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<SEC-DOCUMENT>0000900092-09-000037.txt : 20090205
<SEC-HEADER>0000900092-09-000037.hdr.sgml : 20090205
<ACCEPTANCE-DATETIME>20090205140953
ACCESSION NUMBER:		0000900092-09-000037
CONFORMED SUBMISSION TYPE:	N-CSRS
PUBLIC DOCUMENT COUNT:		7
CONFORMED PERIOD OF REPORT:	20081130
FILED AS OF DATE:		20090205
DATE AS OF CHANGE:		20090205
EFFECTIVENESS DATE:		20090205

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			BLACKROCK MUNIASSETS FUND, INC.
		CENTRAL INDEX KEY:			0000901243
		IRS NUMBER:				223239638
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		N-CSRS
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-07642
		FILM NUMBER:		09572496

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

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

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	MUNIASSETS FUND INC
		DATE OF NAME CHANGE:	19930714

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	MUNIINCOME FUND INC
		DATE OF NAME CHANGE:	19930517
</SEC-HEADER>
<DOCUMENT>
<TYPE>N-CSRS
<SEQUENCE>1
<FILENAME>muniassetsfinal.htm
<DESCRIPTION>BR MUNIASSETS FUND, INC.
<TEXT>

<HTML>
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   <TITLE>November 2008 N-CSRS -- Converted by SEC Publisher, created by BCL Technologies Inc., for SEC Filing</TITLE>
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<FONT face="ArialMT,Arial,Helvetica,sans-serif">UNITED STATES</FONT><BR>
<FONT face="ArialMT,Arial,Helvetica,sans-serif"> SECURITIES AND EXCHANGE COMMISSION </FONT><BR>
<FONT face="ArialMT,Arial,Helvetica,sans-serif">Washington, D.C. 20549</FONT><BR>
<BR>
<B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">FORM N-CSRS</FONT></B><BR>
<BR>
<B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT </FONT></B><BR>
<B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">INVESTMENT COMPANIES</FONT></B></TD></TR></TABLE>
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<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Investment Company Act file number 811-07642</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Name of Fund: BlackRock MuniAssets Fund, Inc. (MUA)</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Fund Address: 100 Bellevue Parkway, Wilmington, DE 19809</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Name and address of agent for service: Donald C. Burke, Chief Executive Officer, BlackRock </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">MuniAssets Fund, Inc., 800 Scudders Mill Road, Plainsboro, NJ, 08536. Mailing address:</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">P.O. Box 9011, Princeton, NJ, 08543-9011</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Registrant&#146;s telephone number, including area code: (800) 882-0052, Option 4</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Date of fiscal year end: 05/31/2009</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Date of reporting period: 06/01/2008 &#150; 11/30/2008</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Item 1 &#150; Report to Stockholders </FONT></TD></TR></TABLE>
</P>

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<P align=left><FONT face="DIN-Light,Times New Roman,Times,serif" size=1>EQUITIES FIXED INCOME REAL ESTATE LIQUIDITY ALTERNATIVES BLACKROCK SOLUTIONS </FONT><BR>
<BR>
<FONT face="DIN-Regular,Times New Roman,Times,serif" size=5>Semi-Annual Report</FONT><BR>
<BR>
<FONT face="DIN-Light,Times New Roman,Times,serif">NOVEMBER 30, 2008 | (UNAUDITED) </FONT><BR>
<BR>
<FONT face="DIN-Regular,Times New Roman,Times,serif" color=#0036c4 size=4>BlackRock MuniAssets Fund, Inc. (MUA)</FONT><BR>
<BR>
<FONT face="DIN-Regular,Times New Roman,Times,serif" color=#0036c4 size=4>BlackRock Muni Intermediate Duration Fund, Inc. (MUI)</FONT></P>
<IMG src="brmuniassetsintermediatex1x1.jpg" border=0>
<BR>
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     <TD noWrap><FONT face="DIN-Light,Times New Roman,Times,serif" size=1>NOT FDIC INSURED</FONT><BR>
<FONT face="DIN-Light,Times New Roman,Times,serif" size=1>MAY LOSE VALUE</FONT><BR>
<FONT face="DIN-Light,Times New Roman,Times,serif" size=1>NO BANK GUARANTEE</FONT></TD></TR></TABLE></P>
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     <TD noWrap align=left width="61%"><FONT face="FranklinGothic-Book,Times New Roman,Times,serif" color=#0036c4 size=4>Table of Contents</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="36%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="61%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="36%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#0036c4 size=1>Page</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="61%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>A Letter to Shareholders</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="36%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>3</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="61%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=2>Semi-Annual Report:</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="36%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="61%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>Fund Summaries</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="36%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>4</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="61%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>The Benefits and Risks of Leveraging</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="36%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>6</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="61%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>Derivative Instruments</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="36%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>6</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="61%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>Financial Statements:</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="36%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="61%">&nbsp; &nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>Schedules of Investments</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="36%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>7</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="61%">&nbsp; &nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>Statements of Assets and Liabilities</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="36%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>18</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="61%">&nbsp; &nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>Statements of Operations</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="36%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>19</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="61%">&nbsp; &nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>Statements of Changes in Net Assets</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="36%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>20</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="61%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>Financial Highlights</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="36%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>21</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="61%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>Notes to Financial Statements</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="36%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>23</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="61%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>Officers and Directors</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="36%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>28</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="61%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>Additional Information</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="36%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>29</FONT>&nbsp; </TD></TR></TABLE><BR>
<P align=left>
<TABLE>
<TR>
     <TD noWrap><FONT face="FranklinGothic-Book,Times New Roman,Times,serif" size=1>2 SEMI-ANNUAL REPORT</FONT></TD></TR></TABLE></P>
<P align=left>
<TABLE>
<TR>
     <TD noWrap><FONT face="FranklinGothic-Book,Times New Roman,Times,serif" size=1>NOVEMBER 30, 2008</FONT></TD></TR></TABLE></P>
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<A name="page_3"></A>
<P align=left><FONT face="FranklinGothic-Book,Times New Roman,Times,serif" color=#0036c4 size=4>A Letter to Shareholders</FONT><BR>
<BR>
<B><FONT face="FranklinGothic-Demi,Times New Roman,Times,serif" size=2>Dear Shareholder</FONT></B></P>
<P align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>The present times may well be remembered as one of the most tumultuous periods in financial market history. Over the past year, the bursting of the</FONT><BR>
<BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>housing bubble and the resultant credit crisis mushroomed into an all-out global financial market meltdown, featuring the collapse of storied financial</FONT><BR>
<BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>firms, volatile swings in the world&#146;s financial markets and monumental government responses designed to rescue the beleaguered financial system.</FONT><BR>
<BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>The U.S. economy appeared relatively resilient through the first half of 2008, when rising food and energy prices stoked fears of inflation. The tenor</FONT><BR>
<BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>changed dramatically in the second half, as inflation pressures subsided amid plummeting oil prices, but a uniform and rapid deterioration in key eco-</FONT><BR>
<BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>nomic indicators darkened growth prospects. Just after the close of the reporting period, the National Bureau of Economic Research officially declared</FONT><BR>
<BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>that the U.S. was in a recession, and that it had begun in December 2007. The Federal Reserve Board (the &#147;Fed&#148;), after slashing interest rates aggres-</FONT><BR>
<BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>sively in the early months of the year, resumed that rate-cutting campaign in the fall, bringing the target federal funds rate to a record low range of</FONT><BR>
<BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>between zero to 0.25% on December 16. More significant was the central bank&#146;s pledge that future policy moves to revive the global economy and</FONT><BR>
<BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>financial markets would comprise primarily nontraditional and quantitative easing measures, such as capital injections, lending programs and govern-</FONT><BR>
<BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>ment guarantees.</FONT><BR>
<BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>Against this backdrop, U.S. equity markets experienced intense volatility, with periods of downward pressure punctuated by sharp rebounds. Losses were</FONT><BR>
<BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>significant and broad-based, though non-U.S. markets decelerated at a considerably faster pace than domestic equities &#151; a stark reversal of prior years&#146;</FONT><BR>
<BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>trends, when international stocks generally outpaced U.S. stocks.</FONT><BR>
<BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>Treasury issues also traded in a volatile fashion, but rallied overall (yields fell and prices correspondingly rose) and outperformed other fixed income</FONT><BR>
<BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>assets as investors retreated to the safest and most liquid investments. Amid spillover from historic events in the financial sector, municipals contended</FONT><BR>
<BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>with fewer market participants, lack of liquidity, a challenging funding environment and a backlog of new-issue supply, all of which contributed to the</FONT><BR>
<BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>sector&#146;s underperformance relative to its taxable counterparts. Similarly, economic turmoil and badly broken credit markets plagued the high yield sec-</FONT><BR>
<BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>tor, with the third quarter of 2008 marking one of the worst periods in history for the asset class.</FONT></P>
<TABLE cellSpacing=0 cellPadding=0 border=0>
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     <TD noWrap align=left width="87%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>In all, an investor flight to safety prevailed, as evidenced in the six- and 12-month returns of the major benchmark indexes:</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="10%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Total Returns as of November 30, 2008</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="30%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>6-month</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="10%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>12-month</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>U.S. equities (S&amp;P 500 Index)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="30%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(35.20)%</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(38.09)%</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Small cap U.S. equities (Russell 2000 Index)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="30%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(36.26)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(37.46)</FONT>&nbsp; </TD></TR>
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     <TD noWrap align=left width="55%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>International equities (MSCI Europe, Australasia, Far East Index)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="30%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(44.92)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(47.79)</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>U.S. Treasury securities (Merrill Lynch 10-Year U.S. Treasury Index)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="30%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>11.62</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>12.69</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Taxable fixed income (Barclays Capital U.S. Aggregate Index*)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="30%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>0.24</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1.74</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Tax-exempt fixed income (Barclays Capital Municipal Bond Index*)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="30%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(4.98)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(3.61)</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>High yield bonds</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="30%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="10%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(Barclays Capital U.S. Corporate High Yield 2% Issuer Capped Index*)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="30%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(31.73)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(30.49)</FONT>&nbsp; </TD></TR></TABLE><BR>
<P align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>* Formerly a Lehman Brothers Index.</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Past performance is no guarantee of future results. Index performance shown is for illustrative purposes only. You cannot invest directly in an index.</FONT></P>
<P align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>Through periods of market turbulence, as ever, BlackRock&#146;s full resources are dedicated to the management of our clients&#146; assets. For our most current</FONT><BR>
<BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>views on the economy and financial markets, we invite you to visit </FONT><B><FONT face="FranklinGothic-MedCnd,Times New &#13;&#10;Roman,Times,serif" size=2>www.blackrock.com/funds</FONT></B><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>. As always, we thank you for entrusting BlackRock with</FONT><BR>
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<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>your investments, and we look forward to continuing to serve you in the months and years ahead.</FONT></P>
<IMG src="brmuniassetsintermediatex3x1.jpg" border=0>
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     <TD noWrap><FONT face="FranklinGothic-Book,Times New Roman,Times,serif" color=#4d4d4d size=2>THIS PAGE NOT PART OF YOUR FUND REPORT</FONT></TD></TR></TABLE></P>
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     <TD noWrap><FONT face="FranklinGothic-Book,Times New Roman,Times,serif" color=#0036c4 size=4>Fund Summary </FONT><FONT face="FranklinGothic-Book,Times New Roman,Times,serif" color=#0036c4 size=2>as of November 30, 2008</FONT></TD></TR></TABLE></P>
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     <TD noWrap><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#0036c4 size=2>BlackRock MuniAssets Fund, Inc.</FONT></B></TD></TR></TABLE></P>
<P align=left><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#0036c4 size=1>Investment Objective</FONT></B><BR>
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<B><FONT face="FranklinGothic-MedCnd,Times New Roman,Times,serif" size=2>BlackRock MuniAsset Fund, Inc. (MUA) (the &#147;Fund&#148;) </FONT></B><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>seeks to provide shareholders with current income exempt from federal income taxes by invest-</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>ing primarily in a portfolio of medium-to-lower grade or unrated municipal obligations, the interest on which, in the opinion of bond counsel to the</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>issuer, is exempt from federal income taxes.</FONT><BR>
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<B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#0036c4 size=1>Performance</FONT></B><BR>
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<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>For the six months ended November 30, 2008, the Fund returned (24.60)% based on market price and (15.86)% based on net asset value (&#147;NAV&#148;). </FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>For the same period, the closed-end Lipper High Yield Municipal Debt Funds category posted an average return of (21.97)% on a NAV basis. All returns</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>reflect reinvestment of dividends. The Fund moved from a premium to NAV to a discount by period-end, which accounts for the difference between per-</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>formance based on price and performance based on NAV. Factors that contributed to the Fund&#146;s outperformance included a bias towards higher-quality</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>issues, a below-market duration position and an above-average distribution yield. Given improving value in the high yield municipal arena, activity during</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>the latter part of the reporting period was geared toward adopting a more neutral posture with respect to both credit and duration.</FONT></P>
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<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions.</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>These views are not intended to be a forecast of future events and are no guarantee of future results.</FONT></P>
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     <TD noWrap align=left width="11%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#0036c4 size=1>Fund Information</FONT></B>&nbsp; </TD>
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     <TD noWrap align=left width="35%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>Symbol on New York Stock Exchange</FONT>&nbsp; </TD>
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     <TD noWrap align=center width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>MUA</FONT>&nbsp; </TD></TR>
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     <TD noWrap align=left width="35%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>Initial Offering Date</FONT>&nbsp; </TD>
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     <TD noWrap align=right width="14%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>June 25, 1993</FONT>&nbsp; </TD></TR>
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     <TD noWrap align=left width="45%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>Yield on Closing Market Price as of November 30, 2008 ($9.71)</FONT><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>1</FONT></SUP>&nbsp; </TD>
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     <TD noWrap align=center width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>8.34%</FONT>&nbsp; </TD></TR>
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     <TD noWrap align=left width="35%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>Tax Equivalent Yield</FONT><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>2</FONT></SUP>&nbsp; </TD>
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     <TD noWrap align=center width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>12.83%</FONT>&nbsp; </TD></TR>
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     <TD noWrap align=left width="35%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>Current Monthly Distribution per Common Share</FONT><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>3</FONT></SUP>&nbsp; </TD>
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     <TD noWrap align=center width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>$0.0675</FONT>&nbsp; </TD></TR>
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     <TD noWrap align=left width="35%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>Current Annualized Distribution per Common Share</FONT><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>3</FONT></SUP>&nbsp; </TD>
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     <TD noWrap align=left width="9%">&nbsp; </TD>
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     <TD noWrap align=center width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>$0.8100</FONT>&nbsp; </TD></TR>
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     <TD noWrap align=left width="35%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>Leverage as of November 30, 2008</FONT><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>4</FONT></SUP>&nbsp; </TD>
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     <TD noWrap align=center width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>2%</FONT>&nbsp; </TD></TR>
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     <TD noWrap align=left width="82%" colSpan=11>&nbsp; &nbsp;<SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1 </FONT></SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Yield on closing market price is calculated by dividing the current annualized distribution per share by the closing market price.</FONT>&nbsp; </TD></TR>
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     <TD noWrap align=left width="35%">&nbsp; &nbsp; &nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Past performance does not guarantee future results.</FONT>&nbsp; </TD>
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     <TD noWrap align=left width="45%" colSpan=3>&nbsp; &nbsp;<SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>2 </FONT></SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Tax equivalent yield assumes the maximum federal tax rate of 35%.</FONT>&nbsp; </TD>
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     <TD noWrap align=left width="35%">&nbsp; &nbsp;<SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>3 </FONT></SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>The distribution is not constant and is subject to change.</FONT>&nbsp; </TD>
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     <TD noWrap align=left width="9%">&nbsp; </TD>
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     <TD noWrap align=left width="82%" colSpan=11>&nbsp; &nbsp;<SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>4 </FONT></SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>As a percentage of total managed assets, which is the total assets of the Fund (including any assets attributable to tender option bond</FONT>&nbsp; </TD></TR>
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     <TD noWrap align=left width="11%">&nbsp; </TD>
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     <TD noWrap align=left width="35%">&nbsp; &nbsp; &nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>trusts (&#147;TOBs&#148;) minus the sum of accrued liabilities.</FONT>&nbsp; </TD>
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     <TD noWrap align=left width="9%">&nbsp; </TD>
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     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD></TR>
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     <TD align=center width="95%" colSpan=13><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>The table below summarizes the changes in the Fund&#146;s market price and net asset value per share:</FONT> </TD></TR>
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     <TD noWrap align=left width="11%">&nbsp; </TD>
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     <TD noWrap align=right width="8%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>11/30/08</FONT></B>&nbsp; </TD>
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     <TD noWrap align=right width="8%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>5/31/08</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Change</FONT></B>&nbsp; </TD>
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     <TD noWrap align=right width="5%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>High</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Low</FONT></B>&nbsp; </TD></TR>
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     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="35%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>Market Price</FONT>&nbsp; </TD>
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     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>$ 9.71</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>$13.35</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>(27.27)%</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>$13.55</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%">&nbsp; &nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>$ 7.28</FONT>&nbsp; </TD></TR>
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     <TD noWrap align=left width="11%">&nbsp; </TD>
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     <TD noWrap align=left width="35%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>Net Asset Value</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>$10.38</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>$12.79</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>(18.84)%</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>$12.84</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%">&nbsp; &nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>$10.37</FONT>&nbsp; </TD></TR></TABLE><BR>
<P align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>The following charts show the portfolio composition and credit quality allocations of the Fund&#146;s long-term investments:</FONT></P>
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     <TD noWrap align=left width="54%">&nbsp; &nbsp; &nbsp;<B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#0036c4 size=1>Portfolio Composition</FONT></B>&nbsp; </TD>
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     <TD noWrap align=left width="25%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="16%">&nbsp; </TD></TR>
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     <TD noWrap align=left width="54%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Sector</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="25%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>11/30/08</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="16%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>5/31/08</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>Industrial &amp; Pollution Control</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="25%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>26%</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="16%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>25%</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>Hospital</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="25%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>23</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="16%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>27</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>City, County and State</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="25%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>15</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="16%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>13</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>Transportation</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="25%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>12</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="16%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>8</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>Tax Revenue</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="25%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>7</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="16%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>7</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>Power</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="25%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>6</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="16%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>7</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>Housing</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="25%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>4</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="16%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>5</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>Education</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="25%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>4</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="16%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>4</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>Tobacco</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="25%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>2</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="16%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>3</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>Water &amp; Sewer</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="25%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>1</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="16%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>1</FONT>&nbsp; </TD></TR></TABLE><BR>
<TABLE cellSpacing=0 cellPadding=0 border=0>
<TR vAlign=bottom>
     <TD noWrap align=left width="52%">&nbsp; &nbsp; &nbsp;<B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#0036c4 size=1>Credit Quality Allocations</FONT></B><B><SUP><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#0036c4 size=1>5</FONT></SUP></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="16%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="52%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Credit Rating</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="26%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>11/30/08</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="16%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>5/31/08</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="52%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>AAA/Aaa</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="26%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>9%</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="16%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>12%</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="52%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>AA/Aa</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="26%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>2</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="16%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>4</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="52%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>A/A</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="26%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>13</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="16%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>7</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="52%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>BBB/Baa</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="26%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>19</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="16%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>15</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="52%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>BB/BA</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="26%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>11</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="16%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>10</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="52%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>B/B</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="26%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>3</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="16%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>5</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="52%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>CCC/Caa</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="26%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>4</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="16%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>4</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="52%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>CC/Ca</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="26%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>1</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="16%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>&#151;</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="52%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>Not Rated</FONT><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>6</FONT></SUP>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="26%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>38</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="16%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>43</FONT>&nbsp; </TD></TR></TABLE><BR>
<P align=left><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>5 </FONT></SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Using the higher of Standard &amp; Poor&#146;s (&#147;S&amp;P&#146;s&#148;) or Moody&#146;s</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Investors Service (&#147;Moody&#146;s&#148;) ratings.</FONT><BR>
<SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>6 </FONT></SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>The investment advisor has deemed certain of these non-rated</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>securities to be of investment grade quality. As of November 30,</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>2008 and May 31, 2008, the market value of these securities</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>was $12,502,840 representing 6% and $12,388,252 represent-</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>ing 5%, respectively, of the Fund&#146;s long-term investments.</FONT></P>
<P align=left>
<TABLE>
<TR>
     <TD noWrap><FONT face="FranklinGothic-Book,Times New Roman,Times,serif" size=1>4 SEMI-ANNUAL REPORT NOVEMBER 30, 2008</FONT></TD></TR></TABLE></P>
<HR align=center width="100%" noShade SIZE=2>

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<P align=left><FONT face="FranklinGothic-Book,Times New Roman,Times,serif" color=#0036c4 size=4>Fund Summary </FONT><FONT face="FranklinGothic-Book,Times New Roman,Times,serif" color=#0036c4 size=2>as of November 30, 2008 </FONT><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#0036c4 size=2>BlackRock Muni Intermediate Duration Fund, Inc.</FONT></B></P>
<P align=left><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#0036c4 size=1>Investment Objective</FONT></B><BR>
<BR>
<B><FONT face="FranklinGothic-MedCnd,Times New Roman,Times,serif" size=2>BlackRock Muni Intermediate Duration Fund, Inc. (MUI) (the &#147;Fund&#148;) </FONT></B><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>seeks to provide shareholders with high current income exempt from federal</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>income taxes by investing primarily in a portfolio of municipal obligations, the interest on which, in the opinion of bond counsel to the issuer, is</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>exempt from federal income taxes.</FONT><BR>
<BR>
<B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#0036c4 size=1>Performance</FONT></B><BR>
<BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>For the six months ended November 30, 2008, the Fund returned (24.88)% based on market price and (12.59)% based on NAV. For the same period,</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>the closed-end Lipper Intermediate Municipal Debt Funds category posted an average return of (10.55)% on a NAV basis. All returns reflect reinvest-</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>ment of dividends. The Fund&#146;s discount to NAV, which widened during the period, accounts for the difference between performance based on price and</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>performance based on NAV. The Fund&#146;s lower-rated holdings were the primary source of underperformance, as these issues struggled amid a backdrop</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>of widening credit spreads and scarce liquidity. Benefiting performance were an overweight in pre-refunded bonds, a greater-than-average distribution</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>rate and a largely neutral duration positioning during a period of extreme volatility. Overall, portfolio turnover was low as reduced new-issue supply</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>coupled with the depressed valuations of existing holdings limited opportunities to restructure. Going forward, we will look for opportunities to increase</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>Fund exposure to higher-quality and more retail-oriented bonds, with a focus on more value-added trading. The Fund maintains a neutral to slightly </FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>long duration bias.</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions.</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>These views are not intended to be a forecast of future events and are no guarantee of future results.</FONT><BR>
<BR>
<B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#0036c4 size=1>Fund Information</FONT></B></P>
<TABLE cellSpacing=0 cellPadding=0 border=0>
<TR vAlign=bottom>
     <TD noWrap align=left width="69%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>Symbol on New York Stock Exchange</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="28%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>MUI</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="69%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>Initial Offering Date</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="28%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>August 1, 2003</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="69%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>Yield on Closing Market Price as of November 30, 2008 ($9.99)</FONT><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>1</FONT></SUP>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="28%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>6.97%</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="69%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>Tax Equivalent Yield</FONT><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>2</FONT></SUP>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="28%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>10.72%</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="69%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>Current Monthly Distribution per Common Share</FONT><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>3</FONT></SUP>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="28%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>$0.058</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="69%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>Current Annualized Distribution per Common Share</FONT><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>3</FONT></SUP>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="28%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>$0.696</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="69%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>Leverage as of November 30, 2008</FONT><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>4</FONT></SUP>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="28%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>42%</FONT>&nbsp; </TD></TR></TABLE><BR>
<P align=left><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1 </FONT></SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Yield on closing market price is calculated by dividing the current annualized distribution per share by the closing market price. </FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Past performance does not guarantee future results.</FONT><BR>
<SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>2 </FONT></SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Tax equivalent yield assumes the maximum federal tax rate of 35%.</FONT><BR>
<SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>3 </FONT></SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>The distribution rate is not constant and is subject to change.</FONT><BR>
<SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>4 </FONT></SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>As a percentage of total managed assets, which is the total assets of the Fund (including any assets attributable to Auction Market Preferred</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Shares (&#147;Preferred Shares&#148;) and TOBs) minus the sum of accrued liabilities.</FONT></P>
<TABLE cellSpacing=0 cellPadding=0 border=0>
<TR vAlign=bottom>
     <TD noWrap align=left width="78%" colSpan=7><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>The table below summarizes the changes in the Fund&#146;s market price and net asset value per share:</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="24%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>11/30/08</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="10%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>5/31/08</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="11%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Change</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="8%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>High</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="7%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Low</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="27%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>Market Price</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="24%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>$ 9.99</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>$13.70</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>(27.08)%</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>$13.78</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>$ 7.82</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="27%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>Net Asset Value</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="24%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>$12.26</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>$14.45</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>(15.16)%</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>$14.51</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>$11.68</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="27%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="24%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="10%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="11%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="8%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="7%">
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="97%" colSpan=11><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>The following charts show the portfolio composition and credit quality allocations of the Fund&#146;s long-term investments:</FONT>&nbsp; </TD></TR></TABLE><BR>
<TABLE cellSpacing=0 cellPadding=0 border=0>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%">&nbsp; &nbsp; &nbsp;<B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#0036c4 size=1>Portfolio Composition</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="25%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="16%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Sector</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="25%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>11/30/08</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="16%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>5/31/08</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>Industrial &amp; Pollution Control</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="25%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>15%</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="16%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>16%</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>City/County/State</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="25%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>14</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="16%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>16</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>Transportation</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="25%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>14</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="16%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>14</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>Hospital</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="25%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>11</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="16%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>15</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>Tax Revenue</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="25%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>11</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="16%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>10</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>Education</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="25%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>9</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="16%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>9</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>Tobacco</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="25%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>7</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="16%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>6</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>Power</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="25%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>6</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="16%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>6</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>Housing</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="25%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>5</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="16%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>3</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>Lease Revenue</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="25%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>4</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="16%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>4</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>Water &amp; Sewer</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="25%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>4</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="16%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>1</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="54%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="25%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="16%">
<HR noShade SIZE=1>
</TD></TR></TABLE><BR>
<TABLE cellSpacing=0 cellPadding=0 border=0>
<TR vAlign=bottom>
     <TD noWrap align=left width="52%">&nbsp; &nbsp; &nbsp;<B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#0036c4 size=1>Credit Quality Allocations</FONT></B><B><SUP><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#0036c4 size=1>5</FONT></SUP></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="16%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="52%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Credit Rating</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="26%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>11/30/08</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="16%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>5/31/08</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="52%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>AAA/Aaa</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="26%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>35%</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="16%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>47%</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="52%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>AA/Aa</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="26%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>28</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="16%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>11</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="52%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>A/A</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="26%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>12</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="16%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>11</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="52%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>BBB/Baa</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="26%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>13</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="16%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>14</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="52%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>BB/Ba</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="26%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>1</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="16%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>1</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="52%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>B/B</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="26%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>1</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="16%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>1</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="52%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>CCC/Caa</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="26%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>1</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="16%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>3</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="52%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>Not Rated</FONT><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>6</FONT></SUP>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="26%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>9</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="16%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>12</FONT>&nbsp; </TD></TR></TABLE><BR>
<P align=left><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>5 </FONT></SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Using the higher of S&amp;P&#146;s or Moody&#146;s ratings.</FONT><BR>
<SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>6 </FONT></SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>The investment advisor has deemed certain of these non-rated</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>securities to be of investment grade quality. As of November 30,</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>2008 and May 31, 2008, the market value of these securities</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>was $13,221,856 representing 2% and $20,190,323 represent-</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>ing 2%, respectively, of the Fund&#146;s long-term investments.</FONT></P>
<P align=left><FONT face="FranklinGothic-Book,Times New Roman,Times,serif" size=1>SEMI-ANNUAL REPORT NOVEMBER 30, 2008 5</FONT></P>
<HR align=center width="100%" noShade SIZE=2>

