^T7G_/C_P"111]HO/\`GQ_\BB@"Y15/
M[1>?\^/_`)%%'VB\_P"?'_R**`+E%4_M%Y_SX_\`D44?:+S_`)\?_(HH`N45
M3^T7G_/C_P"111]HO/\`GQ_\BB@"Y15/[1>?\^/_`)%%'VB\_P"?'_R**`+E
M%4_M%Y_SX_\`D44?:+S_`)\?_(HH`N453^T7G_/C_P"111]HO/\`GQ_\BB@"
MY15/[1>?\^/_`)%%'VB\_P"?'_R**`+E%4_M%Y_SX_\`D44?:+S_`)\?_(HH
M`N453^T7G_/C_P"111]HO/\`GQ_\BB@"Y15/[1>?\^/_`)%%'VB\_P"?'_R*
M*`+E%4_M%Y_SX_\`D44?:+S_`)\?_(HH`N453^T7G_/C_P"114L$L[N1+;>4
MN.N\-S0!/1110`4Z/[XIM.C^^*`$;[Q^M)2M]X_6DH`****`"BBB@`HHHH`*
MI:A>2V:&1;<21*,LQDVGJ!@#!R?RJ[56ZLA=312-/*GE'*HNW;GU((/-`"7&
MI6ELY2:7:P(&-I)Y!(Z#GH::=5LP%)D8!N,F-L`Y(P3C@Y!X-0WND1W]]YLX
M`C$6P8.23G(.",<<^O4U&WAZT9E;?(",'@(.02>R\=>V*`+=GJ=I?'%L[O[F
M-E';N1[BKE4+728+6Y2='D9D38,[>F`.2!D].YJ_0`51;4`NI&T_<K@*<O+M
M9LYZ+CGIZU>JI/8I/.)'EEVAE8QC&TE3D'IGK[T`)-J=I!*8Y)2)`VS:$8DG
M`.,`>X_.F-K%BB[FF(7;N#>6V",9ZXZX/3K4-QHT=YJ$MS.``50)M.3D'))!
M&/0=^E1_\(W9Y^_*.O0(.HQV7].E"`T+6^M[PMY#.=O7=&R]\=P*LU3M].BM
M[R6Z5W,D@(.<`=<]@"?QS5R@`HHHH`****`"LV;5&BGN(OLQW1&-4RX&\N2!
MZX''_P!:M*J,NF1S3S2M--F4)P-N%*G*D<=CZYH`6+48C#OGQ"PE,)&2P##/
M?'3BFIK%E(NZ.5V!&1MB<Y^G'/OZ4R[TL2Z:]FC%O-DWO([8;[V2>!U_*HF\
M.V1;(++\Q8`*AQDDD<KR.>^>U`$ZZU8,X1)F9B`1MB<]@>H'H0:OUE#P_:BV
M^SB2;9D'G:3PH4=5X.%'(YK5`P`/2@!:***`"BBB@`HHHH`****`"BBB@`HH
MHH`****`(KAY4C!AB$KD@8+;0!ZDUFIK9=/,%N-B!3*?,^[N8J-O'S#C/;BM
M"\MOM=NT)EDB5NIC(!(].0:KOI43E<RRX"JK*-H#A3E00!V]L4`23ZE:6\AC
MEEVN&"[0I)R1D8P.:C;6+%5W-,P7!.XQMC@$D9QUP#QUJ*[T>.^U!YYP`OEJ
MB;3DY#;LD$8]N]1-X:LVS\\HSG.T(.JE3T7CJ>.F:`+]G?V]Z";=G8#J6C9>
M^.X%6JIVVG16UW)<J[EY!@YP!USV`)_'-7*`"BBB@`HHHH`****`"BBB@`HH
MHH`****`"BBB@"A=Z@UK=1Q-$I21@H/F?,>N2%QR!CGFF6VK"1"]Q%Y*>0+@
M$,7^0^O'7VYZU-<Z>ES*KRS2E`ZOY61MR.G;(_`TR'38[9'\MFE)B$2+*PPJ
MC.%R!TY]S0`X:K9&5HQ-EE.#A&P#SQG&.Q_*HWUNPC*AY7#%MNWR7SGCJ,9'
MWA^=5H/#EJENBNS;_+"N5VG)P<D$C(ZGH:DC\/VL>\K)+\P(/"8YVYXVX_@'
M;UH`TXI%EC61,[6&1D$'\C4L?WQ5>TMDM+9((RQ5!@%NM6(_OB@!&^\?K24K