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<A name="page_6"></A>
<P align=left><FONT face="FranklinGothic-Book,Times New Roman,Times,serif" color=#0036c4 size=4>The Benefits and Risks of Leveraging</FONT><BR>
<BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>The Funds may utilize leverage to seek to enhance the yield and NAV of</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>their Common Shares. However, these objectives cannot be achieved in all</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>interest rate environments.</FONT><BR>
<BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>To leverage, BlackRock Muni Intermediate Duration Fund, Inc. issues</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>Preferred Shares, which pay dividends at prevailing short-term interest</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>rates, and invests the proceeds in long-term municipal bonds. In general,</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>the concept of leveraging is based on the premise that the cost of assets</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif 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 size=2>which normally will be lower than the income earned by the Fund on its</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>longer-term portfolio investments. To the extent that the total assets of the</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>Fund (including the assets obtained from leverage) are invested in higher-</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>yielding portfolio investments, the Fund&#146;s Common Shareholders will </FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>benefit from the incremental yield. </FONT><BR>
<BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>To illustrate these concepts, assume a Fund&#146;s Common Shares capitaliza-</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>tion is $100 million and it issues Preferred Shares for an additional $50</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>million, creating a total value of $150 million available for investment in</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>long-term municipal bonds. If prevailing short-term interest rates are 3%</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>and long-term interest rates are 6%, the yield curve has a strongly posi-</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>tive slope. In this case, the Fund pays dividends on the $50 million of</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>Preferred Shares based on the lower short-term interest rates. At the</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>same time, the Fund&#146;s total portfolio of $150 million earns the income</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>based on long-term interest rates. In this case, the dividends paid to</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>Preferred Shareholders are significantly lower than the income earned </FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>on the Fund&#146;s long-term investments, and therefore the Common Share-</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>holders are the beneficiaries of the incremental yield. </FONT><BR>
<BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>Conversely, if prevailing short-term interest rates rise above long-term</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>interest rates of 6%, the yield curve has a negative slope. In this case,</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>the Fund pays dividends on the higher short-term interest rates where-</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>as the Fund&#146;s total portfolio earns income based on lower long-term</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>interest rates. If short-term interest rates rise, narrowing the differential</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>between short-term and long-term interest rates, the incremental yield</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>pickup on the Common Shares will be reduced or eliminated completely.</FONT><BR>
<BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>Furthermore, the value of the Fund&#146;s portfolio investments generally varies</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>inversely with the direction of long-term interest rates, although other </FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>factors can influence the value of portfolio investments. In contrast, the</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>redemption value of the Fund&#146;s Preferred Shares does not fluctuate in</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>relation to interest rates. As a result, changes in interest rates can influ-</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>ence the Fund&#146;s NAV positively or negatively in addition to the impact on</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>Fund performance from leverage from Preferred Shares discussed above.</FONT></P>
<P align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>The Funds may also from time to time leverage their assets through the</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>use of tender option bond (&#147;TOB&#148;) programs, as described in Note 1 of</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>the Notes to Financial Statements. TOB investments generally will provide</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>the Funds with economic benefits in periods of declining short-term inter-</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>est rates, but expose the Funds to risks during periods of rising short-term</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>interest rates similar to those associated with Preferred Shares issued </FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>by BlackRock Muni Intermediate Duration Fund, Inc., as described above.</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>Additionally, fluctuations in the market value of municipal securities de-</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>posited into the TOB trust may adversely affect the Funds&#146; NAVs per share.</FONT><BR>
<BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>The use of leverage may enhance opportunities for increased returns to</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>the Fund and Common Shareholders, but as described above, it also</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>creates risks as short- or long-term interest rates fluctuate. Leverage also</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>will generally cause greater changes in the Funds&#146; NAV, market price and</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>dividend rate than a comparable portfolio without leverage. If the income</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>derived from securities purchased with assets received from leverage</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>exceeds the cost of leverage, the Funds&#146; net income will be greater than if</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>leverage had not been used. Conversely, if the income from the securities</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>purchased is not sufficient to cover the cost of leverage, the Funds&#146; net</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>income will be less than if leverage had not been used, and therefore </FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>the amount available for distribution to shareholders will be reduced. The</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>Funds may be required to sell portfolio securities at inopportune times or</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>below fair market values in order to comply with regulatory requirements</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>applicable to the use of leverage or as required by the terms of leverage</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>instruments which may cause the Funds to incur losses. The use of lever-</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>age may limit the Funds&#146; ability to invest in certain types of securities or</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>use certain types of hedging strategies, such as in the case of certain</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>restrictions imposed by ratings agencies that rate preferred shares issued</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>by a Fund. The Funds will incur expenses in connection with the use of</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>leverage, all of which are borne by the holders of the Common Shares</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>and may reduce returns on the Common Shares.</FONT><BR>
<BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>Under the Investment Company Act of 1940, BlackRock Muni Intermediate</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>Duration Fund, Inc. is permitted to issue Preferred Shares in an amount </FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>of up to 50% of its total managed assets at the time of issuance. Under</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>normal circumstances, each Fund anticipates that the total economic</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>leverage from Preferred Shares and TOBs will not exceed 50% of its total</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>managed assets at the time such leverage is incurred. As of November</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>30, 2008, the Funds had economic leverage from Preferred Shares and</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>TOBs as a percentage of their total managed assets as follows:</FONT></P>
<TABLE cellSpacing=0 cellPadding=0 border=0>
<TR vAlign=bottom>
     <TD noWrap align=left width="70%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="27%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Percent of</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="70%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="27%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Leverage</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="70%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>BlackRock MuniAssets Fund, Inc</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="27%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>2%</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="70%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>BlackRock Muni Intermediate Duration Fund, Inc</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="27%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>42%</FONT>&nbsp; </TD></TR></TABLE><BR>
<P align=left><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#0036c4 size=1>Derivative Instruments</FONT></B><BR>
<BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>The Funds may invest in various derivative instruments, including futures</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>contracts and other instruments specified in the Notes to Financials</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>Statements, which constitute additional forms of economic leverage. </FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>Such instruments are used to obtain exposure to a market without own-</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>ing or taking physical custody of securities or to hedge market and/or</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>interest rate risks. Such derivative instruments involve risks, including </FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>the imperfect correlation between the value of a derivative instrument </FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>and the underlying asset, possible default of the other party to the </FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>transaction and illiquidity of the derivative instrument. A Fund&#146;s ability </FONT></P>
<P align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>to successfully use a derivative instrument depends on the Advisor&#146;s </FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>ability to accurately predict pertinent market movements, which cannot </FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>be assured. The use of derivative instruments may result in losses greater</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>than if they had not been used, may require a Fund to sell or purchase</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>portfolio securities at inopportune times or for prices other than current</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>market values, may limit the amount of appreciation a Fund can realize</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>on an investment or may cause a Fund to hold a security that it might</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>otherwise sell. The Funds&#146; investments in these instruments are discussed</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>in detail in the Notes to Financial Statements. </FONT></P>
<P align=left>
<TABLE>
<TR>
     <TD width=3>&nbsp;</TD>
     <TD noWrap><FONT face="FranklinGothic-Book,Times New Roman,Times,serif" size=1>6 SEMI-ANNUAL REPORT NOVEMBER 30, 2008</FONT></TD></TR></TABLE></P>
<HR align=center width="100%" noShade SIZE=2>

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<TR vAlign=bottom>
     <TD noWrap align=left width="64%" colSpan=9><FONT face="FranklinGothic-Book,Times New Roman,Times,serif" color=#0036c4 size=4>Schedule of Investments </FONT><FONT face="FranklinGothic-Book,Times New Roman,Times,serif" color=#0036c4 size=2>November 30, 2008 (Unaudited)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="30%" colSpan=7><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#0036c4 size=2>BlackRock MuniAssets Fund, Inc. (MUA)</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="16%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="30%" colSpan=7><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#0036c4 size=1>(Percentages shown are based on Net Assets)</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Par</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="16%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Par</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Municipal Bonds</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>(000)</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="7%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Value</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="16%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Municipal Bonds</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>(000)</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="6%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Value</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#0036c4 size=1>Alabama &#151; 1.8%</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="16%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#0036c4 size=1>California (concluded)</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Jefferson County, Alabama, Limited Obligation</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="32%" colSpan=5><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Fontana, California, Special Tax, Refunding (Community</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>School Warrants, Series A:</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="32%" colSpan=5>&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Facilities District Number 22 &#151; Sierra), 6%, 9/01/34&nbsp;</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$ 1,320</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$ 972,734</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%">&nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>5%, 1/01/09</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$ 2,300</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$ 2,150,155</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="32%" colSpan=5><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>San Jose, California, Airport Revenue Refunding</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%">&nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>5%, 1/01/10</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>685</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>585,449</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="32%" colSpan=5>&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Bonds, AMT, Series A, 5.50%, 3/01/32 (c)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>4,290</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>3,359,671</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="29%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Tuscaloosa, Alabama, Special Care Facilities Financing</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="23%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Southern California Public Power Authority,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Authority, Residential Care Facility Revenue Bonds</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="32%" colSpan=5>&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Natural Gas Project Number 1 Revenue Bonds,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(Capstone Village, Inc. Project), Series A, 5.875%,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="16%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Series A, 5%, 11/01/29</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>2,085</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,331,627</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>8/01/36 (a)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,820</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,087,304</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="16%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>8,673,264</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>3,822,908</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="16%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#0036c4 size=1>Colorado &#151; 4.8%</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#0036c4 size=1>Alaska &#151; 0.3%</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="32%" colSpan=5><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Colorado Health Facilities Authority, Revenue Refunding</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Alaska Industrial Development and Export Authority</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="32%" colSpan=5>&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Bonds (Christian Living Communities Project),</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="29%" colSpan=3>&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Revenue Bonds (Williams Lynxs Alaska Cargoport),</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="16%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Series A, 5.75%, 1/01/26</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>650</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>441,746</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>AMT, 7.80%, 5/01/14</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>770</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>726,387</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="32%" colSpan=5><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Denver, Colorado, City and County Airport Revenue</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#0036c4 size=1>Arizona &#151; 7.6%</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="32%" colSpan=5>&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Bonds, AMT, Series D, 7.75%, 11/15/13 (c)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,540</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,644,951</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Coconino County, Arizona, Pollution Control</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="32%" colSpan=5><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Elk Valley, Colorado, Public Improvement Revenue</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Corporation Revenue Refunding Bonds (Tucson</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="23%" colSpan=3>&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Bonds (Public Improvement Fee):</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Electric Power &#151; Navajo):</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="16%">&nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Series A, 7.10%, 9/01/14</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,410</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,364,922</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%">&nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>AMT, Series A, 7.125%, 10/01/32</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>3,000</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>2,372,280</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="16%">&nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Series A, 7.30%, 9/01/22</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>2,095</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,878,586</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%">&nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Series B, 7%, 10/01/32</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>2,500</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>2,048,550</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="16%">&nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Series B, 7.45%, 9/01/31</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>260</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>214,906</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Maricopa County, Arizona, IDA, Education Revenue</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="32%" colSpan=5><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>North Range Metropolitan District Number 1,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Bonds (Arizona Charter Schools Project 1),</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="23%" colSpan=3>&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Colorado, GO, 7.25%, 12/15/11 (b)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,760</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,982,534</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Series A, 6.625%, 7/01/20</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,625</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,300,244</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="32%" colSpan=5><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Plaza Metropolitan District Number 1, Colorado, Tax</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="29%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Maricopa County, Arizona, IDA, M/F Housing Revenue</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="32%" colSpan=5>&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Allocation Revenue Bonds (Public Improvement Fees):</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Bonds (Sun King Apartments Project), Series A,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="16%">&nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>8%, 12/01/25</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>2,850</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>2,388,357</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>6.75%, 5/01/31</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,615</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,250,075</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="16%">&nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>8.125%, 12/01/25</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>525</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>421,832</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="29%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Phoenix, Arizona, IDA, Airport Facility, Revenue Refunding</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="16%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>10,337,834</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Bonds (America West Airlines Inc. Project), AMT,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="16%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#0036c4 size=1>Connecticut &#151; 2.0%</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>6.30%, 4/01/23</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>4,800</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>3,038,832</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="32%" colSpan=5><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Connecticut State Development Authority, Airport</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="29%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Pima County, Arizona, IDA, Education Revenue Bonds</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="32%" colSpan=5>&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Facility Revenue Bonds (Learjet Inc. Project),</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="29%" colSpan=3>&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(Arizona Charter Schools Project), Series E, 7.25%,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="16%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>AMT, 7.95%, 4/01/26</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>680</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>600,508</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>7/01/31</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,390</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,184,183</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="32%" colSpan=5><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Connecticut State Development Authority, IDR</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="29%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Pima County, Arizona, IDA, Education Revenue Refunding</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="32%" colSpan=5>&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(AFCO Cargo BDL-LLC Project), AMT, 8%, 4/01/30</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>3,490</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>3,124,632</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Bonds (Arizona Charter Schools Project):</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="32%" colSpan=5><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Mashantucket Western Pequot Tribe, Connecticut,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%">&nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Series A, 6.75%, 7/01/11 (b)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>415</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>461,638</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="23%" colSpan=3>&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Revenue Refunding Bonds, Sub-Series A,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%">&nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Series A, 6.75%, 7/01/31</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>675</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>538,225</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="16%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>5.50%, 9/01/36</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>885</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>567,090</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%">&nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Series O, 5.25%, 7/01/31</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>500</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>324,620</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="16%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Salt Verde Financial Corporation, Arizona, Senior</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="16%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>4,292,230</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Gas Revenue Bonds:</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="16%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#0036c4 size=1>Florida &#151; 10.7%</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%">&nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>5%, 12/01/32</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>2,840</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,856,196</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="32%" colSpan=5><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Capital Projects Finance Authority, Florida, Continuing</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%">&nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>5%, 12/01/37</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,850</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,172,771</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="32%" colSpan=5>&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Care Retirement Revenue Bonds (Glenridge on Palmer</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Show Low, Arizona, Improvement District Number 5,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="23%" colSpan=3>&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Ranch), Series A, 8%, 6/01/12 (b)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,130</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,312,212</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Special Assessment Bonds, 6.375%, 1/01/15</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,000</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>955,550</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="32%" colSpan=5><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Capital Region Community Development District,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>16,503,164</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="32%" colSpan=5>&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Florida, Special Assessment Revenue Bonds,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="16%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Series A, 7%, 5/01/39</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>685</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>537,396</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#0036c4 size=1>California &#151; 4.0%</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="32%" colSpan=5><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Greater Orlando Aviation Authority, Florida, Airport</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>California State, Various Purpose, GO:</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="32%" colSpan=5>&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Facilities Revenue Bonds (JetBlue Airways Corp.),</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%">&nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>5.25%, 11/01/25</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,900</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,809,826</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="16%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>AMT, 6.375%, 11/15/26</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,180</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>758,244</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%">&nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>5.50%, 11/01/33</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,300</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,199,406</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="16%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD></TR>
<TR>
     <TD width="96%" colSpan=17>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%">&nbsp; &nbsp; &nbsp;<B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#0036c4 size=1>Portfolio Abbreviations</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="16%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD></TR>
<TR>
     <TD width="96%" colSpan=17>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="29%" colSpan=3>&nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>To simplify the listings of portfolio holdings in the</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>AMT</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="25%" colSpan=3>&nbsp; &nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Alternative Minimum Tax (subject to)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>HFA</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="15%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Housing Finance Agency</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="29%" colSpan=3>&nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Schedules of Investments, the names and descrip-</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>COP</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="25%" colSpan=3>&nbsp; &nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Certificates of Participation</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>IDA</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="23%" colSpan=5><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Industrial Development Authority</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="29%" colSpan=3>&nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>tions of many of the securities have been abbre -</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>EDA</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="25%" colSpan=3>&nbsp; &nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Economic Development Authority</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>IDR</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="23%" colSpan=5><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Industrial Development Revenue Bonds</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%">&nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>viated according to the list on the right:</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>EDR</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="25%" colSpan=3>&nbsp; &nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Economic Development Revenue Bonds</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>M/F</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Multi-Family</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>GO</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="25%" colSpan=3>&nbsp; &nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>General Obligation Bonds</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>PCR</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="23%" colSpan=5><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Pollution Control Revenue Bonds</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>HDA</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="25%" colSpan=3>&nbsp; &nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Housing Development Authority</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>S/F</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Single-Family</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD></TR></TABLE><BR>
<P align=left>
<TABLE>
<TR>
     <TD noWrap><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>See Notes to Financial Statements.</FONT><BR>
<BR>
<FONT face="FranklinGothic-Book,Times New Roman,Times,serif" size=1>SEMI-ANNUAL REPORT NOVEMBER 30, 2008 7</FONT></TD></TR></TABLE></P>
<HR align=center width="100%" noShade SIZE=2>

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<TR vAlign=bottom>
     <TD noWrap align=left width="47%" colSpan=5><FONT face="FranklinGothic-Book,Times New Roman,Times,serif" color=#0036c4 size=4>Schedule of Investments (continued)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="48%" colSpan=7><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#0036c4 size=2>BlackRock MuniAssets Fund, Inc. (MUA)</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="29%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="48%" colSpan=7><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#0036c4 size=1>(Percentages shown are based on Net Assets)</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="29%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Par</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="28%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Par</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="29%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Municipal Bonds</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>(000)</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Value</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="28%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Municipal Bonds</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>(000)</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Value</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="29%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#0036c4 size=1>Florida (concluded)</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="28%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#0036c4 size=1>Illinois &#151; 4.0%</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="29%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Halifax Hospital Medical Center, Florida, Hospital</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="28%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Chicago, Illinois, O&#146;Hare International Airport,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="29%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Revenue Refunding Bonds, Series A, 5%, 6/01/38</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$ 1,160&nbsp;</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$</FONT>&nbsp; 725,000</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="32%" colSpan=3>&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Special Facility Revenue Refunding Bonds (American</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="29%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Harbor Bay, Florida, Community Development District,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="28%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Airlines Inc. Project), 5.50%, 12/01/30</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$ 4,140&nbsp;</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$</FONT>&nbsp;1,650,908</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="29%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Capital Improvement Special Assessment</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="28%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Illinois State Finance Authority Revenue Bonds:</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="29%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Revenue Bonds, Series A, 7%, 5/01/33</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>490</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>419,234</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="28%">&nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(Clare At Water Tower Project), Series A, 6.125%,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="29%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Hillsborough County, Florida, IDA, Exempt Facilities</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="28%">&nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>5/15/38</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>2,950</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,943,371</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="29%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Revenue Bonds (National Gypsum Company),</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="28%">&nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(Landing At Plymouth Place Project), Series A,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="29%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>AMT, Series A, 7.125%, 4/01/30</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>2,000</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,254,620</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="28%">&nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>6%, 5/15/37</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>600</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>405,666</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="29%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Hillsborough County, Florida, IDA, Hospital Revenue</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="28%">&nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(Monarch Landing, Inc. Project), Series A, 7%,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="29%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Bonds (Tampa General Hospital Project),</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="28%">&nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>12/01/37</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>820</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>626,496</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="29%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>5%, 10/01/36</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>4,170</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>2,755,202</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="28%">&nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(Primary Health Care Centers Program),</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="29%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Jacksonville, Florida, Economic Development</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="28%">&nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>6.60%, 7/01/24</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>685</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>528,861</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="29%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Commission, Health Care Facilities, Revenue</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="32%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Lincolnshire, Illinois, Special Service Area Number 1,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="29%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Refunding Bonds (Florida Proton Therapy Institute),</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="28%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Special Tax Bonds (Sedgebrook Project), 6.25%,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="29%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Series A, 6%, 9/01/17</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>920</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>785,367</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="28%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>3/01/34</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,070</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>778,254</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="29%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Jacksonville, Florida, Economic Development</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="32%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Lombard, Illinois, Public Facilities Corporation, First Tier</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="29%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Commission, IDR (Gerdau Ameristeel US, Inc.),</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="28%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Revenue Bonds (Conference Center and Hotel),</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="29%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>AMT, 5.30%, 5/01/37</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,300</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>796,432</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="28%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Series A-1, 7.125%, 1/01/36</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>2,600</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>2,060,292</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="29%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Lee County, Florida, IDA, IDR (Lee Charter Foundation),</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="28%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Village of Wheeling, Illinois, Revenue Bonds (North</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="29%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Series A, 5.375%, 6/15/37</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>2,620</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,579,493</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="28%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Milwaukee/Lake-Cook Tax Increment Financing</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="29%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Midtown Miami, Florida, Community Development</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="28%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Redevelopment Project), 6%, 1/01/25</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>825</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>616,613</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="29%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>District, Special Assessment Revenue Bonds,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="28%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>8,610,461</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="29%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Series A, 6.25%, 5/01/37</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>3,255</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>2,110,249</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="28%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="29%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Orlando, Florida, Urban Community Development</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="28%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#0036c4 size=1>Indiana &#151; 0.8%</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="29%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>District, Capital Improvement Special Assessment</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="28%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Vanderburgh County, Indiana, Redevelopment</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="29%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Bonds, Series A, 6.95%, 5/01/11 (b)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>2,245</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>2,468,984</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="32%" colSpan=3>&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Commission, Redevelopment District Tax Allocation</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="29%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Santa Rosa Bay Bridge Authority, Florida, Revenue</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="28%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Bonds, 5.25%, 2/01/31</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,200</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>925,116</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="29%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Bonds, 6.25%, 7/01/28</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>3,040</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>2,060,451</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="28%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Vigo County, Indiana, Hospital Authority Revenue</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="29%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Sarasota County, Florida, Health Facilities Authority,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="28%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Bonds (Union Hospital, Inc.):</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="29%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Retirement Facility Revenue Refunding Bonds</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="28%">&nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>5.70%, 9/01/37</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>615</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>405,107</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="29%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(Village on the Isle Project):</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="28%">&nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>5.75%, 9/01/42</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>765</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>493,938</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="29%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp; 5.50%, 1/01/27</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>860</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>594,079</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="28%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,824,161</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="29%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp; 5.50%, 1/01/32</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>795</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>521,814</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="28%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#0036c4 size=1>Iowa &#151; 1.2%</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="29%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Sumter Landing Community Development District,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="32%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Iowa Finance Authority, Health Care Facilities, Revenue</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="29%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Florida, Recreational Revenue Bonds, Sub-Series B,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="32%" colSpan=3>&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Refunding Bonds (Care Initiatives Project), 9.25%,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="29%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>5.70%, 10/01/38</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>2,405</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,552,187</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="28%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>7/01/11 (b)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>2,165</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>2,577,844</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="29%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Tolomato Community Development District, Florida,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="28%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="29%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Special Assessment Bonds, 6.65%, 5/01/40</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>2,680</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>2,002,228</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="28%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#0036c4 size=1>Kansas &#151; 0.3%</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="29%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Waterchase, Florida, Community Development District,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="28%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Wyandotte County, Kansas, Kansas City Unified</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="29%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Capital Improvement Revenue Bonds, Series A,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="28%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Government Revenue Refunding Bonds (General</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="29%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>6.70%, 5/01/11 (b)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>895</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>979,058</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="28%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Motors Corporation Project), 6%, 6/01/25</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,770</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>557,515</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="29%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>23,212,250</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="28%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#0036c4 size=1>Kentucky &#151; 1.4%</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="29%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="28%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Kenton County, Kentucky, Airport Board, Special</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="29%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#0036c4 size=1>Georgia &#151; 2.0%</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="28%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Facilities Revenue Bonds (Mesaba Aviation Inc.</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="29%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Atlanta, Georgia, Tax Allocation Bonds (Princeton</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="28%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Project), AMT, Series A, 6.70%, 7/01/09 (b)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>2,850</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>2,984,320</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="29%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Lakes Project), 5.50%, 1/01/31</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>740</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>505,442</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="28%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="29%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Clayton County, Georgia, Tax Allocation Bonds</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="28%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#0036c4 size=1>Louisiana &#151; 2.5%</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="29%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(Ellenwood Project), 7.50%, 7/01/33</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>2,375</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>2,020,199</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="32%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Louisiana Local Government Environmental Facilities</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="29%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Main Street Natural Gas, Inc., Georgia, Gas Project</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="32%" colSpan=3>&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>and Community Development Authority Revenue Bonds</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="29%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Revenue Bonds, Series A, 6.375%, 7/15/38 (a)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>940</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>159,819</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="32%" colSpan=3>&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(Westlake Chemical Corporation), 6.75%, 11/01/32</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>3,000</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>2,204,880</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="29%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Rockdale County, Georgia, Development Authority</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="32%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Louisiana Public Facilities Authority, Hospital Revenue</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="29%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Revenue Bonds (Visy Paper Project), AMT, Series A,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="32%" colSpan=3>&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Bonds (Franciscan Missionaries of Our Lady Health</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="29%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>6.125%, 1/01/34</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>2,435</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,740,854</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="28%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>System, Inc.), Series A, 5.25%, 8/15/36</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,870</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,385,128</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="29%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="32%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Saint John Baptist Parish, Louisiana, Revenue Bonds</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="29%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>4,426,314</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="32%" colSpan=3>&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(Marathon Oil Corporation), Series A, 5.125%, 6/01/37</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>2,950</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,870,152</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="29%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="28%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>5,460,160</FONT>&nbsp; </TD></TR></TABLE><BR>
<P align=left>
<TABLE>
<TR>
     <TD noWrap><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>See Notes to Financial Statements.</FONT><BR>
<BR>
<FONT face="FranklinGothic-Book,Times New Roman,Times,serif" size=1>8 SEMI-ANNUAL REPORT NOVEMBER 30, 2008</FONT></TD></TR></TABLE></P>
<HR align=center width="100%" noShade SIZE=2>