M?>/UI*`"BBB@`HHHH`****`*&IW<MJJ&(Q@<ERXW;5'?`(.,XR><>E4Y/$`1
MF!M@1M9U/F=5&_KQQDI^M:TUO!.5,T,<A4Y7>H./IFHVL+-P0UI`P+;CF,')
M]>G6@#,&OR"$S-9J$"[\";YB#NVX&.2=IX]/6M*QN9;J(R20>2,D`$G)()!X
M(''`_.GFSM6V[K:$[5V+E!POH/:G0V\,`(AACC!Z[%`S^5`&'_;5[#<`2+;S
M1>:Z$(K(V%=4SG)SRW3VH/B5R5"609FPP'G8^4[<?P]?F''ZUM_9+;(/V>+(
M.1\@X.<_SY^M-6PLTQMM(%P<C$8'.0?Y@?E0!CCQ(Q*+]C4-(H*9FX;UYV]`
M/QZ<<U9T_6_MLY3[/Y<8C+AR^3P%SD8_VO7M5TZ=8D$&RMR"`#^Z7D#IVJ5;
M:!2Q6",%@02$'(/6@#F[+Q1<SRP+);Q@$8DQD8)<`8Y/0$$_TJ=_$DI1?+M%
M4R!`K,^[!8`],#LP[]ZV386;*5:T@(/4&,<_I2BRM`5(M8<J01^['!&,?R'Y
M"@#'/B"8O%LM8L2*&"F7)(8J%R0/E^]DC!Z4B^)&F,:0VZ!I=NTERP!+*#G@
M?WO7MTK3FTFQE55-M$BJX<A8U`;V/'(_PJ9;&S23S%M(%?CYA&`>.G-"!F)?
M>(;B#5)K..*(A9(T1F!Z'[Y//;(HD\2RF&8PVB%XT9B3(2.`N.PSDL!CCZUN
M-9VK.7:VA+$Y)*#.::EA9QKMCM($4]EC`[Y_F!^5"`QF\1S2Q@6]H-[A0KEB
M5#-MP#QZ,._7\ZLZGJTUE=[5$/EHL9D#9R2S$8!R`,`$\BM#^S[+G_0[?D`'
M]TO('/I3I+.UEE\V2VA>3&W>T8)QZ9H`QH?$$TTKD6\2I$AW`R'EB0!@[?<]
MO_KZ^GW8OK**Y"[?,&=N<XI/[-L=NW[%;;<8QY2XQG/IZ\U-#!#;IL@B2)>N
MU%"C]*`)****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****
M`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`
M*=']\4VG1_?%`#C'DDYH\KW_`$HHH`/*]_TH\KW_`$HHH`/*]_TH\KW_`$HH
MH`/*]_TH\KW_`$HHH`/*]_TH\KW_`$HHH`/*]_TH\KW_`$HHH`/*]_TH\KW_
M`$HHH`/*]_TH\KW_`$HHH`/*]_TH\KW_`$HHH`/*]_TH\KW_`$HHH`/*]_TH
M\KW_`$HHH`/*]_TH\KW_`$HHH`/*]_TH\KW_`$HHH`/*]_TH\KW_`$HHH`/*
M]_TH\KW_`$HHH`/*]_TH\KW_`$HHH`/*]_TH\KW_`$HHH`/*]_TH\KW_`$HH
MH`/*]_TH\KW_`$HHH`/*]_TH\KW_`$HHH`/*]_TH\KW_`$HHH`/*]_TH\KW_
M`$HHH`/*]_TH\KW_`$HHH`/*]_TH\KW_`$HHH`/*]_TH\KW_`$HHH`/*]_TH
M\KW_`$HHH`/*]_TH\KW_`$HHH`/*]_TH\KW_`$HHH`/*]_TH\KW_`$HHH`/*
M]_TH\KW_`$HHH`/*]_TH\KW_`$HHH`/*]_TH\KW_`$HHH`/*]_TH\KW_`$HH
;H`/*]_TH\KW_`$HHH`/*]_TI5CVG.:**`/_9
`
end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99
<SEQUENCE>6
<FILENAME>bfkex99.htm
<DESCRIPTION>CERTIFICATION
<TEXT>