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<TR vAlign=bottom>
     <TD noWrap align=left width="46%" colSpan=7><FONT face="FranklinGothic-Book,Times New Roman,Times,serif" color=#0036c4 size=4>Schedule of Investments (continued)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="47%" colSpan=7><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#0036c4 size=2>BlackRock MuniAssets Fund, Inc. (MUA)</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="47%" colSpan=7><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#0036c4 size=1>(Percentages shown are based on Net Assets)</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Par</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Par</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Municipal Bonds</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>(000)</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Value</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="27%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Municipal Bonds</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>(000)</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Value</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#0036c4 size=1>Maryland &#151; 1.9%</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="27%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#0036c4 size=1>New Jersey &#151; 10.1%</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="29%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Maryland State Economic Development Corporation</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="27%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Camden County, New Jersey, Pollution Control</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Revenue Refunding Bonds (Baltimore Association</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="31%" colSpan=3>&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Financing Authority, Solid Waste Resource Recovery,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>for Retarded Citizens-Health and Mental Hygiene</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Revenue Refunding Bonds, AMT:</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Program), Series A, 7.75%, 3/01/25</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$ 1,815</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$ 1,737,318</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Series A, 7.50%, 12/01/10</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$ 9,000&nbsp;</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$ 9,011,250</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Maryland State Energy Financing Administration,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Series B, 7.50%, 12/01/09</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>125</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>125,209</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="29%" colSpan=3>&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Limited Obligation Revenue Bonds (Cogeneration-AES</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="31%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>New Jersey EDA, Cigarette Tax Revenue Bonds, 5.50%,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Warrior Run), AMT, 7.40%, 9/01/19</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,500</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,254,480</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>6/15/24</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>3,065</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>2,258,384</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Maryland State Health and Higher Educational</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="27%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>New Jersey EDA, IDR, Refunding (Newark Airport</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Facilities Authority Revenue Bonds:</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Marriott Hotel), 7%, 10/01/14</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>2,500</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>2,373,950</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%">&nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(King Farm Presbyterian Community),</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="27%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>New Jersey EDA, Retirement Community Revenue</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%">&nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Series A, 5.30%, 1/01/37</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,250</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>755,562</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Bonds (Cedar Crest Village Inc. Facility), Series A,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="29%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp; (Washington Christian Academy), 5.50%, 7/01/38</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>590</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>360,921</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>7.25%, 11/15/11 (b)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,665</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,874,907</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>4,108,281</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="27%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>New Jersey EDA, Special Facility Revenue Bonds</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(Continental Airlines Inc. Project), AMT:</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#0036c4 size=1>Massachusetts &#151; 1.1%</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>6.25%, 9/15/19</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>2,000</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,219,460</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Massachusetts State Health and Educational</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>6.25%, 9/15/29</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>3,330</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,698,333</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Facilities Authority Revenue Bonds:</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>9%, 6/01/33</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,250</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>914,937</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%">&nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(Jordan Hospital), Series E, 6.75%, 10/01/33</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,150</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>900,185</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="31%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>New Jersey Health Care Facilities Financing Authority</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%">&nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(Bay Cove Human Services Issue), Series A,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="31%" colSpan=3>&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Revenue Bonds (Pascack Valley Hospital Association),</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%">&nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>5.90%, 4/01/28</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,945</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,422,670</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>6.625%, 7/01/36 (a)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>2,000</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>67,000</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>2,322,855</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="31%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>New Jersey Health Care Facilities Financing Authority,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#0036c4 size=1>Michigan &#151; 1.6%</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Revenue Refunding Bonds (Saint Joseph&#146;s</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Advanced Technology Academy, Michigan, Revenue</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Healthcare System), 6.625%, 7/01/38</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>2,410</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,815,887</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Bonds, 6%, 11/01/37</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>900</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>653,121</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="31%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>New Jersey State Transportation Trust Fund Authority,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="29%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Macomb County, Michigan, Hospital Finance Authority,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Transportation System Revenue Bonds, Series C,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Hospital Revenue Bonds (Mount Clemens General</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>5.05%, 12/15/35 (c)(d)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>3,450</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>583,395</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Hospital), Series B, 5.875%, 11/15/13 (b)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,635</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,857,131</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>21,942,712</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="29%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Monroe County, Michigan, Hospital Financing Authority,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="27%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#0036c4 size=1>New Mexico &#151; 1.0%</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="29%" colSpan=3>&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Hospital Revenue Refunding Bonds (Mercy Memorial</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="27%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Farmington, New Mexico, PCR, Refunding (Tucson</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Hospital Corporation), 5.50%, 6/01/35</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,740</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,077,878</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Electric Power Company &#151; San Juan Project),</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>3,588,130</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Series A, 6.95%, 10/01/20</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>2,500</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>2,218,100</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#0036c4 size=1>Minnesota &#151; 0.8%</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="27%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#0036c4 size=1>New York &#151; 5.6%</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="29%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Minneapolis, Minnesota, Health Care System Revenue</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="31%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Dutchess County, New York, IDA, Civic Facility Revenue</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Refunding Bonds (Fairview Health Services),</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="31%" colSpan=3>&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Refunding Bonds (Saint Francis Hospital), Series A,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Series A, 6.75%, 11/15/32</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,785</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,711,494</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>7.50%, 3/01/29</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,400</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,323,826</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#0036c4 size=1>Missouri &#151; 0.3%</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="27%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Metropolitan Transportation Authority, New York,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Kansas City, Missouri, IDA, First Mortgage Health</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Revenue Bonds, Series C, 6.50%, 11/15/28</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>3,685</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>3,832,768</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Facilities Revenue Bonds (Bishop Spencer Place),</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="27%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>New York City, New York, City IDA, Civic Facility</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Series A, 6.50%, 1/01/35</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,000</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>734,490</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Revenue Bonds:</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="31%" colSpan=3>&nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(British Airways Plc Project), AMT, 7.625%, 12/01/32</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>2,400</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,716,864</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#0036c4 size=1>Nevada &#151; 0.6%</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Series C, 6.80%, 6/01/28</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>510</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>466,431</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Clark County, Nevada, IDR (Nevada Power Company</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(Special Needs Facilities Pooled Program),</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Project), AMT, Series A, 5.60%, 10/01/30</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,380</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>804,678</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Series C-1, 6.625%, 7/01/29</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,515</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,200,365</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="29%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Clark County, Nevada, Improvement District Number 142,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="27%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>New York Liberty Development Corporation Revenue</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Special Assessment Bonds, 6.375%, 8/01/23</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>635</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>516,318</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="31%" colSpan=3>&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Bonds (National Sports Museum Project), Series A,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,320,996</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>6.125%, 2/15/19 (a)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>870</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>103,878</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#0036c4 size=1>New Hampshire &#151; 0.3%</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="27%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>New York State Dormitory Authority, Non-State</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>New Hampshire Health and Education Facilities</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Supported Debt, Revenue Refunding Bonds:</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="29%" colSpan=3>&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Authority, Hospital Revenue Bonds (Catholic Medical</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="31%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp; (Mount Sinai-NYU Medical Center Health System),</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Center), 5%, 7/01/36</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,165</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>724,164</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Series C, 5.50%, 7/01/26</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,470</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,231,816</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(New York University Hospital Center), Series A,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>5%, 7/01/20</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>2,960</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>2,257,858</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="27%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Westchester County, New York, IDA, Continuing Care</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Retirement, Mortgage Revenue Bonds (Kendal on</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Hudson Project), Series A, 6.50%, 1/01/13 (b)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>100</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>115,758</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>12,249,564</FONT>&nbsp; </TD></TR></TABLE><BR>
<P align=left>
<TABLE>
<TR>
     <TD noWrap><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>See Notes to Financial Statements.</FONT><BR>
<BR>
<FONT face="FranklinGothic-Book,Times New Roman,Times,serif" size=1>SEMI-ANNUAL REPORT NOVEMBER 30, 2008 9</FONT></TD></TR></TABLE></P>
<HR align=center width="100%" noShade SIZE=2>

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<TABLE cellSpacing=0 cellPadding=0 border=0>
<TR vAlign=bottom>
     <TD noWrap align=left width="47%" colSpan=7><FONT face="FranklinGothic-Book,Times New Roman,Times,serif" color=#0036c4 size=4>Schedule of Investments (continued)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="47%" colSpan=7><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#0036c4 size=2>BlackRock MuniAssets Fund, Inc. (MUA)</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="47%" colSpan=7><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#0036c4 size=1>(Percentages shown are based on Net Assets)</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Par</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Par</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Municipal Bonds</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>(000)</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Value</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="27%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Municipal Bonds</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>(000)</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Value</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#0036c4 size=1>North Carolina &#151; 1.7%</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="27%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#0036c4 size=1>Tennessee &#151; 1.3%</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>North Carolina Medical Care Commission, Health</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="27%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Knox County, Tennessee, Health, Educational and</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Care Facilities, First Mortgage Revenue Refunding</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="31%" colSpan=3>&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Housing Facilities Board, Hospital Facilities Revenue</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Bonds (Deerfield Episcopal Project), Series A,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Refunding Bonds (Covenant Health), Series A,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>6.125%, 11/01/38</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$ 2,335</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$ 1,885,326</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>5.06%, 1/01/40 (d)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$ 6,785</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$ 574,622</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="29%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>North Carolina Medical Care Commission, Retirement</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="27%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Shelby County, Tennessee, Health, Educational and</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Facilities, First Mortgage Revenue Bonds (Givens</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Housing Facilities Board Revenue Bonds</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Estates Project), Series A, 6.50%, 7/01/13 (b)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,500</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,745,790</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(Germantown Village):</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>3,631,116</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>6.25%, 12/01/34</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>355</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>254,237</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Series A, 7.25%, 12/01/34</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>2,500</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>2,037,550</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#0036c4 size=1>Ohio &#151; 1.2%</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Buckeye Tobacco Settlement Financing Authority,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>2,866,409</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Ohio, Tobacco Settlement Asset-Backed Bonds,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="27%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#0036c4 size=1>Texas &#151; 3.0%</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Series A-2, 6.50%, 6/01/47</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>3,935</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>2,684,575</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="31%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Brazos River Authority, Texas, PCR, Refunding (TXU Energy</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#0036c4 size=1>Pennsylvania &#151; 8.2%</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="31%" colSpan=3>&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Company LLC Project), AMT, Series A, 7.70%, 4/01/33</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>2,550</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,747,032</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Allegheny County, Pennsylvania, Hospital</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="27%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Harris County, Texas, Health Facilities Development</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Development Authority, Revenue Refunding</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Corporation, Hospital Revenue Refunding Bonds</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Bonds (West Penn Allegheny Health System),</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="31%" colSpan=3>&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(Memorial Hermann Healthcare System), Series B,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Series A, 5.375%, 11/15/40</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>3,015</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,671,697</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>7.125%, 12/01/31</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,500</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,475,850</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="29%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Bucks County, Pennsylvania, IDA, Retirement Community</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="31%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>North Texas Tollway Authority, System Revenue Refunding</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Revenue Bonds (Ann&#146;s Choice Inc.), Series A:</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Bonds, Second Tier, Series F, 6.125%, 1/01/31</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>3,675</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>3,346,455</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%">&nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>6.125%, 1/01/25</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>200</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>149,938</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>6,569,337</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%">&nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>6.25%, 1/01/35</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,550</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,095,772</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="27%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#0036c4 size=1>Utah &#151; 0.7%</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Harrisburg, Pennsylvania, Authority, University</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="31%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Carbon County, Utah, Solid Waste Disposal, Revenue</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="29%" colSpan=3>&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Revenue Bonds (Harrisburg University of Science),</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Refunding Bonds (Laidlaw Environmental), AMT,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Series B, 6%, 9/01/36</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>900</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>619,182</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Series A, 7.45%, 7/01/17</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,660</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,454,127</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Lancaster County, Pennsylvania, Hospital Authority</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="29%" colSpan=3>&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Revenue Bonds (Brethren Village Project), Series A:</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="27%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#0036c4 size=1>Virginia &#151; 5.0%</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%">&nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>6.25%, 7/01/26</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>685</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>531,587</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="31%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Dulles Town Center, Virginia, Community Development</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%">&nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>6.50%, 7/01/40</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>590</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>437,155</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="31%" colSpan=3>&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Authority, Special Assessment Tax (Dulles Town Center</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Montgomery County, Pennsylvania, IDA, Revenue</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Project), 6.25%, 3/01/26</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,455</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,191,747</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Bonds (Whitemarsh Continuing Care Project),</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="27%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Fairfax County, Virginia, EDA, Residential Care</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>6.125%, 2/01/28</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>2,330</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,601,409</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Facilities, Mortgage Revenue Refunding Bonds</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Pennsylvania Economic Development Financing</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(Goodwin House, Inc.):</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Authority, Exempt Facilities Revenue Bonds, AMT:</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>5.125%, 10/01/37</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>750</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>440,092</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%">&nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(National Gypsum Company), Series A,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>5.125%, 10/01/42</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>450</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>257,247</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%">&nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>6.25%, 11/01/27</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>3,250</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,861,763</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="31%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Lexington, Virginia, IDA, Residential Care Facility, Mortgage</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%">&nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(Reliant Energy), Series B, 6.75%, 12/01/36</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>2,810</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,742,144</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Revenue Refunding Bonds (Kendal at Lexington),</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="29%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Philadelphia, Pennsylvania, Authority for IDR (Air Cargo),</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Series A, 5.375%, 1/01/28</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>540</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>363,215</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>AMT, Series A, 7.50%, 1/01/25</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>2,270</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,997,963</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="31%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Tobacco Settlement Financing Corporation of Virginia,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Philadelphia, Pennsylvania, Authority for IDR,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Revenue Refunding Bonds, Senior Series B-1,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Commercial Development, 7.75%, 12/01/17</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>6,440</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>5,998,796</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>5%, 6/01/47</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,320</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>704,590</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="31%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Virginia State, HDA, Commonwealth Mortgage Revenue</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>17,707,406</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="31%" colSpan=3>&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Bonds, Series H, Sub-Series H-1, 5.375%, 7/01/36 (e)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>8,690</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>7,907,118</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#0036c4 size=1>Rhode Island &#151; 1.0%</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>10,864,009</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="29%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Central Falls, Rhode Island, Detention Facility Corporation,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Revenue Refunding Bonds, 7.25%, 7/15/35</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>2,495</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>2,079,757</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="27%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#0036c4 size=1>Washington &#151; 0.5%</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="27%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Washington State Housing Financing Commission,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#0036c4 size=1>South Carolina &#151; 1.8%</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="31%" colSpan=3>&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Nonprofit Revenue Bonds (Skyline at First Hill Project),</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Connector 2000 Association, Inc., South Carolina,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Series A, 5.625%, 1/01/38</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,750</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,098,528</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="29%" colSpan=3>&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Toll Road and Capital Appreciation Revenue Bonds,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Senior-Series B (d):</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="27%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#0036c4 size=1>Wisconsin &#151; 0.7%</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%">&nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>6.50%, 1/01/09</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,500</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,479,795</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="27%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Wisconsin State Health and Educational Facilities</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%">&nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>7.969%, 1/01/14</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,485</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>824,754</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="31%" colSpan=3>&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Authority Revenue Bonds (New Castle Place Project),</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>South Carolina Jobs, EDA, EDR (Westminster</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Series A, 7%, 12/01/31</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,855</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,498,655</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Presbyterian Center), 7.75%, 11/15/10 (b)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,500</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,696,350</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="27%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#0036c4 size=1>Wyoming &#151; 2.2%</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>4,000,899</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="31%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Sweetwater County, Wyoming, Solid Waste Disposal,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="31%" colSpan=3>&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Revenue Refunding Bonds (FMC Corporation Project),</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>AMT, 5.60%, 12/01/35</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>3,600</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>2,203,020</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="31%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Wyoming Municipal Power Agency, Power Supply Revenue</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Bonds, Series A, 5.375%, 1/01/42</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>3,030</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>2,487,994</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>4,691,014</FONT>&nbsp; </TD></TR></TABLE><BR>
<P align=left>
<TABLE>
<TR>
     <TD width=6>&nbsp;</TD>
     <TD noWrap><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>See Notes to Financial Statements.</FONT><BR>
<BR>
<FONT face="FranklinGothic-Book,Times New Roman,Times,serif" size=1>10 SEMI-ANNUAL REPORT NOVEMBER 30, 2008</FONT></TD></TR></TABLE></P>
<HR align=center width="100%" noShade SIZE=2>

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<A name="page_11"></A>
<P align=left><FONT face="FranklinGothic-Book,Times New Roman,Times,serif" color=#0036c4 size=4>Schedule of Investments (concluded) </FONT><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#0036c4 size=2>BlackRock MuniAssets Fund, Inc. (MUA)</FONT></B><BR>
<B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#0036c4 size=1>(Percentages shown are based on Net Assets)</FONT></B></P>
<TABLE cellSpacing=0 cellPadding=0 border=0>
<TR vAlign=bottom>
     <TD noWrap align=left width="61%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="14%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Par</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="61%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Municipal Bonds</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="14%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>(000)</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="20%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Value</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="61%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#0036c4 size=1>U.S. Virgin Islands &#151; 1.1%</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="61%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Virgin Islands Government Refinery Facilities, Revenue</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="61%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Refunding Bonds (Hovensa Coker Project), AMT,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="61%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>6.50%, 7/01/21</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="14%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$ 3,000</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$ 2,299,440</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="61%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Total Municipal Bonds &#151; 95.1%</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>206,374,870</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="61%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Municipal Bonds Transferred to</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="61%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Tender Option Bond Trusts (f)</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="61%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#0036c4 size=1>Florida &#151; 3.2%</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="77%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Miami-Dade County, Florida, Aviation Revenue Refunding</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="61%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Bonds (Miami International Airport), AMT, Series A,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="61%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>5.25%, 10/01/33 (g)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="14%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>8,870</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>6,906,626</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="61%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Total Municipal Bonds Transferred to</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="61%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Tender Option Bond Trusts &#151; 3.2%</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>6,906,626</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="61%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Total Long-Term Investments</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="61%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>(Cost &#151; $266,907,049) &#151; 98.3%</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>213,281,496</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=5>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="61%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Short-Term Securities</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="14%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Shares</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="61%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Merrill Lynch Institutional Tax-Exempt Fund,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="61%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1.08% (h)(i)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="14%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>4,208,353</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>4,208,353</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="61%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Total Short-Term Securities</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="61%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>(Cost &#151; $4,208,353) &#151; 1.9%</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>4,208,353</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="77%" colSpan=3><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Total Investments (Cost &#151; $271,115,402*) &#151; 100.2%</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>217,489,849</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="61%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Other Assets Less Liabilities &#151; 1.8%</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>3,942,378</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="61%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Liability for Trust Certificates, Including</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="61%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Interest Expense and Fees Payable &#151; (2.0)%</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(4,453,819)</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="61%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Net Assets &#151; 100.0%</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$ 216,978,408</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=5>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="99%" colSpan=5>&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>* The cost and unrealized appreciation (depreciation) of investments as of</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="99%" colSpan=5>&nbsp; &nbsp; &nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>November 30, 2008, as computed for federal income tax purposes, were</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="61%">&nbsp; &nbsp; &nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>as follows:</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="61%">&nbsp; &nbsp; &nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Aggregate cost</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$ 266,282,194</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="61%">&nbsp; &nbsp; &nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Gross unrealized appreciation</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$ 2,942,197</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="61%">&nbsp; &nbsp; &nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Gross unrealized depreciation</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(56,169,542)</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="61%">&nbsp; &nbsp; &nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Net unrealized depreciation</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$ (53,227,345)</FONT>&nbsp; </TD></TR></TABLE><BR>
<P align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(a) Issuer filed for bankruptcy and/or is in default of interest payments.</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(b) U.S. government securities, held in escrow, are used to pay interest on this security</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>as well as to retire the bond in full at the date indicated, typically at a premium</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>to par.</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(c) AMBAC Insured.</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(d) Represents a zero-coupon bond. Rate shown reflects the effective yield at the</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>time of purchase.</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(e) MBIA Insured.</FONT></P>
<P align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(f) Securities represent bonds transferred to a tender option bond trust in exchange</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>for which the Fund acquired residual interest certificates. These securities serve </FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>as collateral in a financing transaction. See Note 1 of the Notes to Financial</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Statements for details of municipal bonds transfered to tender option bond trusts.</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(g) Assured Guaranty Insured.</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(h) Investments in companies considered to be an affiliate of the Fund, for purposes</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>of Section 2(a)(3) of the Investment Company Act of 1940, were as follows:</FONT></P>
<TABLE cellSpacing=0 cellPadding=0 border=0>
<TR vAlign=bottom>
     <TD noWrap align=left width="56%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="23%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Net</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="56%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Affiliate</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="23%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Activity</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="15%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Income</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="56%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Merrill Lynch Institutional Tax-Exempt Fund</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="23%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,007,912</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="15%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$ 68,408</FONT>&nbsp; </TD></TR></TABLE><BR>
<P align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(i) Represents the current yield as of report date.</FONT><BR>
<FONT face="FranklinGothic-Book,Times New Roman,Times,serif" size=5>&#149; </FONT><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Effective June 1, 2008, the Fund adopted Financial Accounting Standards </FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Board Statement of Financial Accounting Standards No. 157, &#147;Fair Value</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Measurements&#148; (&#147;FAS 157&#148;). FAS 157 clarifies the definition of fair value,</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>establishes a framework for measuring fair values and requires additional</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>disclosures about the use of fair value measurements. Various inputs are </FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>used in determining the fair value of investments, which are as follows:</FONT><BR>
<FONT face="FranklinGothic-Book,Times New Roman,Times,serif" size=5>&#149;</FONT><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Level 1 &#151; price quotations in active markets/exchanges for identical securities</FONT><BR>
<FONT face="FranklinGothic-Book,Times New Roman,Times,serif" size=5>&#149;</FONT><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Level 2 &#151; other observable inputs (including, but not limited to: quoted prices</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>for similar assets or liabilities in markets that are not active, inputs other than</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif 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 size=1>rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks,</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>and default rates) or other market-corroborated inputs)</FONT><BR>
<FONT face="FranklinGothic-Book,Times New Roman,Times,serif" size=5>&#149;</FONT><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Level 3 &#151; unobservable inputs based on the best information available in the</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>circumstance, to the extent observable inputs are not available (including the</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Fund&#146;s own assumption used in determining the fair value of investments)</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>The inputs or methodology used for valuing securities are not necessarily an </FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>indication of the risk associated with investing in those securities. For information</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>about the Fund&#146;s policy regarding valuation of investments and other significant</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>accounting policies, please refer to Note 1 of the Notes to Financial Statements.</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>The following table summarizes the inputs used as of November 30, 2008 in</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>determining the fair valuation of the Fund&#146;s investments:</FONT></P>
<TABLE cellSpacing=0 cellPadding=0 border=0>
<TR vAlign=bottom>
     <TD noWrap align=left width="44%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Valuation</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="53%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Investments in</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="44%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Inputs</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="53%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Securities</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="44%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Level 1</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="53%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$ 4,208,353</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="44%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Level 2</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="53%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>213,281,496</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="44%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Level 3</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="53%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&#151;</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="44%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Total</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="53%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$ 217,489,849</FONT>&nbsp; </TD></TR></TABLE><BR>
<P align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>See Notes to Financial Statements.</FONT><BR>
<BR>
<FONT face="FranklinGothic-Book,Times New Roman,Times,serif" size=1>SEMI-ANNUAL REPORT NOVEMBER 30, 2008 11</FONT></P>
<HR align=center width="100%" noShade SIZE=2>