<HTML>
<HEAD>
   <TITLE>bfkex99.htm - Generated by SEC Publisher for SEC Filing</TITLE>
</HEAD>

<BODY bgcolor="#ffffff">


<!--$$/page=-->
<A name="page_1"></A><BR>

<P style="text-align: left;">
<B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">EX-99.CERT</FONT></B><BR>
<B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">CERTIFICATION PURSUANT TO RULE 30a-2(a) UNDER THE 1940 ACT AND SECTION 302 OF</FONT></B><BR>
<B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">THE SARBANES-OXLEY ACT OF 2002</FONT></B><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">I, John M. Perlowski, Chief Executive Officer (principal executive officer) of BlackRock Municipal Income Trust, certify</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">that:</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">1. I have reviewed this report on Form N-CSR of BlackRock Municipal Income Trust;</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">material fact necessary to make the statements made, in light of the circumstances under which such statements were made,</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">not misleading with respect to the period covered by this report;</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">in this report;</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">designed under our supervision, to ensure that material information relating to the registrant, including its</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">which this report is being prepared;</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">b) designed such internal control over financial reporting, or caused such internal control over financial</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">financial reporting and the preparation of financial statements for external purposes in accordance with generally</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">accepted accounting principles;</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">c) evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">days prior to the filing date of this report based on such evaluation; and</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">d) disclosed in this report any change in the registrant's internal control over financial reporting that</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">reasonably likely to materially affect, the registrant's internal control over financial reporting; and</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">of the registrant's board of directors (or persons performing the equivalent functions):</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">a) all significant deficiencies and material weaknesses in the design or operation of internal control over</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process,</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">summarize, and report financial information; and</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">b) any fraud, whether or not material, that involves management or other employees who have a significant</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">role in the registrant's internal control over financial reporting.</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Date: July 5, 2011</FONT><BR>
<BR>
<U><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">/S/ John M. Perlowski</FONT></U><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">John M. Perlowski</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Chief Executive Officer (principal executive officer) of</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">BlackRock Municipal Income Trust</FONT></P>

<HR noshade align="center" width="100%" size=2><DIV STYLE="page-break-before: always"></div>



<!--$$/page=-->
<A name="page_2"></A><BR>

<P style="text-align: left;">
<B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">EX-99.CERT</FONT></B><BR>
<B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">CERTIFICATION PURSUANT TO RULE 30a-2(a) UNDER THE 1940 ACT AND</FONT></B><BR>
<B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002</FONT></B><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">I, Neal J. Andrews, Chief Financial Officer (principal financial officer) of BlackRock Municipal Income</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Trust, certify that:</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">1. I have reviewed this report on Form N-CSR of BlackRock Municipal Income Trust;</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">2. Based on my knowledge, this report does not contain any untrue statement of a material fact or</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">omit to state a material fact necessary to make the statements made, in light of the circumstances under</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">which such statements were made, not misleading with respect to the period covered by this report;</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">3. Based on my knowledge, the financial statements, and other financial information included in this</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">report, fairly present in all material respects the financial condition, results of operations, changes in net</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">registrant as of, and for, the periods presented in this report;</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Company Act of 1940) for the registrant and have:</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">a) designed such disclosure controls and procedures, or caused such disclosure controls and</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">procedures to be designed under our supervision, to ensure that material information relating to the</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">registrant, including its consolidated subsidiaries, is made known to us by others within those</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">entities, particularly during the period in which this report is being prepared;</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">b) designed such internal control over financial reporting, or caused such internal control</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">over financial reporting to be designed under our supervision, to provide reasonable assurance</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">regarding the reliability of financial reporting and the preparation of financial statements for</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">external purposes in accordance with generally accepted accounting principles;</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">c) evaluated the effectiveness of the registrant's disclosure controls and procedures and</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">presented in this report our conclusions about the effectiveness of the disclosure controls and</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">procedures, as of a date within 90 days prior to the filing date of this report based on such</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">evaluation; and</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">d) disclosed in this report any change in the registrant's internal control over financial</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">reporting that occurred during the second fiscal quarter of the period covered by this report that</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">has materially affected, or is reasonably likely to materially affect, the registrant's internal control</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">over financial reporting; and</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">audit committee of the registrant's board of directors (or persons performing the equivalent functions):</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">a) all significant deficiencies and material weaknesses in the design or operation of internal</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">control over financial reporting which are reasonably likely to adversely affect the registrant's</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">ability to record, process, summarize, and report financial information; and</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">b) any fraud, whether or not material, that involves management or other employees who</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">have a significant role in the registrant's internal control over financial reporting.</FONT></P>

<HR noshade align="center" width="100%" size=2><DIV STYLE="page-break-before: always"></div>



<!--$$/page=-->
<A name="page_3"></A><BR>

<P style="text-align: left;">
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Date: July 5, 2011</FONT><BR>
<BR>
<U><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">/S/ Neal J. Andrews</FONT></U><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Neal J. Andrews</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Chief Financial Officer (principal financial officer) of</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">BlackRock Municipal Income Trust</FONT></P>

<HR noshade align="center" width="100%" size=2><DIV STYLE="page-break-before: always"></div>


</BODY>

</HTML>

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99
<SEQUENCE>7
<FILENAME>bfk906.htm
<DESCRIPTION>CERTIFICATION
<TEXT>

<HTML>
<HEAD>
   <TITLE>bfk906.htm - Generated by SEC Publisher for SEC Filing</TITLE>
</HEAD>

<BODY bgcolor="#ffffff">


<!--$$/page=-->
<A name="page_1"></A><BR>

<P style="text-align: left;">
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Exhibit 99.1350CERT</FONT><BR>
<BR>
<B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">Certification Pursuant to Rule 30a-2(b) under the 1940 Act and</FONT></B><BR>
<B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">Section 906 of the Sarbanes Oxley Act</FONT></B><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Pursuant to 18 U.S.C. &#167; 1350, the undersigned officer of BlackRock Municipal Income Trust (the &#147;Registrant&#148;),</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">hereby certifies, to the best of his knowledge, that the Registrant&#146;s Report on Form N-CSR for the period ended</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">April 30, 2011 (the &#147;Report&#148;) fully complies with the requirements of Section 13(a) of the Securities Exchange Act</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">of 1934, as amended, and that the information contained in the Report fairly presents, in all material respects, the</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">financial condition and results of operations of the Registrant.</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Date: July 5, 2011</FONT><BR>
<BR>
<U><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">/S/ John M. Perlowski</FONT></U><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">John M. Perlowski</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Chief Executive Officer (principal executive officer) of</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">BlackRock Municipal Income Trust</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Pursuant to 18 U.S.C. &#167; 1350, the undersigned officer of BlackRock Municipal Income Trust (the &#147;Registrant&#148;),</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">hereby certifies, to the best of his knowledge, that the Registrant&#146;s Report on Form N-CSR for the period ended</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">April 30, 2011 (the &#147;Report&#148;) fully complies with the requirements of Section 13(a) of the Securities Exchange Act</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">of 1934, as amended, and that the information contained in the Report fairly presents, in all material respects, the</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">financial condition and results of operations of the Registrant.</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Date: July 5, 2011</FONT><BR>
<BR>
<U><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">/S/ Neal J. Andrews</FONT></U><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Neal J. Andrews</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Chief Financial Officer (principal financial officer) of</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">BlackRock Municipal Income Trust</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">This certification is being furnished pursuant to Rule 30a-2(b) under the Investment Company Act of 1940, as</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">amended, and 18 U.S.C. Section 1350 and is not being filed as part of the Form N-CSR with the Securities and</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Exchange Commission</FONT><B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">.</FONT></B></P>