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<TR vAlign=bottom>
     <TD noWrap align=left width="56%" colSpan=9><FONT face="FranklinGothic-Book,Times New Roman,Times,serif" color=#0036c4 size=4>Schedule of Investments </FONT><FONT face="FranklinGothic-Book,Times New Roman,Times,serif" color=#0036c4 size=2>November 30, 2008 (Unaudited)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="38%" colSpan=5><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#0036c4 size=2>BlackRock Muni Intermediate Duration Fund, Inc. (MUI)</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="38%" colSpan=5><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#0036c4 size=1>(Percentages shown are based on Net Assets)</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Par</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Par</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Municipal Bonds</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>(000)</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Value</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="31%" colSpan=3><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Municipal Bonds</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>(000)</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Value</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#0036c4 size=1>Alabama &#151; 2.6%</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="31%" colSpan=3><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#0036c4 size=1>California (concluded)</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="29%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Jefferson County, Alabama, Limited Obligation School</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="31%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Rowland, California, Unified School District, GO</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Warrants, Series A:</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="31%" colSpan=3>&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(Election of 2000), Series B, 5.25%, 8/01/27 (d)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$</FONT> <FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,515&nbsp;</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$ 1,486,609</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%">&nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>5.50%, 1/01/21</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$ 5,500</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$ 3,852,970</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="31%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Sacramento, California, Special Tax (North Natomas</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%">&nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>5.25%, 1/01/23</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>6,500</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>4,227,210</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="31%" colSpan=3>&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Community Facilities), Series 4-C:</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Tuscaloosa, Alabama, Special Care Facilities</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="31%" colSpan=3>&nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>5.60%, 9/01/20</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>585</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>483,795</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="29%" colSpan=3>&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Financing Authority, Residential Care Facility Revenue</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="31%" colSpan=3>&nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>5.75%, 9/01/22</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,715</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,390,196</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Bonds (Capstone Village, Inc. Project), Series A,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="31%" colSpan=3>&nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>5.90%, 9/01/23</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>500</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>406,195</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>5.625%, 8/01/25</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>6,600</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>4,220,766</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="31%" colSpan=3>&nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>6%, 9/01/28</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>2,990</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>2,300,984</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>12,300,946</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="31%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Sacramento County, California, Airport System Revenue</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="31%" colSpan=3>&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Bonds, Senior Series A, 5%, 7/01/28 (d)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,695</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,571,045</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#0036c4 size=1>Arizona &#151; 2.8%</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="31%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Southern California HFA, S/F Mortgage Revenue</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Maricopa County, Arizona, IDA, Education Revenue</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="31%" colSpan=3>&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Bonds, AMT, Series A, 5.80%, 12/01/49 (e)(f)(g)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>3,905</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>3,624,074</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="29%" colSpan=3>&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Bonds (Arizona Charter Schools Project 1), Series A,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="31%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Tustin, California, Unified School District, Senior Lien</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>6.625%, 7/01/20</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>2,820</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>2,256,423</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="31%" colSpan=3>&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Special Tax Bonds (Community Facilities District</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Navajo County, Arizona, IDA, IDR (Stone Container</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="31%" colSpan=3>&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Number 97-1), Series A, 5%, 9/01/32 (d)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>2,610</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>2,329,973</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Corporation Project), AMT, 7.20%, 6/01/27</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>2,500</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>825,025</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="29%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Pima County, Arizona, IDA, Education Revenue Bonds</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>84,231,770</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(Arizona Charter Schools Project):</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="31%" colSpan=3><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#0036c4 size=1>Colorado &#151; 2.3%</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%">&nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Series C, 6.70%, 7/01/21</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>985</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>862,102</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="31%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Elk Valley, Colorado, Public Improvement Revenue Bonds</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%">&nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Series K, 6.375%, 7/01/13 (a)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>820</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>946,231</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="31%" colSpan=3>&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(Public Improvement Fee), Series A, 7.10%, 9/01/14</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>700</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>677,621</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%">&nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Series K, 6.375%, 7/01/31</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>930</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>706,223</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="31%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Montrose, Colorado, Memorial Hospital, Revenue Bonds,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Salt River Project, Arizona, Agriculture Improvement</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="31%" colSpan=3>&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>6.375%, 12/01/23</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>2,250</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>2,039,265</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="29%" colSpan=3>&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>and Power District, Electric System Revenue Bonds,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="31%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Plaza Metropolitan District Number 1, Colorado,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Series A, 5%, 1/01/25</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>4,000</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>3,934,720</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="31%" colSpan=3>&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Tax Allocation Revenue Bonds (Public Improvement</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Vistancia Community Facilities District, Arizona,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="31%" colSpan=3>&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Fees), 7.50%, 12/01/15</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>7,500</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>6,833,850</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>GO, 5%, 7/15/14</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>3,630</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>3,418,117</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="31%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Southlands Metropolitan District Number 1, Colorado,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>12,948,841</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="31%" colSpan=3>&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>GO, 6.75%, 12/01/14 (a)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,000</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,145,920</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#0036c4 size=1>California &#151; 18.1%</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>10,696,656</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="29%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Antelope Valley, California, Health Care District Revenue</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="31%" colSpan=3><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#0036c4 size=1>Connecticut &#151; 0.9%</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Bonds, Series A, 5.25%, 9/01/17</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>8,000</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>7,055,520</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="31%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Connecticut State Development Authority, Airport</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="29%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>California Pollution Control Financing Authority, PCR,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="31%" colSpan=3>&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Facility Revenue Bonds (Learjet Inc. Project),</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Refunding (Pacific Gas &amp; Electric), AMT, Series A,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="31%" colSpan=3>&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>AMT, 7.95%, 4/01/26</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,160</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,024,396</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>5.35%, 12/01/16 (b)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>17,730</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>16,749,176</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="31%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Connecticut State Development Authority, PCR,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="29%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>California Pollution Control Financing Authority, Solid</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="31%" colSpan=3>&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Refunding (Connecticut Light and Power Company),</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Waste Disposal Revenue Bonds, AMT:</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="31%" colSpan=3>&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Series A, 5.85%, 9/01/28</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>4,000</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>3,351,920</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%">&nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(Republic Services Inc. Project), Series B,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>4,376,316</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%">&nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>5.25%, 6/01/23</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>750</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>572,340</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%">&nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(Waste Management Inc. Project), Series A-2,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="31%" colSpan=3><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#0036c4 size=1>Florida &#151; 7.0%</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%">&nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>5.40%, 4/01/25</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,240</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>893,284</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="31%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Florida Housing Finance Corporation, Homeowner</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="29%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>California State Department of Water Resources, Power</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="31%" colSpan=3>&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Mortgage Revenue Bonds, AMT, Series 6,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="29%" colSpan=3>&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Supply Revenue Bonds, Series A, 5.375%, 5/01/12 (a)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>5,000</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>5,583,850</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="31%" colSpan=3>&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>4.70%, 7/01/37</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>4,000</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>2,709,080</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>California State, GO:</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="31%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Harbor Bay, Florida, Community Development</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%">&nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>5.50%, 4/01/14 (a)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>14,795</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>16,945,305</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="31%" colSpan=3>&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>District, Capital Improvement Special Assessment</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%">&nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>5.50%, 4/01/28</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>15</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>14,650</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="31%" colSpan=3>&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Bonds, 6.75%, 5/01/34</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>2,860</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>2,198,024</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="29%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>California State, GO, Refunding, 5.25%, 2/01/27 (b)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>5,000</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>4,661,250</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="31%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Highlands County, Florida, Health Facilities Authority,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="29%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>California State Public Works Board, Lease Revenue</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="31%" colSpan=3>&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Hospital Revenue Refunding Bonds (Adventist Health</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Bonds (Department of Corrections), Series C,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="31%" colSpan=3>&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>System), Series G, 5.125%, 11/15/16 (a)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>35</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>38,628</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>5.50%, 6/01/20</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>10,000</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>10,073,400</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="31%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Miami-Dade County, Florida, Aviation Revenue</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>California Statewide Communities Development</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="31%" colSpan=3>&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Refunding Bonds (Miami International Airport),</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="29%" colSpan=3>&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Authority, Health Facility Revenue Bonds (Memorial</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="31%" colSpan=3>&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>AMT, 5.75%, 10/01/19 (c)(h)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>5,500</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>5,085,300</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Health Services), Series A, 6%, 10/01/23</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>2,500</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>2,458,825</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="31%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Miami-Dade County, Florida, Water and Sewer Revenue</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Golden State Tobacco Securitization Corporation of</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="31%" colSpan=3>&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Refunding Bonds, Series C, 5%, 10/01/23 (i)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>10,000</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>9,509,200</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="29%" colSpan=3>&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>California, Tobacco Settlement Revenue Refunding</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="31%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Midtown Miami, Florida, Community Development</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Bonds, Senior Series A-1, 5%, 6/01/15</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>5,000</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>4,486,700</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="31%" colSpan=3>&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>District, Special Assessment Revenue Bonds:</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="29%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Los Angeles, California, Regional Airports Improvement</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="31%" colSpan=3>&nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Series A, 6%, 5/01/24</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>3,465</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>2,438,910</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Corporation, Facilities Lease Revenue Refunding</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="31%" colSpan=3>&nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Series B, 6.50%, 5/01/37</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,975</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,326,706</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Bonds (LAXFUEL Corporation &#151; Los Angeles</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="31%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Orlando, Florida, Urban Community Development</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>International Airport), AMT, 5.50%, 1/01/32 (c)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,435</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,144,599</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="31%" colSpan=3>&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>District, Capital Improvement Special Assessment</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="31%" colSpan=3>&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Bonds, 6%, 5/01/20</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>820</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>654,048</FONT>&nbsp; </TD></TR></TABLE><BR>
<P align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>See Notes to Financial Statements.</FONT><BR>
<BR>
<FONT face="FranklinGothic-Book,Times New Roman,Times,serif" size=1>12 SEMI-ANNUAL REPORT NOVEMBER 30, 2008</FONT></P>
<HR align=center width="100%" noShade SIZE=2>

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<TABLE cellSpacing=0 cellPadding=0 border=0>
<TR vAlign=bottom>
     <TD noWrap align=left width="47%" colSpan=7><FONT face="FranklinGothic-Book,Times New Roman,Times,serif" color=#0036c4 size=4>Schedule of Investments (continued)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="47%" colSpan=7><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#0036c4 size=2>BlackRock Muni Intermediate Duration Fund, Inc. (MUI)</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="47%" colSpan=7><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#0036c4 size=1>(Percentages shown are based on Net Assets)</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Par</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Par</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Municipal Bonds</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>(000)</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Value</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="27%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Municipal Bonds</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>(000)</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Value</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#0036c4 size=1>Florida (concluded)</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="27%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#0036c4 size=1>Maine &#151; 0.3%</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Panther Trace Community Development District II,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="31%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Portland, Maine, Housing Development Corporation,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Florida, Special Assessment Revenue Bonds,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Senior Living Revenue Bonds (Avesta Housing</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>5.125%, 11/01/13</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$ 2,255&nbsp;</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$ 1,905,295</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Development Corporation Project), Series A,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Portofino Shores, Florida, Community Development</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>6%, 2/01/34</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$ 1,965</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$ 1,483,870</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>District, Special Assessment Bonds, Series A,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="27%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#0036c4 size=1>Maryland &#151; 0.1%</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>6.40%, 5/01/34</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,085</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>858,463</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="27%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Maryland State Industrial Development Financing</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="29%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>South Lake County, Florida, Hospital District Revenue</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="31%" colSpan=3>&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Authority, EDR (Our Lady of Good Counsel School),</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="29%" colSpan=3>&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Bonds (South Lake Hospital Inc.), 6.625%, 10/01/23</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>2,390</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>2,178,485</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Series A, 6%, 5/01/35</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>500</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>349,570</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="29%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Sterling Hill Community Development District, Florida,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Capital Improvement Revenue Refunding Bonds,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="27%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#0036c4 size=1>Massachusetts &#151; 1.6%</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Series B, 5.50%, 11/01/10</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>175</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>167,323</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="27%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Massachusetts Bay Transportation Authority, Sales</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="29%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>University of Florida Research Foundation Inc., Capital</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Tax Revenue Refunding Bonds, Senior Series A,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="29%" colSpan=3>&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Improvement Revenue Bonds, 5.125%, 9/01/33 (c)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>4,000</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>3,555,960</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>5%, 7/01/12 (a)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>4,560</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>4,963,925</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="27%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Massachusetts State Development Finance Agency,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>32,625,422</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="31%" colSpan=3>&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Resource Recovery Revenue Bonds (Ogden Haverhill</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#0036c4 size=1>Idaho &#151; 0.8%</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Associates), AMT, Series B:</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="29%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Boise City, Idaho, COP, AMT, 5.50%, 9/01/25 (b)(h)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>4,000</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>3,289,680</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>5.35%, 12/01/15</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,210</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,043,407</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="29%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Idaho Housing and Finance Association, S/F Mortgage</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>5.50%, 12/01/19</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>2,000</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,650,160</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="29%" colSpan=3>&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Revenue Bonds, AMT, Series F-2, 5.85%, 7/01/15 (j)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>260</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>262,072</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>7,657,492</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>3,551,752</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="27%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#0036c4 size=1>Michigan &#151; 1.5%</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#0036c4 size=1>Illinois &#151; 5.8%</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="31%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Macomb County, Michigan, Hospital Finance Authority,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="29%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Chicago, Illinois, O&#146;Hare International Airport, General</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Hospital Revenue Bonds (Mount Clemens General</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="29%" colSpan=3>&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Airport Revenue Bonds, Third Lien, AMT, Series B-2,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Hospital), Series B, 5.875%, 11/15/13 (a)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>2,325</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>2,640,874</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>6%, 1/01/29 (k)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>2,510</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>2,133,625</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="27%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Michigan State Hospital Finance Authority, Revenue</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="29%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Chicago, Illinois, O&#146;Hare International Airport, General</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Refunding Bonds (Oakwood Obligated Group),</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Airport Revenue Refunding Bonds, Third Lien, AMT,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Series A, 6%, 4/01/22</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>4,795</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>4,497,470</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Series A-2, 5.75%, 1/01/19 (d)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>2,550</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>2,379,507</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>7,138,344</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="29%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Du Page and Will Counties, Illinois, Community School</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>District Number 204 (Indian Prairie), GO,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="27%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#0036c4 size=1>Minnesota &#151; 1.1%</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>5.25%, 12/30/22 (b)(h)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>8,650</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>8,756,914</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="27%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Minneapolis and Saint Paul, Minnesota, Housing</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="29%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Hodgkins, Illinois, Environmental Improvement Revenue</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>and Redevelopment Authority, Health Care System</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="29%" colSpan=3>&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Bonds (Metro Biosolids Management LLC Project),</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Revenue Bonds (Group Health Plan Inc. Project):</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>AMT, 5.90%, 11/01/17</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>6,000</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>5,231,220</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>6%, 12/01/19</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,000</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>921,240</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="29%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Illinois, Development Finance Authority Revenue Bonds</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>6%, 12/01/21</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>2,545</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>2,252,529</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(Community Rehabilitation Providers Facilities),</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="27%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Minnesota State Municipal Power Agency, Electric</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Series A, 6.625%, 7/01/32</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>6,930</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>6,100,825</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Revenue Bonds, Series A, 5.25%, 10/01/24</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>2,000</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,819,260</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="29%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Illinois State Finance Authority Revenue Bonds (Landing</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>4,993,029</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="29%" colSpan=3>&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>At Plymouth Place Project), Series A, 6%, 5/15/25</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,800</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,335,798</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="27%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#0036c4 size=1>Mississippi &#151; 1.3%</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Village of Wheeling, Illinois, Revenue Bonds (North</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="27%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Mississippi Business Finance Corporation,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Milwaukee/Lake-Cook Tax Increment Financing</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Mississippi, PCR, Refunding (System Energy</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Redevelopment Project), 6%, 1/01/25</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,580</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,180,908</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Resources Inc. Project):</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>27,118,797</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>5.875%, 4/01/22</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>5,000</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>3,952,000</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#0036c4 size=1>Indiana &#151; 0.4%</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>5.90%, 5/01/22</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>2,910</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>2,303,905</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Jasper County, Indiana, PCR, Refunding (Northern</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>6,255,905</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="29%" colSpan=3>&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Indiana Public Service), Series C, 5.85%, 4/01/19 (b)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>2,000</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,844,960</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="27%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#0036c4 size=1>Nebraska &#151; 0.9%</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#0036c4 size=1>Louisiana &#151; 2.7%</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="31%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Public Power Generation Agency, Nebraska, Revenue</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="29%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Louisiana Public Facilities Authority Revenue Bonds:</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Bonds (Whelan Energy Center Unit 2), Series A,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="29%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp; (Nineteenth Judicial District Court Building Project),</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>5%, 1/01/37 (c)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>5,000</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>4,182,950</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%">&nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>5.50%, 6/01/41 (h)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>2,000</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,765,620</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="27%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#0036c4 size=1>Nevada &#151; 0.4%</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="29%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp; (University of New Orleans Research and Technology</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="31%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Clark County, Nevada, Improvement District Number 142,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%">&nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Foundation, Inc. &#151; Student Housing Project),</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Special Assessment Bonds, 6.375%, 8/01/23</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>2,195</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,784,754</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%">&nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>5.25%, 3/01/26 (b)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>6,965</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>6,442,834</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="29%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Port New Orleans, Louisiana, IDR, Refunding (Continental</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Grain Company Project), 6.50%, 1/01/17</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>5,000</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>4,259,550</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>12,468,004</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD></TR></TABLE><BR>
<P align=left>
<TABLE>
<TR>
     <TD width=9>&nbsp;</TD>
     <TD noWrap><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>See Notes to Financial Statements.</FONT><BR>
<BR>
<FONT face="FranklinGothic-Book,Times New Roman,Times,serif" size=1>SEMI-ANNUAL REPORT NOVEMBER 30, 2008 13</FONT></TD></TR></TABLE></P>
<HR align=center width="100%" noShade SIZE=2>

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<A name="page_14"></A>
<TABLE cellSpacing=0 cellPadding=0 border=0>
<TR vAlign=bottom>
     <TD noWrap align=left width="47%" colSpan=7><FONT face="FranklinGothic-Book,Times New Roman,Times,serif" color=#0036c4 size=4>Schedule of Investments (continued)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="47%" colSpan=5><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#0036c4 size=2>BlackRock Muni Intermediate Duration Fund, Inc. (MUI)</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="47%" colSpan=5><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#0036c4 size=1>(Percentages shown are based on Net Assets)</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Par</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="30%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Par</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="26%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Municipal Bonds</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>(000)</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Value</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="30%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Municipal Bonds</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>(000)</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Value</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="26%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#0036c4 size=1>New Jersey &#151; 13.1%</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="30%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#0036c4 size=1>New York (concluded)</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="26%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Garden State Preservation Trust of New Jersey,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="30%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>New York State Dormitory Authority, Non-State Supported</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="26%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Open Space and Farmland Preservation Revenue</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="30%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Debt, Lease Revenue Bonds (Municipal Health Facilities</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="26%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Bonds, Series A (d):</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="30%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Improvement Program), Sub-Series 2-4, 5%, 1/15/27&nbsp;</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$ 6,900</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$ 6,350,691</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="26%">&nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>5.80%, 11/01/21</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$ 3,635</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$ 3,859,352</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="30%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>New York State Dormitory Authority, Non-State</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="26%">&nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>5.80%, 11/01/23</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>5,050</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>5,286,794</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="30%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Supported Debt, Revenue Refunding Bonds (Mount</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="26%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>New Jersey EDA, Cigarette Tax Revenue Bonds,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="30%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Sinai-NYU Medical Center Health System), Series A:</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="26%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>5.75%, 6/15/29</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>9,810</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>7,061,238</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="30%">&nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>6.625%, 7/01/10 (a)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>4,615</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>5,016,043</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="26%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>New Jersey EDA, Motor Vehicle Surcharge Revenue</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="30%">&nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>6.625%, 7/01/18</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>2,385</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>2,405,344</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="26%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Bonds, Series A, 5.25%, 7/01/33 (b)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>17,900</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>16,818,124</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="30%">&nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>6.625%, 7/01/19</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,330</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,337,887</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="26%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>New Jersey EDA, Special Facility Revenue Bonds</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="30%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>New York State Dormitory Authority Revenue Bonds:</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="26%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(Continental Airlines Inc. Project), AMT,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="30%">&nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(North Shore &#151; Long Island Jewish Health System),</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="26%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>6.625%, 9/15/12</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>5,540</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>4,457,650</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="30%">&nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>5%, 5/01/12</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,000</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,041,990</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="26%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>New Jersey EDA, Water Facilities Revenue Refunding</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="30%">&nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(School Districts Financing Program), Series D,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="26%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Bonds (American Water), AMT, Series B,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="30%">&nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>5.25%, 10/01/23 (b)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>9,540</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>9,471,312</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="26%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>5.125%, 4/01/22 (c)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>5,000</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>4,114,850</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="30%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>New York State Environmental Facilities Corporation,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="26%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>New Jersey State Housing and Mortgage Finance</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="30%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>State Personal Income Tax Revenue Bonds, Series A,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="29%" colSpan=3>&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Agency, S/F Housing Revenue Bonds, AMT, Series X,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="30%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>5.25%, 12/15/14 (a)(h)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>7,380</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>8,367,001</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="26%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>5.10%, 10/01/23</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>4,500</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>3,948,345</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="30%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>New York State Thruway Authority, Local Highway and</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="26%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>New Jersey State Transportation Trust Fund Authority,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="30%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Bridge Service Contract, Revenue Refunding Bonds,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="26%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Transportation System Revenue Bonds, Series D:</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="30%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>5.50%, 4/01/17</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>60</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>63,776</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="26%">&nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>5%, 6/15/18 (c)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>4,215</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>4,309,037</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="30%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>New York State Urban Development Corporation,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="26%">&nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>5%, 6/15/19 (d)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>11,120</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>11,220,970</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="30%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Correctional and Youth Facilities Services, Revenue</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>61,076,360</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="30%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Refunding Bonds, Series A, 5.50%, 1/01/17</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>10,825</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>11,156,028</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="30%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>New York State Urban Development Corporation,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="26%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#0036c4 size=1>New Mexico &#151; 2.1%</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="30%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Personal Income Tax Revenue Bonds (State Facilities),</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="26%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>New Mexico Finance Authority, Senior Lien State</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="30%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Series A-1, 5.25%, 3/15/34 (b)(h)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>10,000</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>9,592,600</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="26%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Transportation Revenue Bonds, Series A,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="30%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Port Authority of New York and New Jersey, Consolidated</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="26%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>5.125%, 6/15/18 (b)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>9,520</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>9,877,095</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="30%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Revenue Refunding Bonds, 153rd Series, 5%, 7/15/24</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>2,010</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,979,890</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="26%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#0036c4 size=1>New York &#151; 27.8%</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="30%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Port Authority of New York and New Jersey, Senior</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="26%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Dutchess County, New York, IDA, Civic Facility</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="30%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Consolidated Revenue Bonds, AMT, 131st Series,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="26%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Revenue Bonds (Saint Francis Hospital), Series B,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="30%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>5%, 12/15/17 (l)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>5,000</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>4,711,900</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="26%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>7.25%, 3/01/19</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,030</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>968,571</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="30%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Tobacco Settlement Financing Corporation of New York</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="26%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Metropolitan Transportation Authority, New York,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="30%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Revenue Bonds:</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="29%" colSpan=3>&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Revenue Refunding Bonds, Series A, 5%, 11/15/25 (h)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>3,600</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>3,241,260</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="30%">&nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Series A-1, 5.25%, 6/01/22 (c)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>6,510</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>6,177,795</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="26%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>New York City, New York, City IDA, Special Facility</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="30%">&nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Series C-1, 5.50%, 6/01/20 (h)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>9,750</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>9,692,475</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="26%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Revenue Bonds (Continental Airlines Inc. Project),</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="30%">&nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Series C-1, 5.50%, 6/01/21</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>7,000</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>6,875,960</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="26%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>AMT, 8.375%, 11/01/16</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>3,500</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>2,603,230</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="30%">&nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Series C-1, 5.50%, 6/01/22</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>10,000</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>9,721,600</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="26%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>New York City, New York, City Transitional Finance</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="30%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>129,780,635</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="26%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Authority, Building Aid Revenue Bonds, Series S-1,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="30%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="26%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>5%, 7/15/24 (h)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>2,500</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>2,357,375</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="30%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#0036c4 size=1>North Carolina &#151; 0.9%</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="26%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>New York City, New York, GO, Refunding, Series B,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="30%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Gaston County, North Carolina, Industrial Facilities and</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="26%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>5.75%, 8/01/15</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>5,000</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>5,361,150</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="30%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Pollution Control Financing Authority, Revenue Bonds</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="26%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>New York City, New York, GO, Series D1, 5.125%,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="30%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(National Gypsum Company Project), AMT,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="26%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>12/01/26</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>4,615</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>4,343,361</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="30%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>5.75%, 8/01/35</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>3,105</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,684,214</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="26%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>New York City, New York, IDA, Civic Facility Revenue</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="30%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>North Carolina Municipal Power Agency Number 1,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="26%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Bonds (Special Needs Facilities Pooled Program),</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="30%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Catawba Electric Revenue Bonds, Series A,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="26%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Series C-1, 6.80%, 7/01/19</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>2,055</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,774,554</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="30%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>5.25%, 1/01/20 (b)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>2,700</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>2,644,353</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="26%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>New York City, New York, Sales Tax Asset</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="30%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>4,328,567</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="26%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Receivable Corporation Revenue Bonds,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="30%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#0036c4 size=1>Ohio &#151; 0.9%</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="26%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Series A, 5%, 10/15/20 (b)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>9,070</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>9,273,349</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="30%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Buckeye Tobacco Settlement Financing Authority,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="26%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>New York State Dormitory Authority, Lease</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="30%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Ohio, Tobacco Settlement Asset-Backed Bonds,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="26%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Revenue Refunding Bonds (Court Facilities),</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="30%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Series A-2, 6.50%, 6/01/47</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>4,820</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>3,288,349</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="26%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Series A, 5.25%, 5/15/12</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>5,580</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>5,895,493</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="30%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Port of Greater Cincinnati Development Authority,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="30%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Ohio, Special Assessment Revenue Bonds</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="30%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(Cooperative Public Parking Infrastructure</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="30%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Project), 6.30%, 2/15/24</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,280</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,011,187</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="30%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>4,299,536</FONT>&nbsp; </TD></TR></TABLE><BR>
<P align=left>
<TABLE>
<TR>
     <TD noWrap><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>See Notes to Financial Statements.</FONT><BR>
<BR>
<FONT face="FranklinGothic-Book,Times New Roman,Times,serif" size=1>14 SEMI-ANNUAL REPORT NOVEMBER 30, 2008</FONT></TD></TR></TABLE></P>
<HR align=center width="100%" noShade SIZE=2>