<HR noshade align="center" width="100%" size=2><DIV STYLE="page-break-before: always"></div>


</BODY>

</HTML>

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.PROXYPOL
<SEQUENCE>8
<FILENAME>proxyvoting.htm
<DESCRIPTION>PROXY VOTING POLICY
<TEXT>

<HTML>
<HEAD>
   <TITLE>proxyvoting.htm - Generated by SEC Publisher for SEC Filing</TITLE>
</HEAD>

<BODY bgcolor="#ffffff">


<!--$$/page=-->
<A name="page_1"></A><BR>

<P style="text-align: left;">
<B><FONT size=2 face="TrebuchetMS-Bold,Arial,Helvetica,sans-serif">CONFIDENTIAL</FONT></B><BR>
<BR>
<U><FONT size=6 face="Trebuchet MS,Arial,Helvetica,sans-serif">Proxy Voting Policies</FONT></U><BR>
<BR>
<FONT size=5 face="Trebuchet MS,Arial,Helvetica,sans-serif">For The BlackRock-Advised Funds</FONT><BR>
<BR>
<FONT size=5 face="Trebuchet MS,Arial,Helvetica,sans-serif">December, 2009</FONT><BR>
<BR>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Copyright &#169; 2010 BlackRock, Inc.</FONT><BR>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">All rights reserved.</FONT></P>

<HR noshade align="center" width="100%" size=2><DIV STYLE="page-break-before: always"></div>


<!--$$/page=--><A name="page_2"></A><B><FONT size=2 face=TrebuchetMS-Bold,Arial,Helvetica,sans-serif>CONFIDENTIAL</FONT></B><BR><BR><FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Table of Contents</FONT><BR><BR><FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Page</FONT><BR><B><FONT size=2 face=TrebuchetMS-Bold,Arial,Helvetica,sans-serif>I. INTRODUCTION </FONT></B><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">1</FONT><BR><B><FONT size=2 face=TrebuchetMS-Bold,Arial,Helvetica,sans-serif>II. PROXY VOTING POLICIES </FONT></B><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">2</FONT><BR><FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">&nbsp;&nbsp;&nbsp; A. Boards of Directors 2</FONT><BR><FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">&nbsp;&nbsp;&nbsp; B. Auditors 2</FONT><BR><FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">&nbsp;&nbsp;&nbsp; C. Compensation and Benefits 2</FONT><BR><FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">&nbsp;&nbsp;&nbsp; D. Capital Structure 2</FONT><BR><FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">&nbsp;&nbsp;&nbsp; E. Corporate Charter and By-Laws 3</FONT><BR><FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">&nbsp;&nbsp;&nbsp; F. Environmental and Social Issues 3</FONT><BR><B><FONT size=2 face=TrebuchetMS-Bold,Arial,Helvetica,sans-serif>III. CONFLICTS MANAGEMENT </FONT></B><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">3</FONT><BR><B><FONT size=2 face=TrebuchetMS-Bold,Arial,Helvetica,sans-serif>IV. REPORTS TO THE BOARD </FONT></B><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">3</FONT>

<HR align=center SIZE=2 width="100%" noShade>



<DIV style="PAGE-BREAK-BEFORE: always"></DIV>


<!--$$/page=-->
<A name="page_3"></A><BR>

<P style="text-align: left;">
<B><FONT size=2 face="TrebuchetMS-Bold,Arial,Helvetica,sans-serif">I. INTRODUCTION</FONT></B><BR>
<BR>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">The Trustees/Directors (&#147;Directors&#148;) of the BlackRock-Advised Funds (the &#147;Funds&#148;) have</FONT><BR>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">the responsibility for voting proxies relating to portfolio securities of the Funds, and have</FONT><BR>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">determined that it is in the best interests of the Funds and their shareholders to delegate</FONT><BR>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">that responsibility to BlackRock Advisors, LLC and its affiliated U.S. registered investment</FONT><BR>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">advisers (&#147;BlackRock&#148;), the investment adviser to the Funds, as part of BlackRock&#146;s</FONT><BR>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">authority to manage, acquire and dispose of account assets. The Directors hereby direct</FONT><BR>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">BlackRock to vote such proxies in accordance with this Policy, and any proxy voting</FONT><BR>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">guidelines that the Adviser determines are appropriate and in the best interests of the</FONT><BR>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Funds&#146; shareholders and which are consistent with the principles outlined in this Policy.</FONT><BR>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">The Directors have authorized BlackRock to utilize an unaffiliated third-party as its agent</FONT><BR>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">to vote portfolio proxies in accordance with this Policy and to maintain records of such</FONT><BR>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">portfolio proxy voting.</FONT><BR>
<BR>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Rule 206(4)-6 under the Investment Advisers Act of 1940 requires, among other things, that</FONT><BR>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">an investment adviser that exercises voting authority over clients&#146; proxy voting adopt</FONT><BR>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">policies and procedures reasonably designed to ensure that the adviser votes proxies in the</FONT><BR>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">best interests of clients, discloses to its clients information about those policies and</FONT><BR>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">procedures and also discloses to clients how they may obtain information on how the</FONT><BR>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">adviser has voted their proxies.</FONT><BR>
<BR>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">BlackRock has adopted separate but substantially similar guidelines and procedures that</FONT><BR>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">are consistent with the principles of this Policy. BlackRock&#146;s Corporate Governance</FONT><BR>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Committee (the &#147;Committee&#148;), addresses proxy voting issues on behalf of BlackRock and</FONT><BR>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">its clients, including the Funds. The Committee is comprised of senior members of</FONT><BR>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">BlackRock&#146;s Portfolio Management and Administration Groups and is advised by</FONT><BR>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">BlackRock&#146;s Legal and Compliance Department.</FONT><BR>
<BR>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">BlackRock votes (or refrains from voting) proxies for each Fund in a manner that</FONT><BR>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">BlackRock, in the exercise of its independent business judgment, concludes are in the best</FONT><BR>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">economic interests of such Fund. In some cases, BlackRock may determine that it is in the</FONT><BR>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">best economic interests of a Fund to refrain from exercising the Fund&#146;s proxy voting rights</FONT><BR>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">(such as, for example, proxies on certain non-U.S. securities that might impose costly or</FONT><BR>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">time-consuming in-person voting requirements). With regard to the relationship between</FONT><BR>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">securities lending and proxy voting, BlackRock&#146;s approach is also driven by our clients&#146;</FONT><BR>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">economic interests. The evaluation of the economic desirability of recalling loans</FONT><BR>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">involves balancing the revenue producing value of loans against the likely economic value</FONT><BR>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">of casting votes. Based on our evaluation of this relationship, BlackRock believes that the</FONT><BR>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">likely economic value of casting a vote generally is less than the securities lending income,</FONT><BR>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">either because the votes will not have significant economic consequences or because the</FONT><BR>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">outcome of the vote would not be affected by BlackRock recalling loaned securities in</FONT><BR>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">order to ensure they are voted. Periodically, BlackRock analyzes the process and benefits</FONT><BR>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">of voting proxies for securities on loan, and will consider whether any modification of its</FONT><BR>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">proxy voting policies or procedures are necessary in light of any regulatory changes.</FONT><BR>
<BR>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">BlackRock will normally vote on specific proxy issues in accordance with BlackRock&#146;s proxy</FONT><BR>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">voting guidelines. BlackRock&#146;s proxy voting guidelines provide detailed guidance as to how</FONT><BR>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">to vote proxies on certain important or commonly raised issues. BlackRock may, in the</FONT><BR>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">exercise of its business judgment, conclude that the proxy voting guidelines do not cover</FONT><BR>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">the specific matter upon which a proxy vote is requested, or that an exception to the</FONT><BR>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">proxy voting guidelines would be in the best economic interests of a Fund. BlackRock</FONT><BR>
<BR>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">1</FONT></P>