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<A name="page_15"></A>
<TABLE cellSpacing=0 cellPadding=0 border=0>
<TR vAlign=bottom>
     <TD noWrap align=left width="46%" colSpan=5><FONT face="FranklinGothic-Book,Times New Roman,Times,serif" color=#0036c4 size=4>Schedule of Investments (continued)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="49%" colSpan=7><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#0036c4 size=2>BlackRock Muni Intermediate Duration Fund, Inc. (MUI)</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="29%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="4%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="49%" colSpan=7><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#0036c4 size=1>(Percentages shown are based on Net Assets)</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="29%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="4%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Par</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="28%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Par</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="29%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Municipal Bonds</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="4%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>(000)</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Value</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="28%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Municipal Bonds</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>(000)</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Value</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="29%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#0036c4 size=1>Pennsylvania &#151; 9.4%</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="4%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="28%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#0036c4 size=1>Texas &#151; 11.0%</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="29%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Montgomery County, Pennsylvania, IDA, Revenue Bonds</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="4%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="28%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Austin, Texas, Convention Center Revenue Bonds</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="29%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(Whitemarsh Continuing Care Project), 6%, 2/01/21&nbsp;</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="4%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$ 3,500</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$ 2,624,440</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="28%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(Convention Enterprises Inc.), First Tier, Series A,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="29%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Pennsylvania Economic Development Financing Authority,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="4%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="28%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>6.375%, 1/01/11 (a)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$ 5,945</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$ 6,396,523</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="29%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Exempt Facilities Revenue Bonds (National Gypsum</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="4%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="28%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Bexar County, Texas, Health Facilities Development</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="29%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Company), AMT, Series A, 6.25%, 11/01/27</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="4%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>7,710</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>4,416,673</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="28%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Corporation, Revenue Refunding Bonds (Army</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="29%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Philadelphia, Pennsylvania, Airport Revenue Bonds</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="4%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="32%" colSpan=3>&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Retirement Residence Project), 6.30%, 7/01/12 (a)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,500</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,681,335</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="29%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(Philadelphia Airport System), AMT, Series A,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="4%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="28%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Brazos River Authority, Texas, PCR, Refunding</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="29%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>5%, 6/15/20 (d)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="4%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>2,895</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>2,493,058</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="28%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(TXU Energy Company Project), AMT, Series C,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="29%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Philadelphia, Pennsylvania, Airport Revenue Refunding</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="4%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="28%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>5.75%, 5/01/36</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>7,000</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>5,434,870</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="29%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Bonds (Philadelphia Airport System), AMT, Series B,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="4%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="32%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Dallas-Fort Worth, Texas, International Airport Facility</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="29%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>5%, 6/15/19 (d)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="4%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>3,905</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>3,439,797</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="32%" colSpan=3>&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Improvement Corporation, Revenue Bonds (Learjet Inc.),</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="29%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Philadelphia, Pennsylvania, Gas Works Revenue</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="4%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="28%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>AMT, Series A-1, 6.15%, 1/01/16</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>4,000</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>3,304,400</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="29%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Refunding Bonds, 1975 General Ordinance, 17th Series,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="4%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="32%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Dallas-Fort Worth, Texas, International Airport Facility</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="29%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>5.375%, 7/01/22 (d)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="4%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>7,490</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>7,509,249</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="32%" colSpan=3>&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Improvement Corporation, Revenue Refunding Bonds,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="29%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Pittsburgh, Pennsylvania, GO, Refunding, Series B,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="4%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="28%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>AMT, Series A-2, 9%, 5/01/29</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>3,000</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,620,510</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="29%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>5.25%, 9/01/17 (d)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="4%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>9,630</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>10,046,594</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="28%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Dallas-Fort Worth, Texas, International Airport, Joint</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="29%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Pittsburgh, Pennsylvania, GO, Series C,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="4%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="28%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Revenue Refunding Bonds, AMT, Sub-Series A-2,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="29%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>5.25%, 9/01/18 (d)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="4%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>6,430</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>6,626,436</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="28%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>6.10%, 11/01/24 (b)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,500</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,357,920</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="29%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Sayre, Pennsylvania, Health Care Facilities Authority,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="4%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="32%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Gulf Coast, Texas, IDA, Solid Waste Disposal Revenue</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="29%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Revenue Refunding Bonds (Guthrie Healthcare</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="4%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="28%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Bonds (Citgo Petroleum Corporation Project), AMT,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="29%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>System), Series A:</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="4%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="28%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>7.50%, 5/01/25</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>2,440</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>2,317,366</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="29%">&nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>6.25%, 12/01/11 (a)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="4%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>4,615</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>5,169,631</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="28%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Gulf Coast Waste Disposal Authority, Texas, Revenue</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="29%">&nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>6.25%, 12/01/15</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="4%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>455</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>463,527</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="28%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Refunding Bonds (International Paper Company),</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="29%">&nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>6.25%, 12/01/16</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="4%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>785</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>796,571</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="28%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>AMT, Series A, 6.10%, 8/01/24</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>2,000</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,386,220</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="29%">&nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>6.25%, 12/01/18</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="4%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>385</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>386,213</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="32%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Houston, Texas, Airport System Revenue Refunding Bonds,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="29%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="4%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>43,972,189</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="28%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Sub-Lien, AMT, Series A, 5.50%, 7/01/23 (d)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>5,790</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>5,003,486</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="29%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="4%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="32%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Houston, Texas, Health Facilities Development Corporation,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="29%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#0036c4 size=1>South Carolina &#151; 2.5%</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="4%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="32%" colSpan=3>&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Retirement Facility Revenue Bonds (Buckingham Senior</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="29%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Georgetown County, South Carolina, Pollution Control</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="4%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="28%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Living Community), Series A, 7%, 2/15/14 (a)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,500</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,728,465</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="29%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Facilities, Revenue Refunding Bonds (International</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="4%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="32%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Lower Colorado River Authority, Texas, PCR (Samsung</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="29%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Paper Company Project), Series A, 5.125%, 2/01/12</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="4%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>8,000</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>7,376,800</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="28%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Austin Semiconductor), AMT, 6.95%, 4/01/30</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>7,420</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>6,209,279</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="29%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Medical University Hospital Authority, South Carolina,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="4%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="28%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Sabine River Authority, Texas, PCR, Refunding</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="29%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Hospital Facilities Revenue Refunding Bonds,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="4%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="32%" colSpan=3>&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(TXU Electric Company Project/TXU Energy Company LLC),</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="29%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Series A, 5.25%, 8/15/23 (b)(j)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="4%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>4,250</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>4,145,067</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="28%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>AMT, Series B, 5.75%, 5/01/30</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>5,000</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>3,882,050</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="29%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="4%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>11,521,867</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="28%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Texas State Affordable Housing Corporation, S/F</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="29%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#0036c4 size=1>South Dakota &#151; 0.4%</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="4%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="28%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Mortgage Revenue Bonds (Professional Educators</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="29%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Educational Enhancement Funding Corporation,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="4%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="28%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Home Loan Program), AMT (e)(f)(g):</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="29%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>South Dakota, Series B, 6.50%, 6/01/32</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="4%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>2,200</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,727,858</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="28%">&nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Series A-3, 5.60%, 2/01/39</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>7,889</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>6,809,166</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="29%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="4%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="28%">&nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Series B, 5.95%, 12/01/39</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>4,757</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>4,360,409</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="29%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#0036c4 size=1>Tennessee &#151; 3.9%</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="4%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="28%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="29%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Johnson City, Tennessee, Health and Educational Facilities</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="4%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="28%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>51,491,999</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="29%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Board, Retirement Facility Revenue Bonds (Appalachian</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="4%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="28%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#0036c4 size=1>Virginia &#151; 2.7%</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="29%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Christian Village Project), Series A, 6%, 2/15/19</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="4%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,800</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,442,826</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="28%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>James City County, Virginia, IDA, Residential Care</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="29%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Memphis-Shelby County, Tennessee, Airport Authority,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="4%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="28%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Facility Revenue Refunding Bonds, Series A:</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="29%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Airport Revenue Bonds, AMT, Series A, 5.50%,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="4%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="28%">&nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>5.75%, 3/01/17</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>3,285</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>2,804,043</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="29%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>3/01/17 (d)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="4%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>2,005</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,920,008</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="28%">&nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>6%, 3/01/23</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,150</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>903,624</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="29%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Shelby County, Tennessee, Health, Educational</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="4%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="32%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Tobacco Settlement Financing Corporation of Virginia,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="29%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&amp; Housing Facilities Board Revenue Bonds</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="4%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="32%" colSpan=3>&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Asset-Backed Revenue Bonds, 5.625%, 6/01/15 (a)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>7,800</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>8,713,926</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="29%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(Germantown Village), Series A:</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="4%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="28%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>12,421,593</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="29%">&nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>6.75%, 12/01/18</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="4%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>3,550</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>3,106,463</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="28%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="29%">&nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>7%, 12/01/23</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="4%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,450</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,214,767</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="28%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#0036c4 size=1>Washington &#151; 2.2%</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="29%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Shelby County, Tennessee, Health, Educational and</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="4%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="28%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Snohomish County, Washington, School District</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="29%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Housing Facility Board, Hospital Revenue Refunding</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="4%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="32%" colSpan=3>&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Number 015 (Edmonds), GO, 5%, 12/01/19 (b)(h)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>10,000</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>10,205,000</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="29%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Bonds (Methodist Healthcare)(a):</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="4%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="28%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="29%">&nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>6%, 9/01/12</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="4%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>745</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>820,022</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="28%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="29%">&nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>6%, 9/01/12</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="4%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>5,255</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>5,784,180</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="28%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="29%">&nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>6.25%, 9/01/12</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="4%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>3,500</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>3,883,250</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="28%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="29%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="4%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>18,171,516</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="28%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR></TABLE><BR>
<P align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>See Notes to Financial Statements.</FONT><BR>
<BR>
<FONT face="FranklinGothic-Book,Times New Roman,Times,serif" size=1>SEMI-ANNUAL REPORT NOVEMBER 30, 2008 15</FONT></P>
<HR align=center width="100%" noShade SIZE=2>

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<A name="page_16"></A>
<TABLE cellSpacing=0 cellPadding=0 border=0>
<TR vAlign=bottom>
     <TD noWrap align=left width="47%" colSpan=7><FONT face="FranklinGothic-Book,Times New Roman,Times,serif" color=#0036c4 size=4>Schedule of Investments (continued)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="47%" colSpan=7><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#0036c4 size=2>BlackRock Muni Intermediate Duration Fund, Inc. (MUI)</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="47%" colSpan=7><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#0036c4 size=1>(Percentages shown are based on Net Assets)</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Par</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="27%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Municipal Bonds Transferred to</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Par</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Municipal Bonds</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>(000)</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Value</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="27%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Tender Option Bond Trusts (o)</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>(000)</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Value</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#0036c4 size=1>Guam &#151; 1.0%</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="27%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#0036c4 size=1>California &#151; 5.5%</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Commonwealth of the Northern Mariana Islands,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="27%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Peralta, California, Community College District, GO</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Guam, GO, Series A:</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(Election of 2000), Series D, 5%, 8/01/30 (d)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$ 10,140</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$ 9,465,284</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%">&nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>6.75%, 10/01/13 (a)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$ 4,000</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$ 4,638,960</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="27%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>San Jose, California, GO (Libraries, Parks and Public</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%">&nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>6.75%, 10/01/33</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>250</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>200,280</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Safety Projects), 5%, 9/01/30 (b)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>3,101</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>2,894,161</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>4,839,240</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="27%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Sequoia, California, Unified High School District, GO,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Refunding, Series B, 5.50%, 7/01/35 (d)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>9,028</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>8,866,921</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#0036c4 size=1>Puerto Rico &#151; 13.1%</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="27%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Tamalpais, California, Union High School District, GO</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Puerto Rico Commonwealth Aqueduct and Sewer</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(Election of 2001), 5%, 8/01/28 (d)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>4,875</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>4,481,588</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Authority, Senior Lien Revenue Bonds, Series A,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>5%, 7/01/25 (m)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>3,215</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>2,959,182</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>25,707,954</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="29%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Puerto Rico Commonwealth Highway and Transportation</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="27%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#0036c4 size=1>Illinois &#151; 2.6%</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="29%" colSpan=3>&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Authority, Subordinate Transportation Revenue Bonds,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="27%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>McHenry County, Illinois, Conservation District, GO,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>5.75%, 7/01/21 (h)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>4,375</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>4,054,706</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>5.125%, 2/01/27 (d)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>12,695</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>12,335,573</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Puerto Rico Electric Power Authority, Power Revenue</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="27%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#0036c4 size=1>Massachusetts &#151; 1.7%</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Bonds, Series NN, 5.50%, 7/01/13 (a)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>17,935</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>20,172,033</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="27%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Massachusetts State School Building Authority,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="29%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Puerto Rico Housing Financing Authority, Capital Funding</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Dedicated Sales Tax Revenue Bonds, Series A, 5%,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Program, Subordinate Revenue Refunding Bonds,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>8/15/30 (d)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>8,338</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>7,903,887</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>5.125%, 12/01/27</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>13,900</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>12,842,905</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Puerto Rico Industrial, Medical and Environmental</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="27%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#0036c4 size=1>New York -2.4%</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="29%" colSpan=3>&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Pollution Control Facilities Financing Authority, Special</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="27%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>New York City, New York, Sales Tax Asset Receivable</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Facilities Revenue Bonds (American Airlines Inc.),</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Corporation Revenue Bonds, Series A, 5.25%,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Series A, 6.45%, 12/01/25</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>5,390</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>2,214,482</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>10/15/27 (c)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>11,100</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>11,115,984</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Puerto Rico Public Buildings Authority, Government</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="27%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#0036c4 size=1>Texas &#151; 7.1%</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Facilities Revenue Refunding Bonds:</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="27%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Harris County, Texas, Toll Road Revenue Refunding</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%">&nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Series D, 5.25%, 7/01/27</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>5,170</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>4,204,451</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Bonds, Senior Lien, Series A, 5.25%, 8/15/35 (d)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>31,240</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>33,050,045</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%">&nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Series I, 5.50%, 7/01/14 (a)(n)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>8,000</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>8,865,840</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="27%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Total Municipal Bonds Transferred to</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%">&nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Series M-3, 6%, 7/01/28 (b)(n)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,900</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,713,876</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="27%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Tender Option Bond Trusts &#151; 19.3%</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>90,113,443</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="29%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Puerto Rico Public Finance Corporation, Commonwealth</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Appropriation Revenue Bonds, Series E, 5.50%,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="27%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Total Long-Term Investments</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>2/01/12 (a)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>3,535</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>3,827,698</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="27%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>(Cost &#151; $828,744,059) &#151; 162.3%</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>757,114,398</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>60,855,173</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#0036c4 size=1>U.S. Virgin Islands &#151; 1.4%</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Virgin Islands Government Refinery Facilities,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="27%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Short-Term Securities</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Shares</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="29%" colSpan=3>&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Revenue Refunding Bonds (Hovensa Coker Project),</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="27%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Merrill Lynch Institutional Tax-Exempt Fund,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>AMT, 6.50%, 7/01/21</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,860</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,425,653</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1.08% (p)(q)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>43,643,528</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>43,643,528</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Virgin Islands Public Finance Authority, Refinery</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="27%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Total Short-Term Securities</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="29%" colSpan=3>&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Facilities Revenue Bonds (Hovensa Refinery), AMT,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="27%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>(Cost &#151; $43,643,528) &#151; 9.4%</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>43,643,528</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>6.125%, 7/01/22</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>6,750</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>4,997,296</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>6,422,949</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="31%" colSpan=3><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Total Investments (Cost &#151; $872,387,587*) &#151; 171.7%</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>800,757,926</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="27%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Other Assets Less Liabilities &#151; 1.4%</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>6,671,953</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Total Municipal Bonds &#151; 143.0%</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>667,000,955</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="27%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Liability for Trust Certificates, Including</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="27%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Interest Expense and Fees Payable &#151; (11.5)%</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(53,710,040)</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="27%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Preferred Shares, at Redemption Value &#151; (61.6)%</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(287,281,675)</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="31%" colSpan=3><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Net Assets Applicable to Common Shares &#151; 100.0%</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="14%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$ 466,438,164</FONT>&nbsp; </TD></TR></TABLE><BR>
<P align=left>
<TABLE>
<TR>
     <TD noWrap><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>See Notes to Financial Statements.</FONT><BR>
<BR>
<FONT face="FranklinGothic-Book,Times New Roman,Times,serif" size=1>16 SEMI-ANNUAL REPORT NOVEMBER 30, 2008</FONT></TD></TR></TABLE></P>
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<P align=left><FONT face="FranklinGothic-Book,Times New Roman,Times,serif" color=#0036c4 size=4>Schedule of Investments (concluded) </FONT><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#0036c4 size=2>BlackRock Muni Intermediate Duration Fund, Inc. (MUI)</FONT></B></P>
<TABLE cellSpacing=0 cellPadding=0 border=0>
<TR vAlign=bottom>
     <TD noWrap align=left width="2%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>*</FONT>&nbsp; </TD>
     <TD noWrap align=left width="97%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>The cost and unrealized appreciation (depreciation) of investments as of</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD noWrap align=left width="97%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>November 30, 2008, as computed for federal income tax purposes, were</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>as follows:</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="40%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Aggregate cost</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="40%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$ 819,494,751</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Gross unrealized appreciation</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="40%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$ 12,374,117</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Gross unrealized depreciation</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="40%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(84,393,746)</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Net unrealized depreciation</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="40%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$ (72,019,629)</FONT>&nbsp; </TD></TR></TABLE><BR>
<P align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(a) U.S. government securities, held in escrow, are used to pay interest on this</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>security as well as to retire the bond in full at the date indicated, typically at </FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>a premium to par.</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(b) MBIA Insured.</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(c) AMBAC Insured.</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(d) FSA Insured.</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(e) FNMA Collateralized.</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(f) GNMA Collateralized.</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(g) FHLMC Collateralized.</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(h) FGIC Insured.</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(i) BHAC Insured.</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(j) FHA Insured.</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(k) XL Capital Insured.</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(l) CIFG Insured.</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(m) Assured Guaranty Insured.</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(n) Commonwealth Guaranteed.</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(o) Securities represent bonds transferred to a tender option bond trust in </FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>exchange for which the Fund acquired residual interest certificates. These </FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>securities serve as collateral in a financing transaction. See Note 1 of the </FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Notes to Financial Statements for details of municipal bonds transferred to </FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>tender option bond trusts.</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(p) Investments in companies considered to be an affiliate of the Fund, for purposes</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>of Section 2(a)(3) of the Investment Company Act of 1940, were as follows:</FONT></P>
<TABLE cellSpacing=0 cellPadding=0 border=0>
<TR vAlign=bottom>
     <TD noWrap align=left width="60%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="19%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Net</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="16%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="60%">&nbsp; &nbsp; &nbsp;<B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Affiliate</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="19%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Activity</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="16%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Income</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="60%">&nbsp; &nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Merrill Lynch Institutional Tax-Exempt Fund</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="19%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>43,643,528</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="16%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$ 122,165</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=center width="60%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(q) Represents the current yield as of report date.</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="19%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="16%">&nbsp; </TD></TR></TABLE><BR>
<P align=left><FONT face="FranklinGothic-Book,Times New Roman,Times,serif" size=5>&#149; </FONT><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Effective June 1, 2008, the Fund adopted Financial Accounting Standards </FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Board Statement of Financial Accounting Standards No. 157, &#147;Fair Value</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Measurements&#148; (&#147;FAS 157&#148;). FAS 157 clarifies the definition of fair value,</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>establishes a framework for measuring fair values and requires additional</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>disclosures about the use of fair value measurements. Various inputs are </FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>used in determining the fair value of investments, which are as follows:</FONT><BR>
<FONT face="FranklinGothic-Book,Times New Roman,Times,serif" size=5>&#149;</FONT><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Level 1 &#151; price quotations in active markets/exchanges for identical securities</FONT><BR>
<FONT face="FranklinGothic-Book,Times New Roman,Times,serif" size=5>&#149;</FONT><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Level 2 &#151; other observable inputs (including, but not limited to: quoted prices</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>for similar assets or liabilities in markets that are not active, inputs other than</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif 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 size=1>rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks,</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>and default rates) or other market-corroborated inputs)</FONT><BR>
<FONT face="FranklinGothic-Book,Times New Roman,Times,serif" size=5>&#149;</FONT><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Level 3 &#151; unobservable inputs based on the best information available in the</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>circumstance, to the extent observable inputs are not available (including the</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Fund&#146;s own assumption used in determining the fair value of investments)</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>The inputs or methodology used for valuing securities are not necessarily an </FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>indication of the risk associated with investing in those securities. For information</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>about the Fund&#146;s policy regarding valuation of investments and other significant</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>accounting policies, please refer to Note 1 of the Notes to Financial Statements.</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>The following table summarizes the inputs used as of November 30, 2008 in</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>determining the fair valuation of the Fund&#146;s investments:</FONT></P>
<TABLE cellSpacing=0 cellPadding=0 border=0>
<TR vAlign=bottom>
     <TD noWrap align=left width="44%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Valuation</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="53%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Investments in</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="44%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Inputs</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="53%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Securities</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="44%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Level 1</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="53%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$ 43,643,528</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="44%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Level 2</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="53%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>757,114,398</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="44%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Level 3</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="53%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&#151;</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="44%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Total</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="53%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$ 800,757,926</FONT>&nbsp; </TD></TR></TABLE><BR>
<P align=left>
<TABLE>
<TR>
     <TD noWrap><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>See Notes to Financial Statements.</FONT><BR>
<BR>
<FONT face="FranklinGothic-Book,Times New Roman,Times,serif" size=1>SEMI-ANNUAL REPORT NOVEMBER 30, 2008 17</FONT></TD></TR></TABLE></P>
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<TABLE cellSpacing=0 cellPadding=0 border=0>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%"><FONT face="FranklinGothic-Book,Times New Roman,Times,serif" color=#0036c4 size=4>Statements of Assets and Liabilities</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="16%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="10%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="16%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>BlackRock</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="16%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Muni</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="16%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>BlackRock</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Intermediate</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="16%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>MuniAssets</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%">&nbsp; &nbsp; &nbsp;<B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Duration</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>November 30, 2008 (Unaudited)</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="16%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Fund, Inc. (MUA)</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Fund, Inc. (MUI)</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%">&nbsp; &nbsp; &nbsp;<B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#0036c4 size=1>Assets</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="16%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="10%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Investments at value &#151; unaffiliated</FONT><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1</FONT></SUP>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="16%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$ 213,281,496</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$ 757,114,398</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Investments at value &#151; affiliated</FONT><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>2</FONT></SUP>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="16%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>4,208,353</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>43,643,528</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Cash</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="16%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>42,671</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>141,771</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Interest receivable</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="16%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>5,235,059</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>14,594,711</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Investments sold receivable</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="16%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>220,000</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>4,094,044</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Dividends receivable</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="16%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&#151;</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>171</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Prepaid expenses</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="16%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>11,858</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>53,651</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Other assets</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="16%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>239</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>20,026</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Total assets</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="16%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>222,999,676</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>819,662,300</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=5>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%">&nbsp; &nbsp; &nbsp;<B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#0036c4 size=1>Liabilities</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="16%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="10%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Investments purchased payable</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="16%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&#151;</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>9,634,800</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Income dividends payable &#151; Common Shares</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="16%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,411,209</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>2,206,026</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Investment advisory fees payable</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="16%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>103,301</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>295,575</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Interest expense payable</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="16%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>18,819</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>427,236</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Officer&#146;s and Directors&#146; fees payable</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="16%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>10,112</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>41,660</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Other affiliates payable</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="16%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,805</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>5,815</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Other accrued expenses payable</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="16%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>41,022</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>48,545</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Total accrued liabilities</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="16%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,586,268</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>12,659,657</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=5>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%">&nbsp; &nbsp; &nbsp;<B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#0036c4 size=1>Other Liabilities</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="16%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="10%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Trust certificates</FONT><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>3</FONT></SUP>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="16%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>4,435,000</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>53,282,804</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Total Liabilities</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="16%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>6,021,268</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>65,942,461</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=5>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%">&nbsp; &nbsp; &nbsp;<B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#0036c4 size=1>Preferred Shares at Redemption Value</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="16%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="10%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Preferred Shares, at $0.10 par value per share</FONT><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>4 </FONT></SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>at $25,000 per share liquidation preference, plus unpaid dividends</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="16%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&#151;</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>287,281,675</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Net Assets Applicable to Common Shareholders</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="16%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$ 216,978,408</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$ 466,438,164</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=5>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%">&nbsp; &nbsp; &nbsp;<B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#0036c4 size=1>Net Assets Applicable to Common Shareholders Consist of</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="16%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="10%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Common Shares, par value $0.10 per share</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="16%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$ 2,090,679</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$ 3,803,493</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Paid-in capital in excess of par</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="16%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>296,567,307</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>536,698,013</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Undistributed net investment income</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="16%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,305,344</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>2,046,022</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Accumulated net realized loss</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="16%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(29,359,369)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(4,479,703)</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Net unrealized appreciation/depreciation</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="16%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(53,625,553)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(71,629,661)</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Net Assets Applicable to Common Shareholders</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="16%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$ 216,978,408</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$ 466,438,164</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Net asset value per Common Share</FONT><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>5</FONT></SUP>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="16%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$ 10.38</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$ 12.26</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="68%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="16%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="10%">
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%">&nbsp; &nbsp;<SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1 </FONT></SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Investments at cost &#151; unaffiliated</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="16%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$ 266,907,049</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$ 828,744,059</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%">&nbsp; &nbsp;<SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>2 </FONT></SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Investments at cost &#151; affiliated</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="16%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>4,208,353</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>43,643,528</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%">&nbsp; &nbsp;<SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>3 </FONT></SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Represents short-term floating rate certificates issued by tender option bond trusts.</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="16%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="10%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%">&nbsp; &nbsp;<SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>4 </FONT></SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Preferred Shares outstanding</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="16%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&#151;</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>11,487</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%">&nbsp; &nbsp;<SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>5 </FONT></SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Common Shares issued and outstanding</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="16%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>20,906,793</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>38,034,934</FONT>&nbsp; </TD></TR></TABLE><BR>
<P align=left>
<TABLE>
<TR>
     <TD noWrap><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>See Notes to Financial Statements.</FONT></TD></TR></TABLE></P>
<P align=left>
<TABLE>
<TR>
     <TD noWrap><FONT face="FranklinGothic-Book,Times New Roman,Times,serif" size=1>18 SEMI-ANNUAL REPORT</FONT></TD></TR></TABLE></P>
<P align=left>
<TABLE>
<TR>
     <TD noWrap><FONT face="FranklinGothic-Book,Times New Roman,Times,serif" size=1>NOVEMBER 30, 2008</FONT></TD></TR></TABLE></P>
<HR align=center width="100%" noShade SIZE=2>

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<TR vAlign=bottom>
     <TD noWrap align=left width="62%"><FONT face="FranklinGothic-Book,Times New Roman,Times,serif" color=#0036c4 size=4>Statements of Operations</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="10%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="62%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="22%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>BlackRock</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="62%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="22%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Muni</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="62%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="22%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>BlackRock</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Intermediate</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="62%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="22%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>MuniAssets</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%">&nbsp; &nbsp; &nbsp;<B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Duration</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="62%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Six Months Ended November 30, 2008 (Unaudited)</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="22%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Fund, Inc. (MUA)</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Fund, Inc. (MUI)</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=5>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="62%">&nbsp; &nbsp; &nbsp;<B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#0036c4 size=1>Investment Income</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="10%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="62%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Interest</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="22%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$ 9,040,261</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$ 21,597,774</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="62%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Income &#151; affiliated</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="22%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>68,408</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>123,039</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="62%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Total income</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="22%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>9,108,669</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>21,720,813</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=5>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="62%">&nbsp; &nbsp; &nbsp;<B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#0036c4 size=1>Expenses</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="10%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="62%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Investment advisory</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="22%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>711,674</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>2,350,036</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="62%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Commissions for Preferred Shares</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="22%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&#151;</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>358,762</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="62%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Accounting services</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="22%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>45,036</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>93,466</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="62%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Professional</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="22%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>33,862</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>124,965</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="62%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Printing</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="22%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>27,978</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>34,991</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="62%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Transfer agent</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="22%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>16,630</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>38,907</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="62%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Officer and Directors</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="22%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>15,140</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>23,712</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="62%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Custodian</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="22%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>8,266</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>20,835</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="62%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Registration</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="22%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>5,133</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>6,632</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="62%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Miscellaneous</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="22%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>25,412</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>51,158</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="62%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Total expenses excluding interest expense and fees</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="22%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>889,131</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>3,103,464</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="62%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Interest expense and fees</FONT><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1</FONT></SUP>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="22%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>121,752</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>786,448</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="62%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Total expenses</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="22%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,010,883</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>3,889,912</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="62%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Less fees waived by advisor</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="22%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(5,763)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(508,458)</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="62%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Total expenses after waiver</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="22%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,005,120</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>3,381,454</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="62%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Net investment income</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="22%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>8,103,549</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>18,339,359</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=5>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="62%">&nbsp; &nbsp; &nbsp;<B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#0036c4 size=1>Realized and Unrealized Gain (Loss)</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="10%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="62%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Net realized gain (loss) from:</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="10%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="62%">&nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Investments</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="22%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(591,302)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(2,584,733)</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="62%">&nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Futures</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="22%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>259,342</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&#151;</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="62%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="22%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(331,960)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(2,584,733)</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="62%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Net change in unrealized appreciation/depreciation on:</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="10%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="62%">&nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Investments</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="22%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(49,658,415)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(78,985,745)</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="62%">&nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Futures</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="22%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(115,218)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&#151;</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="62%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="22%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(49,773,633)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(78,985,745)</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="62%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Total realized and unrealized loss</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="22%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(50,105,593)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(81,570,478)</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=5>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="62%">&nbsp; &nbsp; &nbsp;<B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#0036c4 size=1>Dividends to Preferred Shareholders From</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="10%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="62%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Net investment income</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="22%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&#151;</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(6,510,000)</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="62%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Net Decrease in Net Assets Applicable to Common Shareholders Resulting from Operations</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="22%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$ (42,002,044)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$ (69,741,119)</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=5>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="62%">&nbsp; &nbsp;<SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1 </FONT></SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Related to tender option bond trusts.</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="10%">&nbsp; </TD></TR></TABLE><BR>
<P align=left>
<TABLE>
<TR>
     <TD noWrap><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>See Notes to Financial Statements.</FONT></TD></TR></TABLE></P>
<P align=left>
<TABLE>
<TR>
     <TD noWrap><FONT face="FranklinGothic-Book,Times New Roman,Times,serif" size=1>SEMI-ANNUAL REPORT</FONT></TD></TR></TABLE></P>
<P align=left>
<TABLE>
<TR>
     <TD noWrap><FONT face="FranklinGothic-Book,Times New Roman,Times,serif" size=1>NOVEMBER 30, 2008</FONT></TD></TR></TABLE></P>
<P align=left>
<TABLE>
<TR>
     <TD noWrap><FONT face="FranklinGothic-Book,Times New Roman,Times,serif" size=1>19</FONT></TD></TR></TABLE></P>
<HR align=center width="100%" noShade SIZE=2>