<HR noshade align="center" width="100%" size=2><DIV STYLE="page-break-before: always"></div>



<!--$$/page=-->
<A name="page_4"></A><BR>

<P style="text-align: left;">
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">votes (or refrains from voting) proxies without regard to the relationship of the issuer of</FONT><BR>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">the proxy (or any shareholder of such issuer) to the Fund, the Fund&#146;s affiliates (if any),</FONT><BR>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">BlackRock or BlackRock&#146;s affiliates. When voting proxies, BlackRock attempts to</FONT><BR>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">encourage companies to follow practices that enhance shareholder value and increase</FONT><BR>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">transparency and allow the market to place a proper value on their assets.</FONT><BR>
<BR>
<B><FONT size=2 face="TrebuchetMS-Bold,Arial,Helvetica,sans-serif">II. PROXY VOTING POLICIES</FONT></B><BR>
<BR>
<B><FONT size=2 face="TrebuchetMS-Bold,Arial,Helvetica,sans-serif">A. Boards of Directors</FONT></B><BR>
<BR>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">The Funds generally support the board&#146;s nominees in the election of directors and</FONT><BR>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">generally support proposals that strengthen the independence of boards of directors. As a</FONT><BR>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">general matter, the Funds believe that a company&#146;s board of directors (rather than</FONT><BR>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">shareholders) is most likely to have access to important, nonpublic information regarding a</FONT><BR>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">company&#146;s business and prospects, and is therefore best-positioned to set corporate policy</FONT><BR>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">and oversee management. The Funds therefore believe that the foundation of good</FONT><BR>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">corporate governance is the election of responsible, qualified, independent corporate</FONT><BR>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">directors who are likely to diligently represent the interests of shareholders and oversee</FONT><BR>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">management of the corporation in a manner that will seek to maximize shareholder value</FONT><BR>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">over time. In individual cases, consideration may be given to a director nominee&#146;s history</FONT><BR>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">of representing shareholder interests as a director of the company issuing the proxy or</FONT><BR>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">other companies, or other factors to the extent deemed relevant by the Committee.</FONT><BR>
<BR>
<B><FONT size=2 face="TrebuchetMS-Bold,Arial,Helvetica,sans-serif">B. Auditors</FONT></B><BR>
<BR>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">These proposals concern those issues submitted to shareholders related to the selection of</FONT><BR>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">auditors. As a general matter, the Funds believe that corporate auditors have a</FONT><BR>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">responsibility to represent the interests of shareholders and provide an independent view</FONT><BR>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">on the propriety of financial reporting decisions of corporate management. While the</FONT><BR>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Funds anticipate that BlackRock will generally defer to a corporation&#146;s choice of auditor,</FONT><BR>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">in individual cases, consideration may be given to an auditors&#146; history of representing</FONT><BR>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">shareholder interests as auditor of the company issuing the proxy or other companies, to</FONT><BR>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">the extent deemed relevant.</FONT><BR>
<BR>
<B><FONT size=2 face="TrebuchetMS-Bold,Arial,Helvetica,sans-serif">C. Compensation and Benefits</FONT></B><BR>
<BR>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">These proposals concern those issues submitted to shareholders related to management</FONT><BR>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">compensation and employee benefits. As a general matter, the Funds favor disclosure of a</FONT><BR>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">company&#146;s compensation and benefit policies and oppose excessive compensation, but</FONT><BR>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">believe that compensation matters are normally best determined by a corporation&#146;s board</FONT><BR>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">of directors, rather than shareholders. Proposals to &#147;micro-manage&#148; a company&#146;s</FONT><BR>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">compensation practices or to set arbitrary restrictions on compensation or benefits should</FONT><BR>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">therefore generally not be supported.</FONT><BR>
<BR>
<B><FONT size=2 face="TrebuchetMS-Bold,Arial,Helvetica,sans-serif">D. Capital Structure</FONT></B><BR>
<BR>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">These proposals relate to various requests, principally from management, for approval of</FONT><BR>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">amendments that would alter the capital structure of a company, such as an increase in</FONT><BR>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">authorized shares. As a general matter, the Funds expect that BlackRock will support</FONT><BR>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">requests that it believes enhance the rights of common shareholders and oppose requests</FONT><BR>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">that appear to be unreasonably dilutive.</FONT><BR>
<BR>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">2</FONT></P>