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<TR vAlign=bottom>
     <TD noWrap align=left width="44%"><FONT face="FranklinGothic-Book,Times New Roman,Times,serif" color=#0036c4 size=4>Statements of Changes in Net Assets</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="13%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="10%">&nbsp; </TD></TR>
<TR>
     <TD width="97%" colSpan=9>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="44%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="26%" colSpan=3><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>BlackRock</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="23%" colSpan=3><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>BlackRock Muni Intermediate</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="44%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="26%" colSpan=3><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>MuniAssets Fund Inc. (MUA)</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="23%" colSpan=3><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Duration Fund, Inc. (MUI)</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="44%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="13%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Six Months</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="11%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="11%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Six Months</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="10%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="44%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="13%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Ended</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="11%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="11%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Ended</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="10%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="44%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="13%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>November 30,</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="11%">&nbsp; &nbsp; &nbsp;<B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Year Ended</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="11%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>November 30,</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="10%">&nbsp; &nbsp;<B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Year Ended</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="44%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="13%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>2008</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="11%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>May 31,</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="11%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>2008</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="10%">&nbsp; &nbsp; &nbsp;<B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>May 31,</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="44%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Increase (Decrease) in Net Assets Applicable to Common Shareholders:</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="13%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>(Unaudited)</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="11%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>2008</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="11%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>(Unaudited)</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="10%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>2008</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="44%">&nbsp; &nbsp; &nbsp;<B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#0036c4 size=1>Operations</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="13%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="10%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="44%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Net investment income</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="13%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$ 8,103,549</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$ 16,146,294</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$ 18,339,359</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$ 39,370,266</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="44%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Net realized loss</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="13%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(331,960)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(1,507,632)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(2,584,733)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(994,843)</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="44%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Net change in unrealized appreciation/depreciation</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="13%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(49,773,633)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(19,985,195)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(78,985,745)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(22,744,454)</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="44%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Dividends to Preferred Shareholders from net investment income</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="13%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&#151;</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&#151;</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(6,510,000)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(12,598,505)</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="44%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Net increase (decrease) in net assets applicable to Common Shareholders</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="13%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="10%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="44%">&nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>resulting from operations</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="13%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(42,002,044)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(5,346,533)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(69,741,119)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>3,032,464</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="97%" colSpan=9>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="44%">&nbsp; &nbsp; &nbsp;<B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#0036c4 size=1>Dividends and Distributions to Common Shareholders From</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="13%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="10%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="44%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Net investment income</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="13%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(8,464,356)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(17,002,831)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(13,236,157)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(27,841,571)</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="44%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Net realized gain</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="13%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&#151;</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(65,858)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&#151;</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&#151;</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="44%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Decrease in net assets resulting from dividends and distributions</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="13%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="10%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="44%">&nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>to Common Shareholders</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="13%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(8,464,356)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(17,068,689)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(13,236,157)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(27,841,571)</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="97%" colSpan=9>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="44%">&nbsp; &nbsp; &nbsp;<B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#0036c4 size=1>Capital Share Transactions</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="13%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="10%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="44%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Reinvestment of common dividends</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="13%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>531,535</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,961,372</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&#151;</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&#151;</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="97%" colSpan=9>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="44%">&nbsp; &nbsp; &nbsp;<B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#0036c4 size=1>Net Assets Applicable to Common Shareholders</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="13%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="10%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="44%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Total decrease in net assets applicable to Common Shareholders</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="13%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(49,934,865)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(20,453,850)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(82,977,276)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(24,809,107)</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="44%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Beginning of period</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="13%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>266,913,273</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>287,367,123</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>549,415,440</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>574,224,547</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="44%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>End of period</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="13%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$ 216,978,408</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$ 266,913,273</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$ 466,438,164</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$ 549,415,440</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="44%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>End of period undistributed net investment income</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="13%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$ 1,305,344</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$ 1,666,151</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$ 2,046,022</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$ 3,452,820</FONT>&nbsp; </TD></TR></TABLE><BR>
<P align=left>
<TABLE>
<TR>
     <TD noWrap><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>See Notes to Financial Statements.</FONT></TD></TR></TABLE></P>
<P align=left>
<TABLE>
<TR>
     <TD noWrap><FONT face="FranklinGothic-Book,Times New Roman,Times,serif" size=1>20 SEMI-ANNUAL REPORT</FONT></TD></TR></TABLE></P>
<P align=left>
<TABLE>
<TR>
     <TD noWrap><FONT face="FranklinGothic-Book,Times New Roman,Times,serif" size=1>NOVEMBER 30, 2008</FONT></TD></TR></TABLE></P>
<HR align=center width="100%" noShade SIZE=2>

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<TABLE cellSpacing=0 cellPadding=0 border=0>
<TR vAlign=bottom>
     <TD noWrap align=left width="36%"><FONT face="FranklinGothic-Book,Times New Roman,Times,serif" color=#0036c4 size=4>Financial Highlights</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="10%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="28%" colSpan=7><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#0036c4 size=2>BlackRock MuniAssets Fund, Inc. (MUA)</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD width="95%" colSpan=15>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left width="95%" colSpan=15><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Six Months</FONT></B> </TD></TR>
<TR vAlign=bottom>
     <TD align=left width="95%" colSpan=15><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ended</FONT></B> </TD></TR>
<TR vAlign=bottom>
     <TD align=left width="95%" colSpan=15><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; November 30,</FONT></B> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="36%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="10%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>2008</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="11%" colSpan=3><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Year Ended May 31,</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="36%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="10%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>(Unaudited)</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="7%">&nbsp; &nbsp; &nbsp;<B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>2008</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="6%">&nbsp; &nbsp; &nbsp;<B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>2007</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="8%">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>2006</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="1%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="5%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>2005</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="8%">&nbsp; &nbsp; &nbsp;<B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>2004</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="36%">&nbsp; &nbsp; &nbsp;<B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#0036c4 size=1>Per Share Operating Performance</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="10%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="36%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Net asset value, beginning of period</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$ 12.79</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$ 13.87</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$ 13.65</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$ 13.40</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$ 12.36</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$ 11.94</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="36%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Net investment income</FONT><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1</FONT></SUP>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>0.39</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>0.78</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>0.82</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>0.81</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>0.81</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>0.83</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="36%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Net realized and unrealized gain (loss)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(2.39)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(1.04)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>0.24</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>0.27</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1.04</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>0.38</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="36%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Net increase (decrease) from investment operations</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(2.00)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(0.26)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1.06</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1.08</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1.85</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1.21</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="36%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Dividends and distributions from:</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="10%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="36%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp; Net investment income</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(0.41)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(0.82)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(0.84)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(0.83)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(0.81)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(0.78)</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="36%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp; Net realized gain</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&#151;</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(0.00)</FONT><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>2</FONT></SUP>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&#151;</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&#151;</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&#151;</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(0.01)</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="36%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Total dividends and distributions</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(0.41)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(0.82)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(0.84)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(0.83)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(0.81)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(0.79)</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="36%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Net asset value, end of period</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$ 10.38</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$ 12.79</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$ 13.87</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$ 13.65</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$ 13.40</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$ 12.36</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="36%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Market price, end of period</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$ 9.71</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$ 13.35</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$ 15.29</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$ 14.13</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$ 13.27</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$ 11.38</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="95%" colSpan=15>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="36%">&nbsp; &nbsp; &nbsp;<B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#0036c4 size=1>Total Investment Return</FONT></B><B><SUP><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#0036c4 size=1>3</FONT></SUP></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="10%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="36%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Based on net asset value</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(15.86)%</FONT><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>4</FONT></SUP>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(1.90)%</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>7.72%</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>8.31%</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>15.65%</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>10.74%</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="36%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Based on market price</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(24.60)%</FONT><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>4</FONT></SUP>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(7.12)%</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>14.71%</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>13.22%</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>24.39%</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>2.22%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="95%" colSpan=15>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="36%">&nbsp; &nbsp; &nbsp;<B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#0036c4 size=1>Ratios to Average Net Assets</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="10%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="36%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Total expenses after waiver and excluding interest expense and fees</FONT><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>5</FONT></SUP>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>0.69%</FONT><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>6</FONT></SUP>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>0.66%</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>0.68%</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>0.68%</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>0.67%</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>0.67%</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="36%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Total expenses after waiver</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>0.78%</FONT><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>6</FONT></SUP>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>0.69%</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>0.68%</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>0.68%</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>0.67%</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>0.67%</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="36%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Total expenses</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>0.78%</FONT><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>6</FONT></SUP>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>0.70%</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>0.68%</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>0.68%</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>0.67%</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>0.67%</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="36%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Net investment income</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>6.29%</FONT><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>6</FONT></SUP>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>5.81%</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>5.91%</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>5.97%</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>6.30%</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>6.71%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="95%" colSpan=15>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="36%">&nbsp; &nbsp; &nbsp;<B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#0036c4 size=1>Supplemental Data</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="10%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="36%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Net assets, end of period (000)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$ 216,978</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$ 266,913</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$ 287,367</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$ 280,793</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$ 273,382</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$ 252,203</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="36%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Portfolio turnover</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>14%</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>23%</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>25%</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>17%</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>20%</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>19%</FONT>&nbsp; </TD></TR></TABLE><BR>
<P align=left><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1 </FONT></SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Based on average shares outstanding.</FONT><BR>
<SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>2 </FONT></SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Amount is less than $(0.01) .</FONT><BR>
<SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>3 </FONT></SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Total investment returns based on market value, which can be significantly greater or lesser than net asset value, may result in substantially different returns. Total investment</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>returns exclude the effects of sales charges.</FONT><BR>
<SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>4 </FONT></SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Aggregate total investment return.</FONT><BR>
<SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>5 </FONT></SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Interest expense and fees relate to tender option bond trusts. See Note 1 of the Notes to Financial Statements for details of municipal bonds transferred to tender option</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>bond trusts.</FONT><BR>
<SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>6 </FONT></SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Annualized.</FONT></P>
<P align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>See Notes to Financial Statements.</FONT></P>
<P align=left>
<TABLE>
<TR>
     <TD noWrap><FONT face="FranklinGothic-Book,Times New Roman,Times,serif" size=1>SEMI-ANNUAL REPORT</FONT></TD></TR></TABLE></P>
<P align=left><FONT face="FranklinGothic-Book,Times New Roman,Times,serif" size=1>NOVEMBER 30, 2008</FONT></P>
<P align=left>
<TABLE>
<TR>
     <TD noWrap><FONT face="FranklinGothic-Book,Times New Roman,Times,serif" size=1>21</FONT></TD></TR></TABLE></P>
<HR align=center width="100%" noShade SIZE=2>

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<TR vAlign=bottom>
     <TD noWrap align=left width="37%"><FONT face="FranklinGothic-Book,Times New Roman,Times,serif" color=#0036c4 size=4>Financial Highlights</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="10%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="46%" colSpan=9>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#0036c4 size=2>BlackRock Muni Intermediate Duration Fund, Inc. (MUI)</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left width="97%" colSpan=13><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Six Months</FONT></B> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="37%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="10%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Ended</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="8%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Period</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="37%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="10%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>November 30,</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="8%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>August 1, 2003</FONT></B><B><SUP><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>1</FONT></SUP></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="37%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="10%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="18%" colSpan=3><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Year Ended May 31,</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="37%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="10%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>2008</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="8%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>to May 31,</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="37%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="10%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>(Unaudited)</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; &nbsp; &nbsp;<B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>2008</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; &nbsp; &nbsp;<B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>2007</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; &nbsp; &nbsp;<B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>2006</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; &nbsp; &nbsp;<B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>2005</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="8%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>2004</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="37%">&nbsp; &nbsp; &nbsp;<B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#0036c4 size=1>Per Share Operating Performance</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="10%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="37%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Net asset value, beginning of period</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$ 14.45</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$ 15.10</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$ 15.07</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$ 15.51</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$ 14.52</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$ 14.33</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="37%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Net investment income</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>0.48</FONT><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>2</FONT></SUP>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1.04</FONT><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>2</FONT></SUP>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1.03</FONT><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>2</FONT></SUP>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1.04</FONT><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>2</FONT></SUP>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1.02</FONT><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>2</FONT></SUP>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>0.79</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="37%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Net realized and unrealized gain (loss)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(2.15)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(0.63)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>0.18</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(0.15)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1.15</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>0.21</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="37%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Dividends and distributions to Preferred Shareholders from:</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="10%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="37%">&nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Net investment income</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(0.17)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(0.33)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(0.28)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(0.21)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(0.11)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(0.06)</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="37%">&nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Net realized gain</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&#151;</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&#151;</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(0.04)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(0.04)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(0.02)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&#151;</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="37%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Net increase (decrease) from investment operations</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(1.84)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>0.08</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>0.89</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>0.64</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>2.04</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>0.94</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="37%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Dividends and distributions to Common Shareholders from:</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="10%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="37%">&nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Net investment income</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(0.35)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(0.73)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(0.74)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(0.84)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(0.86)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(0.65)</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="37%">&nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Net realized gain</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&#151;</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&#151;</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(0.12)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(0.23)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(0.19)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&#151;</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="37%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Total dividends and distributions to Common Shareholders</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(0.35)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(0.73)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(0.86)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(1.07)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(1.05)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(0.65)</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="37%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Capital charges with respect to issuance of Common Shares</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&#151;</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&#151;</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&#151;</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&#151;</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&#151;</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(0.02)</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="37%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Capital charges with respect to issuance of Preferred Shares</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&#151;</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&#151;</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&#151;</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(0.01)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&#151;</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(0.08)</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="37%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Total capital charges with respect to issuance of shares</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&#151;</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&#151;</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&#151;</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(0.01)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&#151;</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(0.10)</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="37%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Net asset value, end of period</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$ 12.26</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$ 14.45</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$ 15.10</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$ 15.07</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$ 15.51</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$ 14.52</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="37%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Market price, end of period</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$ 9.99</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$ 13.70</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$ 14.85</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$ 14.52</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$ 13.94</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$ 13.10</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="97%" colSpan=13>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="37%">&nbsp; &nbsp; &nbsp;<B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#0036c4 size=1>Total Investment Return</FONT></B><B><SUP><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#0036c4 size=1>3</FONT></SUP></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="10%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="37%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Based on net asset value</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(12.59)%</FONT><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>4</FONT></SUP>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>0.86%</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>6.14%</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>4.71%</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>15.36%</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>6.09%</FONT><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>4</FONT></SUP>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="37%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Based on market price</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(24.88)%</FONT><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>4</FONT></SUP>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(2.76)%</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>8.34%</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>12.25%</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>14.93%</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(8.59%)</FONT><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>4</FONT></SUP>&nbsp; </TD></TR>
<TR>
     <TD width="97%" colSpan=13>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="37%">&nbsp; &nbsp; &nbsp;<B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#0036c4 size=1>Ratios to Average Net Assets Applicable to Common Shares</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="10%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="37%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Total expenses after waiver and fees paid indirectly and</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="10%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="37%">&nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>excluding interest expense and fees</FONT><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>5,6</FONT></SUP>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1.01%</FONT><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>7</FONT></SUP>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>0.90%</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>0.87%</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>0.87%</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>0.84%</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>0.75%</FONT><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>7</FONT></SUP>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="37%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Total expenses after waiver and fees paid indirectly</FONT><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>5</FONT></SUP>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1.31%</FONT><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>7</FONT></SUP>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1.07%</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1.07%</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1.00%</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>0.85%</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>0.75%</FONT><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>7</FONT></SUP>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="37%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Total expenses after waiver and before fees paid indirectly</FONT><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>5</FONT></SUP>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1.31%</FONT><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>7</FONT></SUP>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1.07%</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1.07%</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1.00%</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>0.85%</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>0.75%</FONT><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>7</FONT></SUP>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="37%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Total expenses</FONT><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>5</FONT></SUP>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1.51%</FONT><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>7</FONT></SUP>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1.30%</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1.31%</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1.24%</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1.07%</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1.03%</FONT><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>7</FONT></SUP>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="37%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Net investment income</FONT><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>5</FONT></SUP>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>7.11%</FONT><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>7</FONT></SUP>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>6.97%</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>6.71%</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>6.82%</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>6.77%</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>6.51%</FONT><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>7</FONT></SUP>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="37%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Dividends to Preferred Shareholders</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>2.52%</FONT><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>7</FONT></SUP>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>2.23%</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1.80%</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1.36%</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>0.74%</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>0.48%</FONT><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>7</FONT></SUP>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="37%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Net investment income to Common Shareholders</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>4.59%</FONT><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>7</FONT></SUP>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>4.74%</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>4.91%</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>5.46%</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>6.03%</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>6.03%</FONT><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>7</FONT></SUP>&nbsp; </TD></TR>
<TR>
     <TD width="97%" colSpan=13>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="37%">&nbsp; &nbsp; &nbsp;<B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#0036c4 size=1>Supplemental Data</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="10%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="37%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Net assets applicable to Common Shareholders, end of period (000)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$ 466,438</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$ 549,415</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$ 574,225</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$ 573,034</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$ 589,802</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$ 552,179</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="37%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Preferred Shares outstanding at liquidation preference,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="10%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="37%">&nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>end of period (000)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$ 287,175</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$ 320,000</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$ 320,000</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$ 320,000</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$ 285,000</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$ 285,000</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="37%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Portfolio turnover</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>6%</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>14%</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>12%</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>49%</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>54%</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>70%</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="37%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Asset coverage per Preferred Share, end of period</FONT><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>8</FONT></SUP>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$ 65,615</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$ 67,941</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$ 69,875</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$ 69,781</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$ 76,743</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$ 73,441</FONT>&nbsp; </TD></TR></TABLE><BR>
<P align=left><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1 </FONT></SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Commencement of operations.</FONT><BR>
<SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>2 </FONT></SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Based on average shares outstanding.</FONT><BR>
<SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>3 </FONT></SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Total investment returns based on market value, which can be significantly greater or lesser than net asset value, may result in substantially different returns.</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Total investment returns exclude the effects of sales charges.</FONT><BR>
<SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>4 </FONT></SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Aggregate total investment return.</FONT><BR>
<SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>5 </FONT></SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Do not reflect the effect of dividends to Preferred Shareholders.</FONT><BR>
<SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>6 </FONT></SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Interest expense and fees relate to tender option bond trusts. See Note 1 of the Notes to Financial Statements for details of municipal bonds transferred to </FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>tender option bond trusts.</FONT><BR>
<SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>7 </FONT></SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Annualized.</FONT><BR>
<SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>8 </FONT></SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Prior year amounts have been recalculated to conform with current year presentation.</FONT></P>
<P align=left>
<TABLE>
<TR>
     <TD noWrap><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>See Notes to Financial Statements.</FONT></TD></TR></TABLE></P>
<P align=left>
<TABLE>
<TR>
     <TD noWrap><FONT face="FranklinGothic-Book,Times New Roman,Times,serif" size=1>22 SEMI-ANNUAL REPORT</FONT></TD></TR></TABLE></P>
<P align=left>
<TABLE>
<TR>
     <TD noWrap><FONT face="FranklinGothic-Book,Times New Roman,Times,serif" size=1>NOVEMBER 30, 2008</FONT></TD></TR></TABLE></P>
<HR align=center width="100%" noShade SIZE=2>

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<P align=left><FONT face="FranklinGothic-Book,Times New Roman,Times,serif" color=#0036c4 size=4>Notes to Financial Statements </FONT><FONT face="FranklinGothic-Book,Times New Roman,Times,serif" color=#0036c4 size=2>(Unaudited)</FONT><BR>
<BR>
<B><FONT face="FranklinGothic-Demi,Times New Roman,Times,serif" size=2>1. Organization and Significant Accounting Policies:</FONT></B><BR>
<BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>BlackRock MuniAssets Fund, Inc. (&#147;MuniAssets&#148;) and BlackRock </FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>Muni Intermediate Duration Fund, Inc. (&#147;Muni Intermediate Duration&#148;)</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>(the &#147;Funds&#148; or individually as the &#147;Fund&#148;), are registered under the</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>Investment Company Act of 1940, as amended (the &#147;1940 Act&#148;), as</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>non-diversified, closed-end management investment companies. The</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>Funds are organized as Maryland corporations. The Funds&#146; financial</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>statements are prepared in conformity with accounting principles gener-</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>ally accepted in the United States of America, which may require the use</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>of management accruals and estimates. Actual results may differ from</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>these estimates. The Funds determine and make available for publica-</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>tion the net asset value of their Common Shares on a daily basis.</FONT><BR>
<BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>The following is a summary of significant accounting policies followed </FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>by the Funds:</FONT><BR>
<BR>
<B><FONT face="FranklinGothic-MedCnd,Times New Roman,Times,serif" size=2>Valuation of Investments: </FONT></B><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>Municipal investments (including commit-</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>ments to purchase such investments on a &#147;when-issued&#148; basis) are</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>valued on the basis of prices provided by dealers or pricing services</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>selected under the supervision of each Fund&#146;s Board of Directors (the</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>&#147;Board&#148;). In determining the value of a particular investment, pricing</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>services may use certain information with respect to transactions in </FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>such investments, quotations from dealers, pricing matrixes, market</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>transactions in comparable investments and information with respect to</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>various relationships between investments. Financial futures contracts</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>traded on exchanges are valued at their last sale price. Short-term secu-</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>rities are valued at amortized cost.</FONT><BR>
<BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>In the event that application of these methods of valuation results in a</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif 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 size=2>market value of such investment, the investment will be valued by a</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>method approved by the Board as reflecting fair value (&#147;Fair Value</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>Assets&#148;). When determining the price for Fair Value Assets, the invest-</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>ment advisor and/or the sub-advisor seeks to determine the price that</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>the Funds might reasonably expect to receive from the current sale of</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>that asset in an arm&#146;s-length transaction. Fair value determinations shall</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>be based upon all available factors that the investment advisor and/or</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>the sub-advisor deems relevant. The pricing of all Fair Value Assets is</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>subsequently reported to the Board or a committee thereof.</FONT><BR>
<BR>
<B><FONT face="FranklinGothic-MedCnd,Times New Roman,Times,serif" size=2>Derivative Financial Instruments: </FONT></B><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>The Funds may engage in various </FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>portfolio investment strategies both to increase the return of the Funds</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>and to hedge, or protect, their exposure to interest rate movements </FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>and movements in the securities markets. Losses may arise if the value</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>of the contract decreases due to an unfavorable change in the price of</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>the underlying security or if the counterparty does not perform under </FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>the contract.</FONT><BR>
<BR>
<FONT face="FranklinGothic-Book,Times New Roman,Times,serif" size=5>&#149;</FONT><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>Financial futures contracts &#151; The Funds may purchase or sell finan-</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>cial futures contracts and options on financial futures contracts for</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>investment purposes or to manage their interest rate risk. Futures are</FONT></P>
<P align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>contracts for delayed delivery of securities at a specific future date</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>and at a specific price or yield. Pursuant to the contract, the Funds</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>agree to receive from or pay to the broker an amount of cash equal</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>to the daily fluctuation in value of the contract. Such receipts or pay-</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>ments are known as margin variation and are recognized by the Funds</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>as unrealized gains or losses. When the contract is closed, the Funds</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>record a realized gain or loss equal to the difference between the</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>value of the contract at the time it was opened and the value at the</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>time it was closed. The use of futures transactions involves the risk </FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>of an imperfect correlation in the movements in the price of futures</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>contracts, interest rates and the underlying assets, and the possible</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>inability of counterparties to meet the terms of their contracts.</FONT><BR>
<BR>
<B><FONT face="FranklinGothic-MedCnd,Times New Roman,Times,serif" size=2>Forward Commitments and When-Issued Delayed Delivery Securities:</FONT></B><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>The Funds may purchase securities on a when-issued basis and may</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>purchase or sell securities on a forward commitment basis. Settlement</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>of such transactions normally occurs within a month or more after the</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>purchase or sale commitment is made. The Funds may purchase securi-</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>ties under such conditions only with the intention of actually acquiring</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>them, but may enter into a separate agreement to sell the securities</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>before the settlement date. Since the value of securities purchased may</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>fluctuate prior to settlement, the Funds may be required to pay more at</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>settlement than the security is worth. In addition, the purchaser is not</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>entitled to any of the interest earned prior to settlement. When purchas-</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>ing a security on a delayed-delivery basis, a Fund assumes the rights</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>and risks of ownership of the security, including the risk of price and</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>yield fluctuations.</FONT><BR>
<BR>
<B><FONT face="FranklinGothic-MedCnd,Times New Roman,Times,serif" size=2>Municipal Bonds Transferred to Tender Option Bond Trusts: </FONT></B><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>The Funds</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>may leverage their assets through the use of tender option bond trusts</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>(&#147;TOBs&#148;). A TOB is established by a third party sponsor forming a special</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>purpose entity, into which one or more funds, or an agent on behalf of</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>the funds, transfers municipal securities. Other funds managed by the</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>investment advisor may also contribute municipal securities to a TOB</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>into which each Fund has contributed securities. A TOB typically issues</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>two classes of beneficial interests: short-term floating rate certificates,</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>which are sold to third party investors, and residual certificates (&#147;TOB</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>Residuals&#148;), which are generally issued to the participating funds that</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>made the transfer. The TOB Residuals held by a Fund include the right of</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>the Fund (1) to cause the holders of a proportional share of the floating</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>rate certificates to tender their certificates at par, and (2) to transfer,</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>within seven days, a corresponding share of the municipal securities</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>from the TOB to the Fund. The cash received by the TOB from the sale of</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>the short-term floating rate certificates, less transaction expenses, is</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>paid to the Fund, which typically invest the cash in additional municipal</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>securities. Each Fund&#146;s transfer of the municipal securities to a TOB is</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>accounted for as a secured borrowing, therefore the municipal securities</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>deposited into a TOB are presented in the Funds&#146; Schedules of Invest-</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>ments and the proceeds from the transaction are reported as a liability</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>for trust certificates.</FONT></P>
<P align=left><FONT face="FranklinGothic-Book,Times New Roman,Times,serif" size=1>SEMI-ANNUAL REPORT NOVEMBER 30, 2008 23</FONT></P>
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<P align=left><FONT face="FranklinGothic-Book,Times New Roman,Times,serif" color=#0036c4 size=4>Notes to Financial Statements (continued)</FONT><BR>
<BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>Interest income from the underlying securities is recorded by the Funds</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>on an accrual basis. Interest expense incurred on the secured borrowing</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>and other expenses related to remarketing, administration and trustee</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>services to a TOB are reported as expenses of the Funds. The floating</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>rate certificates have interest rates that generally reset weekly and their</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>holders have the option to tender certificates to the TOB for redemption</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>at par at each reset date. At November 30, 2008, the aggregate value of</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>the underlying municipal securities transferred to TOBs, the related liabil-</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>ity for trust certificates and the range of interest rates were as follows:</FONT></P>
<TABLE cellSpacing=0 cellPadding=0 border=0>
<TR vAlign=bottom>
     <TD align=center width="98%" colSpan=7><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Underlying</FONT></B> </TD></TR>
<TR vAlign=bottom>
     <TD align=center width="98%" colSpan=7><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Municipal</FONT></B> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="33%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="22%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Securities</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="22%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Liability for</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="15%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Range of</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="33%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="22%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Transferred</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="22%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Trust</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="15%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Interest</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="33%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="22%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>to TOBs</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="22%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Certificates</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="15%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Rates</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="33%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>MuniAssets</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="22%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$ 6,906,626</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="22%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$ 4,435,000</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="15%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>2.546%</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="33%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Muni Intermediate Duration</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="22%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$90,113,443</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="22%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$53,282,804</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="15%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>2.499% &#151;</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="33%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="22%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="22%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="15%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>2.978%</FONT>&nbsp; </TD></TR></TABLE><BR>
<P align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>Financial transactions executed through TOBs generally will underperform</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>the market for fixed rate municipal bonds when short-term interest rates</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>rise, but tend to outperform the market for fixed rate bonds when short-</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>term interest rates decline or remain relatively stable. Should short-term</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>interest rates rise, each Fund&#146;s investment in TOBs likely will adversely</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>affect each Fund&#146;s net investment income and dividends to Common</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>Shareholders. Fluctuations in the market value of municipal securities</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>deposited into the TOB may adversely affect each Fund&#146;s net asset</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>values per share.</FONT><BR>
<BR>
<B><FONT face="FranklinGothic-MedCnd,Times New Roman,Times,serif" size=2>Zero-Coupon Bonds: </FONT></B><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>The Funds may invest in zero-coupon bonds, </FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>which are normally issued at a significant discount from face value and</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>do not provide for periodic interest payments. Zero-coupon bonds may</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>experience greater volatility in market value than similar maturity debt</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>obligations which provide for regular interest payments.</FONT><BR>
<BR>
<B><FONT face="FranklinGothic-MedCnd,Times New Roman,Times,serif" size=2>Segregation and Collateralization: </FONT></B><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>In cases in which the 1940 Act and</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>the interpretive positions of the Securities and Exchange Commission</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>(&#147;SEC&#148;) require that the Funds segregate assets in connection with </FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>certain investments (e.g., financial futures contracts), each Fund will,</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>consistent with certain interpretative letters issued by the SEC, designate</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>on its books and records cash or other liquid securities having a market</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>value at least equal to the amount that would otherwise be required </FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>to be physically segregated. Furthermore, based on requirements and</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>agreements with certain exchanges and third party broker-dealers, the</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>Funds may also be required to deliver or deposit securities as collateral</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>for certain investments (e.g., financial futures contracts).</FONT><BR>
<BR>
<B><FONT face="FranklinGothic-MedCnd,Times New Roman,Times,serif" size=2>Investment Transactions and Investment Income: </FONT></B><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>Investment trans -</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>actions are recorded on the dates the transactions are entered into </FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>(the trade dates). Realized gains and losses on security transactions </FONT></P>
<P align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>are determined on the identified cost basis. Dividend income is </FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>recorded on the ex-dividend dates. Interest income is recognized on </FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>the accrual method. Each Fund amortizes all premiums and discounts </FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>on debt securities.</FONT><BR>
<BR>
<B><FONT face="FranklinGothic-MedCnd,Times New Roman,Times,serif" size=2>Dividends and Distributions: </FONT></B><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>Dividends from net investment income </FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>are declared daily and paid monthly. Distributions of capital gains are</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>recorded on the ex-dividend dates. Dividends and distributions to</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>Preferred Shareholders are accrued and determined as described </FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>in Note 4.</FONT><BR>
<BR>
<B><FONT face="FranklinGothic-MedCnd,Times New Roman,Times,serif" size=2>Income Taxes: </FONT></B><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>It is each Fund&#146;s policy to comply with the requirements</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>of the Internal Revenue Code applicable to regulated investment com-</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>panies and to distribute substantially all of its taxable income to its</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>shareholders. Therefore, no federal income tax provision is required.</FONT><BR>
<BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>Each Fund files U.S. federal and various state and local tax returns. No</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>income tax returns are currently under examination. The statute of limita-</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>tions on each Fund&#146;s U.S. federal tax returns remains open for the years</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>ended May 31, 2005 through May 31, 2007. The statutes of limitations</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>on each Fund&#146;s state and local tax returns may remain open for an addi-</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>tional year depending upon the jurisdiction.</FONT><BR>
<BR>
<B><FONT face="FranklinGothic-MedCnd,Times New Roman,Times,serif" size=2>Recent Accounting Pronouncement: </FONT></B><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>In March 2008, Statement of</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>Financial Accounting Standards No. 161, &#147;Disclosures about Derivative</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>Instruments and Hedging Activities &#151; an amendment of FASB Statement</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>No. 133&#148; (&#147;FAS 161&#148;), was issued. FAS 161 is intended to improve</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>financial reporting for derivative instruments by requiring enhanced </FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>disclosure that enables investors to understand how and why an entity</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>uses derivatives, how derivatives are accounted for, and how derivative</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>instruments affect an entity&#146;s results of operations and financial posi-</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>tion. FAS 161 is effective for financial statements issued for fiscal years</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>and interim periods beginning after November 15, 2008. The impact </FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>on each Fund&#146;s financial statement disclosures, if any, is currently </FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>being assessed.</FONT><BR>
<BR>
<B><FONT face="FranklinGothic-MedCnd,Times New Roman,Times,serif" size=2>Deferred Compensation and BlackRock Closed-End Share Equivalent</FONT></B><BR>
<B><FONT face="FranklinGothic-MedCnd,Times New Roman,Times,serif" size=2>Investment Plan: </FONT></B><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>Under the deferred compensation plan approved by</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>each Fund&#146;s Board, non-interested Directors (&#147;Independent Directors&#148;)</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>defer a portion of their annual complex-wide compensation. Deferred</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>amounts earn an approximate return as though equivalent dollar</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>amounts have been invested in common shares of other certain</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>BlackRock Closed-End Funds selected by the Independent Directors. </FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>This has approximately the same economic effect for the Independent</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>Directors as if the Independent Directors had invested the deferred</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>amounts directly in other certain BlackRock Closed-End Funds.</FONT><BR>
<BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>The deferred compensation plan is not funded and obligations there-</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>under represent general unsecured claims against the general assets of</FONT></P>
<P align=left>
<TABLE>
<TR>
     <TD noWrap><FONT face="FranklinGothic-Book,Times New Roman,Times,serif" size=1>24 SEMI-ANNUAL REPORT</FONT></TD></TR></TABLE></P>
<P align=left>
<TABLE>
<TR>
     <TD noWrap><FONT face="FranklinGothic-Book,Times New Roman,Times,serif" size=1>NOVEMBER 30, 2008</FONT></TD></TR></TABLE></P>
<HR align=center width="100%" noShade SIZE=2>

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<A name="page_25"></A>
<P align=left><FONT face="FranklinGothic-Book,Times New Roman,Times,serif" color=#0036c4 size=4>Notes to Financial Statements (continued)</FONT><BR>
<BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>the Funds. Each Fund may, however, elect to invest in Common Shares of</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>other certain BlackRock Closed-End Funds selected by the Independent</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>Directors in order to match its deferred compensation obligations.</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>Investments to cover each Fund&#146;s deferred compensation liability are</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>included in other assets on the Statements of Assets and Liabilities.</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>Dividends and distributions from the BlackRock Closed-End Fund </FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>investments under the plan are included in income &#151; affiliated on </FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>the Statements of Operations.</FONT><BR>
<BR>
<B><FONT face="FranklinGothic-MedCnd,Times New Roman,Times,serif" size=2>Other: </FONT></B><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>Expenses directly related to each Fund are charged to that </FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>Fund. Other operating expenses shared by several funds are pro-rated</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>among those funds on the basis of relative net assets or other appro-</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>priate methods.</FONT><BR>
<BR>
<B><FONT face="FranklinGothic-Demi,Times New Roman,Times,serif" size=2>2. Investment Advisory Agreement and Other Transactions</FONT></B><BR>
<B><FONT face="FranklinGothic-Demi,Times New Roman,Times,serif" size=2>with Affiliates:</FONT></B><BR>
<BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>Each Fund has entered into an Investment Advisory Agreement with</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>BlackRock Advisors, LLC (the &#147;Advisor&#148;), an indirect, wholly owned sub-</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>sidiary of BlackRock, Inc., to provide investment advisory and administra-</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>tion services. Merrill Lynch &amp; Co., Inc. (&#147;Merrill Lynch&#148;), a wholly owned</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>subsidiary of Bank of America Corporation (&#147;BAC&#148;), and The PNC Financial</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>Services Group, Inc. are the largest stockholders of BlackRock, Inc.</FONT><BR>
<BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>The Advisor is responsible for the management of each Fund&#146;s portfolio</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>and provides the necessary personnel, facilities, equipment and certain</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>other services necessary to the operations of each Fund. For such serv-</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>ices, each Fund pays the Advisor a monthly fee at an annual rate of</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>0.55% of the respective Fund&#146;s average daily net assets. Average daily</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>net assets is the average daily value of the respective Fund&#146;s total assets</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>minus the sum of its accrued liabilities.</FONT><BR>
<BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>The Advisor has contractually agreed to waive a portion of its fee during</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>the first seven years of Muni Intermediate Duration&#146;s operations ending</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>July 31, 2010 as follows:</FONT></P>
<TABLE cellSpacing=0 cellPadding=0 border=0>
<TR vAlign=bottom>
     <TD noWrap align=left width="50%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="47%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Fee Waiver</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="50%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="47%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>(As a Percentage</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="50%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="47%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>of Average Daily</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="50%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="47%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Net Assets)</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="50%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Years 1 through 5</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="47%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>0.15%</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="50%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Year 6</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="47%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>0.10%</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="50%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Year 7</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="47%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>0.05%</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="50%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Year 8 and thereafter</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="47%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>0.00%</FONT>&nbsp; </TD></TR></TABLE><BR>
<P align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>The Advisor has not agreed to waive any portion of its fee beyond</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>July 31, 2010.</FONT></P>
<P align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>This amount is included in fees waived by advisor on the Statements of</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>Operations. For the six months ended November 30, 2008, the amount</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>was as follows:</FONT></P>
<TABLE cellSpacing=0 cellPadding=0 border=0>
<TR vAlign=bottom>
     <TD noWrap align=left width="57%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="40%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Fees Waived</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="57%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="40%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>by Advisor</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="57%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Muni Intermediate Duration</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="40%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$ 427,483</FONT>&nbsp; </TD></TR></TABLE><BR>
<P align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>The Advisor has agreed to waive its advisory fees by the amount of invest-</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>ment advisory fees each Fund pays to the Advisor indirectly through its</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>investment in affiliated money market funds. These amounts are included</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>in fees waived by advisor on the Statements of Operations. For the six</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>months ended November 30, 2008, the amounts were as follows:</FONT></P>
<TABLE cellSpacing=0 cellPadding=0 border=0>
<TR vAlign=bottom>
     <TD noWrap align=left width="57%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="40%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Fees Waived</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="57%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="40%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>by Advisor</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="57%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>MuniAssets</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="40%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$ 5,763</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="57%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Muni Intermediate Duration</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="40%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$ 80,975</FONT>&nbsp; </TD></TR></TABLE><BR>
<P align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>The Advisor has entered into separate sub-advisory agreements with</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>BlackRock Investment Management, LLC (&#147;BIM&#148;), an affiliate of the</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>Advisor, with respect to each Fund, under which the Advisor pays BIM for</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>services it provides, a monthly fee that is a percentage of the investment</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>advisory fee paid by each Fund to the Advisor.</FONT><BR>
<BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>For the six months ended November 30, 2008, the Funds reimbursed</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>the Advisor for certain accounting services. The reimbursements, which</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>are included in accounting services on the Statements of Operations,</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>were as follows:</FONT></P>
<TABLE cellSpacing=0 cellPadding=0 border=0>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="43%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Reimbursements</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="43%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>to Advisor</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>MuniAssets</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="43%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$ 2,246</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Muni Intermediate Duration</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="43%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$ 6,487</FONT>&nbsp; </TD></TR></TABLE><BR>
<P align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>Certain officers and/or directors of the Funds are officers and/or </FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>directors of BlackRock, Inc. or its affiliates. The Funds reimburse the</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>Advisor for compensation paid to the Funds&#146; Chief Compliance Officer.</FONT><BR>
<BR>
<B><FONT face="FranklinGothic-Demi,Times New Roman,Times,serif" size=2>3. Investments:</FONT></B><BR>
<BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>Purchases and sales of investments, excluding short-term securities, </FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>for the six months ended November 30, 2008 were as follows:</FONT></P>
<TABLE cellSpacing=0 cellPadding=0 border=0>
<TR vAlign=bottom>
     <TD noWrap align=left width="43%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="32%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Total</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="20%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Total</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="43%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="32%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Purchases</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="20%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Sales</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="43%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>MuniAssets</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="32%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$39,877,596</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$33,007,587</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="43%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Muni Intermediate Duration</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="32%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$51,078,238</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$68,255,644</FONT>&nbsp; </TD></TR></TABLE><BR>
<P align=left>
<TABLE>
<TR>
     <TD noWrap><FONT face="FranklinGothic-Book,Times New Roman,Times,serif" size=1>SEMI-ANNUAL REPORT</FONT></TD></TR></TABLE></P>
<P align=left>
<TABLE>
<TR>
     <TD noWrap><FONT face="FranklinGothic-Book,Times New Roman,Times,serif" size=1>NOVEMBER 30, 2008</FONT></TD></TR></TABLE></P>
<P align=left>
<TABLE>
<TR>
     <TD noWrap><FONT face="FranklinGothic-Book,Times New Roman,Times,serif" size=1>25</FONT></TD></TR></TABLE></P>
<HR align=center width="100%" noShade SIZE=2>

<!--$$/page=-->
<A name="page_26"></A>
<P align=left><FONT face="FranklinGothic-Book,Times New Roman,Times,serif" color=#0036c4 size=4>Notes to Financial Statements (continued)</FONT><BR>
<BR>
<B><FONT face="FranklinGothic-Demi,Times New Roman,Times,serif" size=2>4. Capital Share Transactions:</FONT></B><BR>
<BR>
<B><FONT face="FranklinGothic-MedCnd,Times New Roman,Times,serif" size=2>Common Shares</FONT></B><BR>
<BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>Each Fund is authorized to issue 200,000,000 shares, including</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>Preferred Shares for Muni Intermediate Duration, par value $0.10 per</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>share, all of which were initially classified as Common Shares. The Board</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>is authorized, however, to reclassify any unissued Common Shares with-</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>out approval of the holders of Common Shares.</FONT><BR>
<BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>Shares issued and outstanding increased by 42,069 for the six months</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>ended November 30, 2008 and 146,172 for the year ended May 31,</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>2008 as a result of dividend reinvestment for MuniAssets and remained</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>constant for Muni Intermediate Duration.</FONT><BR>
<BR>
<B><FONT face="FranklinGothic-MedCnd,Times New Roman,Times,serif" size=2>Preferred Shares of Muni Intermediate Duration</FONT></B><BR>
<BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>The Preferred Shares are redeemable at the option of the Fund, in whole</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>or in part, on any dividend payment date at $25,000 per share plus any</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>accumulated or unpaid dividends whether or not declared. The Preferred</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>Shares are also subject to mandatory redemption at $25,000 per share</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>plus any accumulated or unpaid dividends, whether or not declared, if</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>certain requirements relating to the composition of the assets and liabil-</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>ities of the Fund, as set forth in the Fund&#146;s Articles Supplementary, are</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>not satisfied.</FONT><BR>
<BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>The holders of Preferred Shares have voting rights equal to the holders</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>of Common Shares (one vote per share) and will vote together with the</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>holders of Common Shares (one vote per share) as a single class.</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>However, the holders of Preferred Shares, voting as a separate class, are</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>also entitled to elect two Directors for the Fund. In addition, the 1940</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>Act requires that along with the approval of the holders of a majority of</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>any outstanding Preferred Shares, voting separately as a class, would be</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>required to (a) adopt any plan of reorganization that would adversely</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>affect the Preferred Shares (b) change the Fund&#146;s sub classification as a</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>closed-end investment company or change its fundamental investment</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>restrictions or (c) change its business so as to cease to be an invest-</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>ment company.</FONT><BR>
<BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>The Fund had the following series of Preferred Shares outstanding and</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>effective yields at November 30, 2008:</FONT></P>
<TABLE cellSpacing=0 cellPadding=0 border=0>
<TR vAlign=bottom>
     <TD noWrap align=left width="38%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Series</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="43%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Shares</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="13%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Yield</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="38%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>M7</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="43%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,795</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="13%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>2.526%</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="38%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>T7</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="43%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>2,423</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="13%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>2.748%</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="38%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>W7</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="43%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,795</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="13%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>2.485%</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="38%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>TH7</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="43%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>2,423</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="13%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>2.485%</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="38%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>F7</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="43%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,795</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="13%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>2.346%</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="38%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>TH28</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="43%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,256</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="13%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>2.554%</FONT>&nbsp; </TD></TR></TABLE><BR>
<P align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>Dividends on seven-day Preferred Shares are cumulative at a rate, which</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>is reset every seven days based on the results of an auction. Dividends</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>on 28 day Preferred Shares are cumulative at a rate which is reset every</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>28 days based on the results of an auction. If the Preferred Shares fail</FONT></P>
<P align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>to clear the auction on an auction date, the Fund is required to pay </FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>the maximum applicable rate on the Preferred Shares to holders of </FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>such shares for each successive dividend period until such time as the</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>shares are successfully auctioned. The maximum applicable rate on the</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>Preferred Shares is the higher of 110% of the Telerate/BBA LIBOR or</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>110% of 90% of the Kenny S&amp;P 30-day High Grade Index rate divided</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>by 1.00 minus the marginal tax rate. The low, high and average dividend</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>rates on the Preferred Shares of the Fund for the six months ended</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>November 30, 2008 were as follows:</FONT></P>
<TABLE cellSpacing=0 cellPadding=0 border=0>
<TR vAlign=bottom>
     <TD noWrap align=left width="29%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Series</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="33%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Low</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="17%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>High</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="13%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Average</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="29%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>M7</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="33%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>2.526%</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="17%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>10.377%</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="13%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>4.409%</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="29%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>T7</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="33%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>2.568%</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="17%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>11.415%</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="13%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>4.393%</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="29%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>W7</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="33%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>2.485%</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="17%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>12.523%</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="13%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>4.416%</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="29%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>TH7</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="33%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>2.485%</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="17%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>12.246%</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="13%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>4.411%</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="29%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>F7</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="33%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>2.346%</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="17%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>11.762%</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="13%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>4.400%</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="29%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>TH28</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="33%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>2.554%</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="17%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>12.246%</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="13%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>5.063%</FONT>&nbsp; </TD></TR></TABLE><BR>
<P align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>Since February 13, 2008, the Preferred Shares of the Fund failed to</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>clear any of its auctions. As a result, the Preferred Shares dividend rates</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>were reset to the maximum applicable rate, which ranged from 2.346%</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>to 12.523% . A failed auction is not an event of default for the Fund </FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>but has a negative impact on the liquidity of Preferred Shares. A failed</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>auction occurs when there are more sellers of a fund&#146;s auction rate</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>preferred shares than buyers. It is impossible to predict how long this</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>imbalance will last. A successful auction for the Fund&#146;s Preferred Shares</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>may not occur for some time, if ever, and even if liquidity does resume,</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>holders of Preferred Shares may not have the ability to sell the Preferred</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>Shares at their liquidation preference.</FONT><BR>
<BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>The Fund may not declare dividends or make other distributions on</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>Common Shares or purchase any such shares if, at the time of the dec-</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>laration, distribution or purchase, asset coverage with respect to the out-</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>standing Preferred Shares is less than 200%.</FONT><BR>
<BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>The Fund pays commissions to certain broker-dealers at the end of each</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>auction at an annual rate of 0.25%, calculated on the aggregate princi-</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>pal amount. For the six months ended November 30, 2008, Merrill</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>Lynch, Pierce, Fenner &amp; Smith Incorporated, a wholly owned subsidiary</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>of Merrill Lynch, earned commissions of $248,483.</FONT><BR>
<BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>On June 2, 2008, the Fund announced the following redemptions of</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>Preferred Shares at a price of $25,000 per share plus any accrued and</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>unpaid dividends through the redemption date:</FONT></P>
<TABLE cellSpacing=0 cellPadding=0 border=0>
<TR vAlign=bottom>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="35%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Redemption</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="16%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Shares</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="15%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Aggregate</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="26%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Series</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="35%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Date</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="16%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Redeemed</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="15%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Principal</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="26%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>M7</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="35%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>6/24/2008</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="16%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>205</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="15%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$5,125,000</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="26%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>T7</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="35%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>6/25/2008</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="16%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>277</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="15%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$6,925,000</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="26%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>W7</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="35%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>6/26/2008</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="16%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>205</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="15%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$5,125,000</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="26%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>TH7</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="35%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>6/27/2008</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="16%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>277</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="15%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$6,925,000</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="26%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>F7</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="35%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>6/23/2008</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="16%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>205</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="15%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$5,125,000</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="26%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>TH28</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="35%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>7/07/2008</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="16%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>144</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="15%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$3,600,000</FONT>&nbsp; </TD></TR></TABLE><BR>
<P align=left>
<TABLE>
<TR>
     <TD noWrap><FONT face="FranklinGothic-Book,Times New Roman,Times,serif" size=1>26 SEMI-ANNUAL REPORT</FONT></TD></TR></TABLE></P>
<P align=left>
<TABLE>
<TR>
     <TD noWrap><FONT face="FranklinGothic-Book,Times New Roman,Times,serif" size=1>NOVEMBER 30, 2008</FONT></TD></TR></TABLE></P>
<HR align=center width="100%" noShade SIZE=2>

<!--$$/page=-->
<A name="page_27"></A>
<P align=left><FONT face="FranklinGothic-Book,Times New Roman,Times,serif" color=#0036c4 size=4>Notes to Financial Statements (concluded)</FONT><BR>
<BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>The Fund financed the Preferred Share redemptions with cash received</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>from TOB transactions.</FONT><BR>
<BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>Preferred Shares issued and outstanding for the year ended May 31,</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>2008 remained constant.</FONT><BR>
<BR>
<B><FONT face="FranklinGothic-Demi,Times New Roman,Times,serif" size=2>5. Capital Loss Carryforward:</FONT></B><BR>
<BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>As of May 31, 2008, the Funds had capital loss carryforwards available to</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>offset future realized capital gains through the indicated year of expiration:</FONT></P>
<TABLE cellSpacing=0 cellPadding=0 border=0>
<TR vAlign=bottom>
     <TD noWrap align=left width="35%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="35%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="25%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Muni Intermediate</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="35%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Expires May 31,</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="35%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>MuniAssets</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="25%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Duration</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="35%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>2009</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="35%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$ 3,487,083</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="25%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&#151;</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="35%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>2010</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="35%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>2,260,830</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="25%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&#151;</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="35%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>2011</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="35%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>7,452,325</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="25%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&#151;</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="35%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>2012</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="35%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>5,486,273</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="25%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&#151;</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="35%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>2013</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="35%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>3,762,613</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="25%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&#151;</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="35%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>2015</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="35%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>5,065,527</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="25%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$ 334,473</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="35%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>2016</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="35%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>527,783</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="25%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>611,323</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="35%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Total</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="35%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$28,042,434</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="25%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$ 945,796</FONT>&nbsp; </TD></TR></TABLE><BR>
<P align=left><B><FONT face="FranklinGothic-Demi,Times New Roman,Times,serif" size=2>6. Concentration Risk:</FONT></B><BR>
<BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>Each Fund&#146;s investments are concentrated in certain states, which may</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>be affected by adverse financial, social, environmental, economic, regu-</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>latory and political factors.</FONT><BR>
<BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>Many municipalities insure repayment of their bonds, which reduces the</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>risk of loss due to issuer default. The market value of these bonds may</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>fluctuate for other reasons, including market perception of the value of</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>such insurance, and there is no guarantee that the insurer will meet </FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>its obligations.</FONT><BR>
<BR>
<B><FONT face="FranklinGothic-Demi,Times New Roman,Times,serif" size=2>7. Restatement Information:</FONT></B><BR>
<BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>Subsequent to the initial issuance of its May 31, 2006 financial state-</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>ments, Muni Intermediate Duration determined that the criteria for sale</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>accounting had not been met for certain transfers of municipal bonds,</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>and that these transfers should have been accounted for as secured</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>borrowings rather than as sales. As a result, certain financial highlights</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>for the year ended May 31, 2005 have been restated to give effect to</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>recording the transfers of the municipal bonds as secured borrowings,</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>including recording interest on the bonds as interest income and interest</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>on the secured borrowings as interest expense.</FONT></P>
<TABLE cellSpacing=0 cellPadding=0 border=0>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Muni Intermediate Duration</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="28%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Financial Highlights</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="28%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>For the Year Ended May 31, 2005</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="28%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="42%" colSpan=3><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>2005</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="28%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Previously</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="28%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Reported</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="12%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Restated</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Total expenses, net of waiver***</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="28%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>0.84%</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="12%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>0.85%</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Portfolio turnover</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="28%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>54.55%</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="12%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>54%</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="84%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>*** Do not reflect the effect of dividends to Preferred Shareholders.</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD></TR></TABLE><BR>
<P align=left><B><FONT face="FranklinGothic-Demi,Times New Roman,Times,serif" size=2>8. Subsequent Events:</FONT></B><BR>
<BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>Each Fund paid a net investment income dividend to Common</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>Shareholders on December 31, 2008 to shareholders of record on</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>December 15, 2008 in the following amounts per share:</FONT></P>
<TABLE cellSpacing=0 cellPadding=0 border=0>
<TR vAlign=bottom>
     <TD noWrap align=left width="59%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="38%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Per Share</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="59%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="38%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Amount</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="59%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>MuniAssets</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="38%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$0.0675</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="59%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Muni Intermediate Duration</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="38%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$0.0580</FONT>&nbsp; </TD></TR></TABLE><BR>
<P align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>The dividends declared on Preferred Shares for Muni Intermediate</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>Duration for the period December 1, 2008 to December 31, 2008 were</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>as follows:</FONT></P>
<TABLE cellSpacing=0 cellPadding=0 border=0>
<TR vAlign=bottom>
     <TD noWrap align=left width="46%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="51%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Dividends</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="46%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Series</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="51%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Declared</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="46%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>M7</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="51%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$ 84,123</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="46%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>T7</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="51%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$115,576</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="46%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>W7</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="51%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$ 87,990</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="46%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>TH7</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="51%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$117,311</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="46%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>F7</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="51%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$ 84,330</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="46%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>TH28</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="51%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$ 63,607</FONT>&nbsp; </TD></TR></TABLE><BR>
<P align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>On January 1, 2009, BAC announced that it had completed its acquisi-</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>tion of Merrill Lynch, one of the largest stockholders of BlackRock, Inc. </FONT><BR>
<BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>In December 2008, commissions paid to broker-dealers on preferred</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>shares that experience a failed auction were reduced to 0.15% on the</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>aggregate principal amount. Muni Intermediate Duration will continue to</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>pay commissions of 0.25% on the aggregate principal amount of all</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>shares that successfully clear their auctions.</FONT></P>
<P align=left>
<TABLE>
<TR>
     <TD noWrap><FONT face="FranklinGothic-Book,Times New Roman,Times,serif" size=1>SEMI-ANNUAL REPORT</FONT></TD></TR></TABLE></P>
<P align=left>
<TABLE>
<TR>
     <TD noWrap><FONT face="FranklinGothic-Book,Times New Roman,Times,serif" size=1>NOVEMBER 30, 2008</FONT></TD></TR></TABLE></P>
<P align=left>
<TABLE>
<TR>
     <TD noWrap><FONT face="FranklinGothic-Book,Times New Roman,Times,serif" size=1>27</FONT></TD></TR></TABLE></P>
<HR align=center width="100%" noShade SIZE=2>