<HR noshade align="center" width="100%" size=2><DIV STYLE="page-break-before: always"></div>



<!--$$/page=-->
<A name="page_5"></A><BR>

<P style="text-align: left;">
<B><FONT size=2 face="TrebuchetMS-Bold,Arial,Helvetica,sans-serif">E. Corporate Charter and By-Laws</FONT></B><BR>
<BR>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">These proposals relate to various requests for approval of amendments to a corporation&#146;s</FONT><BR>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">charter or by-laws. As a general matter, the Funds generally vote against anti-takeover</FONT><BR>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">proposals and proposals that would create additional barriers or costs to corporate</FONT><BR>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">transactions that are likely to deliver a premium to shareholders.</FONT><BR>
<BR>
<B><FONT size=2 face="TrebuchetMS-Bold,Arial,Helvetica,sans-serif">F. Environmental and Social Issues</FONT></B><BR>
<BR>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">These are shareholder proposals addressing either corporate social and environmental</FONT><BR>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">policies or requesting specific reporting on these issues. The Funds generally do not</FONT><BR>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">support proposals on social issues that lack a demonstrable economic benefit to the issuer</FONT><BR>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">and the Fund investing in such issuer. BlackRock seeks to make proxy voting decisions in</FONT><BR>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">the manner most likely to protect and promote the long-term economic value of the</FONT><BR>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">securities held in client accounts. We intend to support economically advantageous</FONT><BR>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">corporate practices while leaving direct oversight of company management and strategy to</FONT><BR>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">boards of directors. We seek to avoid micromanagement of companies, as we believe that</FONT><BR>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">a company&#146;s board of directors is best positioned to represent shareholders and oversee</FONT><BR>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">management on shareholders behalf. Issues of corporate social and environmental</FONT><BR>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">responsibility are evaluated on a case-by-case basis within this framework.</FONT><BR>
<BR>
<B><FONT size=2 face="TrebuchetMS-Bold,Arial,Helvetica,sans-serif">III. CONFLICTS MANAGEMENT</FONT></B><BR>
<BR>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">BlackRock maintains policies and procedures that are designed to prevent any relationship</FONT><BR>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">between the issuer of the proxy (or any shareholder of the issuer) and a Fund, a Fund&#146;s</FONT><BR>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">affiliates (if any), BlackRock or BlackRock&#146;s affiliates, from having undue influence on</FONT><BR>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">BlackRock&#146;s proxy voting activity. In certain instances, BlackRock may determine to</FONT><BR>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">engage an independent fiduciary to vote proxies as a further safeguard against potential</FONT><BR>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">conflicts of interest or as otherwise required by applicable law. The independent fiduciary</FONT><BR>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">may either vote such proxies or provide BlackRock with instructions as to how to vote such</FONT><BR>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">proxies. In the latter case, BlackRock votes the proxy in accordance with the independent</FONT><BR>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">fiduciary&#146;s determination.</FONT><BR>
<BR>
<B><FONT size=2 face="TrebuchetMS-Bold,Arial,Helvetica,sans-serif">IV. REPORTS TO THE BOARD</FONT></B><BR>
<BR>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">BlackRock will report to the Directors on proxy votes it has made on behalf of the Funds at</FONT><BR>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">least annually.</FONT><BR>
<BR>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">3</FONT><BR>
<FONT size=1 face="TimesNewRomanPSMT,Times New Roman,Times,serif">NY1 7275629V.2</FONT></P>

<HR noshade align="center" width="100%" size=2><DIV STYLE="page-break-before: always"></div>


</BODY>

</HTML>

</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