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<A name="page_28"></A>
<P align=left><FONT face="FranklinGothic-Book,Times New Roman,Times,serif" color=#0036c4 size=4>Officers and Directors</FONT><BR>
<BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>Richard E. Cavanagh, Chairman of the Board and Director </FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>Karen . Robards, Vice Chair of the Board, Chair of the </FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>Audit Committee and Director</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>G. Nicholas Beckwith, III, Director</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>Richard S. Davis, Director</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>Kent Dixon, Director </FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>Frank J. Fabozzi, Director </FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>Kathleen F. Feldstein, Director</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>James T. Flynn, Director </FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>Henry Gabbay, Director</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>Jerrold B. Harris, Director</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>R. Glenn Hubbard, Director</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>W. Carl Kester, Director </FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>Robert S. Salomon, Jr., Director </FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>Donald C. Burke, Fund President and Chief Executive Officer</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>Anne F. Ackerley, Vice President</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>Neal J. Andrews, Chief Financial Officer</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>Jay M. Fife, Treasurer</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>Brian P. Kindelan, Chief Compliance Officer of the Funds</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>Howard B. Surloff, Secretary</FONT></P>
<P align=left><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=2>Custodian</FONT></B><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>The Bank of New York Mellon</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>New York, NY 10286 </FONT><BR>
<BR>
<B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=2>Transfer Agent</FONT></B><BR>
<B><FONT face="FranklinGothic-MedCnd,Times New Roman,Times,serif" size=2>Common Shares and </FONT></B><BR>
<B><FONT face="FranklinGothic-MedCnd,Times New Roman,Times,serif" size=2>Preferred Shares</FONT></B><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>BNY Mellon Shareowner Services</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>Jersey City, NJ 07310</FONT><BR>
<BR>
<B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=2>Accounting Agent</FONT></B><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>State Street Bank and</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>Trust Company</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>Princeton, NJ 08540</FONT><BR>
<BR>
<B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=2>Independent Registered Public</FONT></B><BR>
<B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=2>Accounting Firm</FONT></B><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>Deloitte &amp; Touche </FONT><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>LLP</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>Princeton, NJ 08540 </FONT><BR>
<BR>
<B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=2>Legal Counsel</FONT></B><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>Skadden, Arps, Slate,</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>Meagher &amp; Flom </FONT><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>LLP</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>New York, NY 10036</FONT></P>
<P align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>Effective January 1, 2009, Robert S. Salomon, Jr. retired as Director</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>of the Funds. The Board of Directors wishes Mr. Salomon well in </FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>his retirement.</FONT></P>
<P align=left>
<TABLE>
<TR>
     <TD width=4>&nbsp;</TD>
     <TD noWrap><FONT face="FranklinGothic-Book,Times New Roman,Times,serif" size=1>28 SEMI-ANNUAL REPORT NOVEMBER 30, 2008</FONT></TD></TR></TABLE></P>
<HR align=center width="100%" noShade SIZE=2>

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<A name="page_29"></A>
<P align=left><FONT face="FranklinGothic-Book,Times New Roman,Times,serif" color=#0036c4 size=4>Additional Information</FONT><BR>
<BR>
<B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#0036c4 size=1>Proxy Results</FONT></B><BR>
<BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>The Annual Meeting of Shareholders was held on September 12, 2008 for shareholders of record on July 14, 2008, to elect director nominees </FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>of each Fund:</FONT><BR>
<BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>Approved the Class I Directors as follows:</FONT></P>
<TABLE cellSpacing=0 cellPadding=0 border=0>
<TR vAlign=bottom>
     <TD noWrap align=left width="30%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="23%" colSpan=3><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>G. Nicholas Beckwith, III</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="19%" colSpan=3><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Kent Dixon</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="18%" colSpan=3><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>R. Glenn Hubbard</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="30%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="13%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="8%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Votes</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="8%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Votes</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="8%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Votes</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="30%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="13%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Votes For</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="8%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Withheld</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="9%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Votes For</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="8%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Withheld</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="8%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Votes For</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="8%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Withheld</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="30%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>BlackRock MuniAssets Fund, Inc.</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="13%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>18,786,839</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="8%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>577,002</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>18,787,515</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="8%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>576,326</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>18,782,035</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="8%">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>581,806</FONT>&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left width="30%" background=""></TD>
     <TD width="2%" background=""></TD>
     <TD noWrap align=center width="23%" background="" colSpan=3></TD>
     <TD width="2%" background=""></TD>
     <TD noWrap align=center width="19%" background="" colSpan=3></TD>
     <TD width="2%" background=""></TD>
     <TD noWrap align=left width="8%" background=""></TD>
     <TD width="2%" background=""></TD>
     <TD noWrap align=left width="8%" background=""></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="30%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="23%" colSpan=3><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>W. Carl Kester</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="19%" colSpan=3><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Robert S. Salomon, Jr.</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="30%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="13%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="8%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Votes</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="8%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Votes</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="30%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="13%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Votes For</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="8%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Withheld</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="9%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Votes For</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="8%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Withheld</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="30%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="13%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>18,789,906</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="8%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>573,935</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>18,778,252</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="8%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>585,589</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR>
     <TD width="96%" colSpan=13>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="30%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>Approved the Directors as follows:</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="13%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="30%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="23%" colSpan=3><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>G. Nicholas Beckwith, III</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="19%" colSpan=3><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Kent Dixon</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="18%" colSpan=3><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>R. Glenn Hubbard</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="30%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="13%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="8%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Votes</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="8%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Votes</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="8%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Votes</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="30%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="13%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Votes For</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="8%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Withheld</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="9%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Votes For</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="8%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Withheld</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="8%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Votes For</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="8%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Withheld</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="30%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>BlackRock Muni Intermediate Duration Fund, Inc.</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="13%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>34,923,127</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,290,867</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>34,913,382</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,300,612</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>34,902,329</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="8%">&nbsp; &nbsp; &nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,311,665</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="96%" colSpan=13>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="30%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="23%" colSpan=3><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>W. Carl Kester</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="19%" colSpan=3><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Robert S. Salomon, Jr.</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="18%" colSpan=3><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Richard S. Davis</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="30%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="13%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="8%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Votes</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="8%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Votes</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="8%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Votes</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="30%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="13%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Votes For</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="8%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Withheld</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="9%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Votes For</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="8%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Withheld</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="8%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Votes For</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="8%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Withheld</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="30%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="13%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>8,597</FONT><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1</FONT></SUP>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,309</FONT><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1</FONT></SUP>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>34,916,437</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,297,557</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>34,926,066</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="8%">&nbsp; &nbsp; &nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1.287,928</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="96%" colSpan=13>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="30%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="23%" colSpan=3><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Frank J. Fabozzi</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="19%" colSpan=3><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>James T. Flynn</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD align=center width="18%" colSpan=3><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Karen</FONT></B> <B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>P. Robards</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="30%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="13%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="8%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Votes</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="8%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Votes</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="8%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Votes</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="30%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="13%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Votes For</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="8%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Withheld</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="9%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Votes For</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="8%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Withheld</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="8%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Votes For</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="8%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Withheld</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="30%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="13%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>8,597</FONT><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1</FONT></SUP>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,309</FONT><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1</FONT></SUP>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>34,918,851</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,295,143</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>34,926,469</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="8%">&nbsp; &nbsp; &nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,287,525</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="96%" colSpan=13>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="30%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="23%" colSpan=3><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Richard Cavanagh</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="19%" colSpan=3><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Kathleen F. Feldstein</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="18%" colSpan=3><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Henry Gabbay</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="30%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="13%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="8%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Votes</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="8%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Votes</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="8%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Votes</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="30%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="13%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Votes For</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="8%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Withheld</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="9%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Votes For</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="8%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Withheld</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="8%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Votes For</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="8%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Withheld</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="30%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="13%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>34,923,666</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,290,328</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>34,920,521</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,293,473</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>34,929,150</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="8%">&nbsp; &nbsp; &nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,284,844</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="96%" colSpan=13>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="30%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="23%" colSpan=3><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Jerrold B. Harris</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="30%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="13%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="8%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Votes</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="30%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="13%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Votes For</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="8%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Withheld</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="30%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="13%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>34,920,251</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,293,743</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
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     <TD width="96%" colSpan=13>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="30%">&nbsp; &nbsp;<SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1 </FONT></SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Voted on by holders of Preferred Shares only.</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
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<P align=left><FONT face="FranklinGothic-Book,Times New Roman,Times,serif" size=1>SEMI-ANNUAL REPORT NOVEMBER 30, 2008 29</FONT></P>
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<P align=left><FONT face="FranklinGothic-Book,Times New Roman,Times,serif" color=#0036c4 size=4>Additional Information (continued)</FONT><BR>
<BR>
<B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#0036c4 size=1>Dividend Policy</FONT></B><BR>
<BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>The Funds&#146; dividend policy is to distribute all or a portion of their net</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>investment income to their shareholders on a monthly basis. In order to</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>provide shareholders with a more stable level of dividend distributions,</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>the Funds may at times pay out less than the entire amount of net</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>investment income earned in any particular month and may at times </FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>in any particular month pay out such accumulated but undistributed</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>income in addition to net investment income earned in that month. </FONT></P>
<P align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>As a result, the dividends paid by the Funds for any particular month</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>may be more or less than the amount of net investment income earned</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>by the Funds during such month. The Funds&#146; current accumulated </FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>but undistributed net investment income, if any, is disclosed in the</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>Statements of Assets and Liabilities, which comprises part of the </FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>financial information included in this report.</FONT></P>
<P align=left><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#0036c4 size=1>Availability of Quarterly Schedule of Investments</FONT></B><BR>
<BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>The Funds file their complete schedule of portfolio holdings with </FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>the SEC for the first and third quarters of each fiscal year on </FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>Form N-Q. The Funds&#146; Forms N-Q are available on the SEC&#146;s website</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>at http://www.sec.gov and may also be reviewed and copied at the</FONT></P>
<P align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>SEC&#146;s Public Reference Room in Washington, DC. Information on the</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>operation of the Public Reference Room may be obtained by calling</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>(800) SEC-0330. The Funds&#146; Forms N-Q may also be obtained upon</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>request and without charge by calling (800) 441-7762.</FONT></P>
<P align=left><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#0036c4 size=1>Electronic Delivery</FONT></B><BR>
<BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>Electronic copies of most financial reports are available on the Funds&#146;</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>websites or shareholders can sign up for e-mail notifications of quarterly</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>statements, annual and semi-annual reports by enrolling in the Funds&#146;</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>electronic delivery program.</FONT></P>
<P align=left><B><FONT face="FranklinGothic-MedCnd,Times New Roman,Times,serif" size=2>Shareholders Who Hold Accounts with Investment Advisors, Banks </FONT></B><BR>
<B><FONT face="FranklinGothic-MedCnd,Times New Roman,Times,serif" size=2>or Brokerages:</FONT></B><BR>
<BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>Please contact your financial advisor to enroll. Please note that not all</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>investment advisors, banks or brokerages may offer this service.</FONT></P>
<P align=left><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#0036c4 size=1>General Information</FONT></B><BR>
<BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>The Funds will mail only one copy of shareholder documents, including</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>annual and semi-annual reports and proxy statements, to shareholders </FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>with multiple accounts at the same address. This practice is commonly</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>called &#147;householding&#148; and it is intended to reduce expenses and elimi-</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>nate duplicate mailings of shareholder documents. Mailings of your</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>shareholder documents may be householded indefinitely unless you</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>instruct us otherwise. If you do not want the mailing of these documents</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>to be combined with those for other members of your household, please</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>contact the Funds at (800) 441-7762.</FONT></P>
<P align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>Quarterly performance, semi-annual and annual reports and other </FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>information regarding the Funds may be found on BlackRock&#146;s website,</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>which can be accessed at http://www.blackrock.com. This reference </FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>to BlackRock&#146;s website is intended to allow investors public access to</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>information regarding the Funds and does not, and is not intended to,</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>incorporate BlackRock&#146;s website into this report.</FONT></P>
<P align=left>
<TABLE>
<TR>
     <TD noWrap><FONT face="FranklinGothic-Book,Times New Roman,Times,serif" size=1>30 SEMI-ANNUAL REPORT</FONT></TD></TR></TABLE></P>
<P align=left>
<TABLE>
<TR>
     <TD noWrap><FONT face="FranklinGothic-Book,Times New Roman,Times,serif" size=1>NOVEMBER 30, 2008</FONT></TD></TR></TABLE></P>
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<P align=left><FONT face="FranklinGothic-Book,Times New Roman,Times,serif" color=#0036c4 size=4>Additional Information (concluded)</FONT><BR>
<BR>
<B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#0036c4 size=1>Articles Supplementary</FONT></B><BR>
<BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>Effective September 13, 2008, following approval by Muni Intermediate</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>Duration&#146;s Board and the applicable rating agencies, the Board amended</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>the terms of Muni Intermediate Duration&#146;s Preferred Shares in order to</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>allow Muni Intermediate Duration to enter into TOB transactions, the </FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>proceeds of which were used to redeem a portion of Muni Intermediate</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>Duration&#146;s Preferred Shares. Accordingly, the definition of Inverse Floaters</FONT></P>
<P align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>was amended to incorporate Muni Intermediate Duration&#146;s permissable</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>ratio of floating rate instruments into inverse floating rate instruments.</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>Additionally, conforming changes and certain formula modifications con-</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>cerning inverse floaters were made to the definitions of Moody&#146;s Discount</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>Factor and S&amp;P Discount Factor, as applicable, to integrate Muni Inter-</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>mediate Duration&#146;s investments in TOBs into applicable calculations.</FONT></P>
<P align=left><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#0036c4 size=1>BlackRock Privacy Principles</FONT></B></P>
<P align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>BlackRock is committed to maintaining the privacy of its current and </FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>former fund investors and individual clients (collectively, &#147;Clients&#148;) and to</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>safeguarding their non-public personal information. The following infor-</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>mation is provided to help you understand what personal information</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>BlackRock collects, how we protect that information and why in certain</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>cases we share such information with select parties.</FONT><BR>
<BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>If you are located in a jurisdiction where specific laws, rules or regulations</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>require BlackRock to provide you with additional or different privacy-</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>related rights beyond what is set forth below, then BlackRock will comply</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>with those specific laws, rules or regulations.</FONT><BR>
<BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>BlackRock obtains or verifies personal non-public information from and</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>about you from different sources, including the following: (i) information</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>we receive from you or, if applicable, your financial intermediary, on appli-</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>cations, forms or other documents; (ii) information about your transac-</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>tions with us, our affiliates, or others; (iii) information we receive from a</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>consumer reporting agency; and (iv) from visits to our websites.</FONT></P>
<P align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>BlackRock does not sell or disclose to non-affiliated third parties any non-</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>public personal information about its Clients, except as permitted by law </FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>or as is necessary to respond to regulatory requests or to service Client </FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>accounts. These non-affiliated third parties are required to protect the </FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>confidentiality and security of this information and to use it only for its </FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>intended purpose.</FONT><BR>
<BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>We may share information with our affiliates to service your account </FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>or to provide you with information about other BlackRock products or</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>services that may be of interest to you. In addition, BlackRock restricts</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>access to non-public personal information about its Clients to those</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>BlackRock employees with a legitimate business need for the informa-</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>tion. BlackRock maintains physical, electronic and procedural safeguards</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>that are designed to protect the non-public personal information of its</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>Clients, including procedures relating to the proper storage and disposal</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>of such information.</FONT></P>
<P align=left>
<TABLE>
<TR>
     <TD noWrap><FONT face="FranklinGothic-Book,Times New Roman,Times,serif" size=1>SEMI-ANNUAL REPORT</FONT></TD></TR></TABLE></P>
<P align=left>
<TABLE>
<TR>
     <TD noWrap><FONT face="FranklinGothic-Book,Times New Roman,Times,serif" size=1>NOVEMBER 30, 2008</FONT></TD></TR></TABLE></P>
<P align=left>
<TABLE>
<TR>
     <TD noWrap><FONT face="FranklinGothic-Book,Times New Roman,Times,serif" size=1>31</FONT></TD></TR></TABLE></P>
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<BR>
<P align=left>
<TABLE>
<TR>
     <TD noWrap><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>This report is transmitted to shareholders only. It is not a prospectus.</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>Past performance results shown in this report should not be con-</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>sidered a representation of future performance. BlackRock Muni</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>Intermediate Duration Fund, Inc. has leveraged its Common Shares,</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>which creates risks for Common Shareholders, including the likeli-</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>hood of greater volatility of net asset value and market price of </FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>the Common Shares, and the risk that fluctuations in the short-term</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>dividend rates of the Preferred Shares, currently set at the maximum</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>reset rate as a result of failed auctions, may affect the yield to</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>Common Shareholders. Statements and other information herein</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>are as dated and are subject to change.</FONT><BR>
<BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>A description of the policies and procedures that the Funds use </FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>to determine how to vote proxies relating to portfolio securities </FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>is available (1) without charge, upon request, by calling toll-</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>free (800) 441-7762; (2) at www.blackrock.com; and (3) </FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>on the Securities and Exchange Commission&#146;s website at</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>http://www.sec.gov. Information about how the Funds voted </FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>proxies relating to securities held in the Funds&#146; portfolio during </FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>the most recent 12-month period ended June 30 is available </FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>upon request and without charge (1) at www.blackrock.com or </FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>by calling (800) 441-7762 and (2) on the Securities and</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>Exchange Commission&#146;s website at http://www.sec.gov.</FONT><BR>
<BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>BlackRock MuniAssets Fund, Inc.</FONT><BR>
<BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>BlackRock Muni Intermediate Duration Fund, Inc.</FONT><BR>
<BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>100 Bellevue Parkway</FONT><BR>
<BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>Wilmington, DE 19809</FONT></TD></TR></TABLE></P>
<P align=left>
<IMG src="brmuniassetsintermediatx32x2.jpg" border=0>
</P>
<P align=left>
<TABLE>
<TR>
     <TD noWrap align=center><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>#MIDMA-11/08</FONT></TD></TR></TABLE></P>
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<TABLE><TR><TD nowrap>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Item 2 &#150; Code of Ethics &#150; Not Applicable to this semi-annual report</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Item 3 &#150; Audit Committee Financial Expert &#150; Not Applicable to this semi-annual report</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Item 4 &#150; Principal Accountant Fees and Services &#150; Not Applicable to this semi-annual report</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Item 5 &#150; Audit Committee of Listed Registrants &#150; Not Applicable to this semi-annual report</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Item 6 &#150; Investments</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">(a) The registrant&#146;s Schedule of Investments is included as part of the Report to </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; Not Applicable to this semi-annual report</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Item 8 &#150; Portfolio Managers of Closed-End Management Investment Companies &#150; Not Applicable to </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">this semi-annual report</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</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Item 10 &#150; Submission of Matters to a Vote of Security Holders &#150; The registrant&#146;s Nominating and </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Governance Committee will consider nominees to the board of directors recommended by </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">shareholders when a vacancy becomes available. Shareholders who wish to recommend a </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">nominee should send nominations that include biographical information and set forth the </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">qualifications of the proposed nominee to the registrant&#146;s Secretary. There have been no </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">material changes to these procedures.</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Item 11 &#150; Controls and Procedures</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">11(a) &#150; The registrant&#146;s principal executive and principal financial officers or persons performing </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">similar functions have concluded that the registrant&#146;s disclosure controls and procedures (as </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">&#147;1940 Act&#148;)) are effective as of a date within 90 days of the filing of this report based on the </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">and Rule 13(a)-15(b) under the Securities Exchange Act of 1934, as amended.</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">11(b) &#150; There were no changes in the registrant&#146;s internal control over financial reporting (as </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 last fiscal half-year </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">that have materially affected, or are reasonably likely to materially affect, the registrant&#146;s </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">internal control over financial reporting.</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Item 12 &#150; Exhibits attached hereto</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">12(a)(1) &#150; Code of Ethics &#150; Not Applicable to this semi-annual report</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">12(a)(2) &#150; Certifications &#150; Attached hereto</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">12(a)(3) &#150; Not Applicable</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">12(b) &#150; Certifications &#150; Attached hereto</FONT></TD></TR></TABLE>
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<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment </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 MuniAssets Fund, Inc.</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">By: </FONT><U><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">/s/ Donald C. Burke</FONT></U><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Donald C. Burke</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Chief Executive Officer of</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">BlackRock MuniAssets Fund, Inc.</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Date: January 20, 2009</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Company Act of 1940, this report has been signed below by the following persons on behalf </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">of the registrant and in the capacities and on the dates indicated.</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">By: </FONT><U><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">/s/ Donald C. Burke</FONT></U><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Donald C. Burke</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Chief Executive Officer (principal executive officer) of</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">BlackRock MuniAssets Fund, Inc.</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Date: January 20, 2009</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">By: </FONT><U><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">/s/ Neal J. Andrews</FONT></U><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Neal J. Andrews</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Chief Financial Officer (principal financial officer) of</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">BlackRock MuniAssets Fund, Inc.</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Date: January 20, 2009</FONT></TD></TR></TABLE>
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<TYPE>EX-99.CERT
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<FILENAME>muniassetscerts.htm
<DESCRIPTION>CERTIFICATIONS
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<B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">EX-99. CERT</FONT></B><BR>
<B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">CERTIFICATION PURSUANT TO RULE 30a-2(a) UNDER THE 1940 ACT AND SECTION 302 OF </FONT></B><BR>
<B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">THE SARBANES-OXLEY ACT OF 2002</FONT></B><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">I, Donald C. Burke, Chief Executive Officer (principal executive officer) of BlackRock MuniAssets Fund, Inc., 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 MuniAssets Fund, Inc.;</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 committees </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: January 20, 2009</FONT><BR>
<BR>
<U><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">/s/ Donald C. Burke</FONT></U><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Donald C. Burke</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Chief Executive Officer (principal executive officer) of </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">BlackRock MuniAssets Fund, Inc.</FONT></TD></TR></TABLE>
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<B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">EX-99. CERT</FONT></B><BR>
<B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">CERTIFICATION PURSUANT TO RULE 30a-2(a) UNDER THE 1940 ACT AND </FONT></B><BR>
<B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002</FONT></B><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">I, Neal J. Andrews, Chief Financial Officer (principal financial officer) of BlackRock MuniAssets Fund, </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Inc., 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 MuniAssets Fund, Inc.;</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 committees 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><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Date: January 20, 2009</FONT></TD></TR></TABLE>
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<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 MuniAssets Fund, Inc.</FONT></TD></TR></TABLE>
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<TYPE>EX-99.906 CERT
<SEQUENCE>3
<FILENAME>muniassetssection906.htm
<DESCRIPTION>SECTION 906
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<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Exhibit 99.1350CERT</FONT><BR>
<BR>
<B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">Certification Pursuant to Rule 30a-2(b) under the 1940 Act and </FONT></B><BR>
<B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">Section 906 of the Sarbanes Oxley Act</FONT></B><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Pursuant to 18 U.S.C. &#167; 1350, the undersigned officer of BlackRock MuniAssets Fund, Inc. (the &#147;registrant&#148;), hereby </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">certifies, to the best of his knowledge, that the registrant's Report on Form N-CSR for the period ended November 30, 2008, </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">(the &#147;Report&#148;) fully complies with the requirements of Section 13(a) of the Securities Exchange Act of 1934, as amended, </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">and that the information contained in the Report fairly presents, in all material respects, the financial condition and results </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">of operations of the registrant.</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Date: January 20, 2009</FONT><BR>
<BR>
<U><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">/s/ Donald C. Burke</FONT></U><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Donald C. Burke</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Chief Executive Officer (principal executive officer) of</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">BlackRock MuniAssets Fund, Inc.</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 MuniAssets Fund, Inc. (the &#147;registrant&#148;), hereby </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">certifies, to the best of his knowledge, that the registrant's Report on Form N-CSR for the period ended November 30, 2008, </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">(the &#147;Report&#148;) fully complies with the requirements of Section 13(a) of the Securities Exchange Act of 1934, as amended, </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">and that the information contained in the Report fairly presents, in all material respects, the financial condition and results </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">of operations of the registrant.</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Date: January 20, 2009</FONT><BR>
<BR>
<U><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">/s/ Neal J. Andrews</FONT></U><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Neal J. Andrews</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Chief Financial Officer (principal financial officer) of</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">BlackRock MuniAssets Fund, Inc.</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">This certification is being furnished pursuant to Rule 30a-2(b) under the Investment Company Act of 1940, as amended, </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">and 18 U.S.C. Section 1350 and is not being filed as part of the Form N-CSR with the Securities and Exchange </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Commission</FONT><B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">.</FONT></B></TD></TR></TABLE>
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